Law360, New York (August 19, 2013, 5:30 PM EDT) -- The Foreign Account Tax Compliance Act, IRS Code §§ 1471-1474, was enacted as part of the Hiring Incentives to Restore Employment Act ("HIRE Act") on March 18, 2010. FATCA is designed to prevent U.S. taxpayers from avoiding U.S. tax on their income by investing through Foreign Financial Institutions ("FFIs"), including offshore private equity, hedge or other private investment funds. For investment funds, this will translate into new withholding tax and reporting requirements, which could potentially have a dramatic impact on how funds currently operate. It will affect both U.S. and foreign-managed funds, including mutual funds, funds of funds, hedge funds, venture capital and private equity funds....
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