IRS Finalizes FATCA For Foreign Financial Insititutions

Law360, New York (January 2, 2014, 3:54 PM EST) -- The Internal Revenue Service last week rolled out a new revenue procedure finalizing the Foreign Account Tax Compliance Act agreement for participating foreign financial institutions, which applies to FFIs directly engaging in agreements with the IRS and those reporting through Model 2 intergovernmental agreements.

Banks and other FFIs that will start reporting and withholding under FATCA in July 2014 had eagerly awaited the final agreement as the IRS only made cosmetic and clarity changes to the October 2013 draft FFI agreement, pending future release of more FATCA...
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