Feb 18, 2012 Foreign Financial Institution FATCA Reporting Guidelines Published
In 2010, the U.S. government enacted the Foreign Account Tax Compliance Act (FATCA), containing provisions that would require, starting in 2013, foreign financial institutions (FFIs) to provide to the IRS the personal information of any United States persons holding accounts at that FFI. See https://rroyselaw.com/blog1/2012/01/12/third-offshore-voluntary-disclosure-program-announced-by-irs/.The Proposed Treasury Regulations published on February 8th push the effective date back to 2014 and include nearly 400 pages of information concerning the implementation of FFI reporting obligations under FATCA. The text of the regulations can be found here: http://www.ofr.gov/OFRUpload/OFRData/2012-02979_PI.pdfDisclaimer: This blog and website are public sources of general information concerning our firm and its lawyers, as well as the information presented. They are intended, but not promised or guaranteed, to be correct, complete, and up-to-date as of the date posted. This blog and website are not intended to be, and are not, sources of legal opinion or advice. The materials, information, and communications on this blog and website do not apply to any particular person, entity, or situation, and do not apply to you or to your specific situation. You will need to consult with an attorney and/or other appropriate professional about your specific situation. Thank you.