Treasury, IRS Release Final Rules To Implement FATCA

Law360, New York (February 20, 2014, 3:34 PM EST) -- The U.S. Department of the Treasury and Internal Revenue Service on Thursday released the last set of final and temporary regulations needed to implement the Foreign Account Tax Compliance Act, saying the blockbuster 565 pages will streamline FATCA with pre-existing income reporting and withholding rules.

Starting July 1, certain foreign financial institutions that refuse to identify or report information on U.S. citizens and residents who hold accounts with their companies will see some of their payments from U.S. financial institutions withheld. Last January, the federal government...
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