Saturday, September 19, 2015

Foreign Account Tax Compliance Act (FATCA)

FATCA was enacted in 2010 by Congress to target non-compliance by U.S. taxpayers using foreign accounts. FATCA requires foreign financial institutions (FFIs) to report to the IRS information about financial accounts held by U.S. taxpayers, or by foreign entities in which U.S. taxpayers hold a substantial ownership interest. Here you will find links to many documents related to FATCA and its implementation.
  • Model Agreements - Use this link to see the complete list of Model Agreements and to find the current version of the agreement you need.
  • Press Releases – Scroll down to see a list of all Treasury press releases related to FATCA.
  • List of Agreements In Effect – Use this link for a complete listing of jurisdictions treated as having an intergovernmental agreement in effect, all joint FATCA statements, and all notification letters of more favorable terms.
For access to the regulations and administrative guidance related to FATCA and to learn about taxpayer obligations please visit the Internal Revenue Service FATCA Page at:http://www.irs.gov/businesses/corporations/article/0,,id=236667,00.html.

Model Intergovernmental Agreements (Model Agreements)

Following the enactment of FATCA, Treasury published the Model Intergovernmental Agreement to Improve Tax Compliance and to Implement FATCA. Use the links here to find the current version of the agreement you need.
Model Agreements for Jurisdictions that Reached an Agreement in Substance on or before June 30, 2014:
Model Agreements for Jurisdictions that Reached an Agreement in Substance on or after July 1, 2014:

Press Releases

List of Agreements in Effect

Click here for a complete listing of joint statements and jurisdictions treated as having an intergovernmental agreement in effect.

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