FATCA Update and Initial Phase Compliance Guide
Upcoming Deadline: On February 20, 2014 the Internal Revenue Service and U.S. Treasury Department issued the final set of regulations with respect to the Foreign Account Tax Compliance Act (“FATCA”). The implementation of FATCA is imminent, with the IRS beginning to accept registration applications as of January 1, 2014. All entities that fall under the definition of “Foreign Financial Institutions” must register using the Portal by May 5, 2014, in order to ensure inclusion i