In the Internal Revenue Service's continuing efforts to close the tax gap by ferreting out overseas income of U.S. citizens and residents, the IRS recently rolled out further guidance on the requirements of the Foreign Account Tax Compliance Act. On Jan. 17, 2013, final regulations were issued with respect to reporting and withholding regimes being imposed on foreign financial institutions, or FFIs. In companion Notice 2013-10, the IRS also announced a deferral of the effective date for identifying specified domestic entities required to report foreign financial assets under FATCA.
Tax Strategy: FATCA Update: Expansion of a Worldwide IRS Information Network
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