QI & FATCA News
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December 2011: This article appears in the 12 December 2011 edition of Tax Notes International
The purpose of this article is to put the collection of administrative guidance issued to date together with the FATCA legislation and review the main aspects of the FATCA regime. Examples of FATCA withholding and side boxes further expand on the concepts presented.
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On August 8, 2011 the IRS published Notice 2011-53 providing FATCA transitional relief relating to FATCA reporting and time-line for performing pre-existing account documentation due diligence.
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On May 8, 2011 the IRS published Notice 2011-34 that provides further guidance under FATCA, including (revised) procedures of documentation of pre-existing accounts, passthru payments and reporting requirements.
