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.pdf

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Roger Royse
rroyse@rroyselaw.com

Roger Royse, the founder of the Royse Law Firm, works with companies ranging from newly formed tech startups to publicly traded multinationals in a variety of industries. Roger regularly advises on complex tax structuring, high stakes business negotiations and large international financial transactions. Practicing business and tax law since 1984, Roger’s background includes work with prominent San Francisco Bay area law firms, as well as Milbank, Tweed, Hadley and McCloy in New York City.
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