Foreign Account Tax Compliance Act

FATCA Resource List

FATCA requires foreign financial companies to tell the IRS about U.S. taxpayers with foreign accounts. The IRS has been slowly forcing foreign banks to provide information about U.S. clients when requested. Now all foreign financial institutions must routinely report U.S. investments to the IRS.

The reporting requirements are substantial and they concern not just foreign banks. Now foreign brokers, foreign mutual funds and foreign hedge funds must report their U.S. customers to the IRS.

Information concerning FATCA is available from the following resources:

General Information for the Public

 https://www.irs.gov/Businesses/Comparison-of-Form-8938-and-FBAR-Requirements

https://www.irs.gov/Businesses/Corporations/Basic-Questions-and-Answers-on-Form-8938

https://www.treasury.gov/resource-center/tax-policy/treaties/Pages/FATCA.aspx

Technical Resource

Internal Revenue Code, of 1986, as amended, Section 6038D Information With Respect to Foreign Financial Assets.

T.D 9706, 2014-53 I.R.B. 980 (December 11, 2014). Preamble and Final Regulations under section 6038D of the Code.

IRS Notice 2013-10, provides that domestic entities will not be required to report specific foreign financial assets before the date specified in final regulations under section 6036D, which will modify the effective date of Prop. Reg 1.6038D-6. T.D. 9706 did not finalize the regulations relating to the reporting of domestic entities, so reporting is not yet required.

T.D. 9567, 2012-1 C.B. 395 (December 19, 2011). Temporary regulations under section 6036D.

PRACTICE AREAS

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