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Foreign Account Tax Compliance Act (FATCA)

The Foreign Account Tax Compliance Act (FATCA) is an important development in U.S. efforts to improve tax compliance involving foreign financial assets and offshore accounts.

Under FATCA, U.S. taxpayers with specified foreign financial assets that exceed certain thresholds must report those assets to the IRS. This reporting will be made on Form 8938, which taxpayers attach to their federal income tax return, starting this tax filing season.

In addition, FATCA will require foreign financial institutions to report directly to the IRS information about financial accounts held by U.S. taxpayers, or held by foreign entities in which U.S. taxpayers hold a substantial ownership interest.

 

Information for U.S. Taxpayers

 		   Information for Foreign Financial Institutions

 
 



 

 

 
  • Model 2 Agreement to Implement FATCA - On November 14, 2012, Treasury published the Model Intergovernmental Agreement for Cooperation to Facilitate the Implementation of FATCA (Model 2).

  • News Release - The U.S. Treasury announces that it is engaged with more than 50 countries and jurisdictions around the world to improve international tax compliance and implement FATCA. (11-08-2012)

  • Timelines for Due Diligence and Other Requirements Under FATCA - Announcement 2012-42 (PDF, 10-25-2012)


  • News Release - Treasury, United Kingdom Sign Bilateral Agreement to Improve Tax Compliance, Combat Offshore Tax Evasion and Implement FATCA (09-14-2012)

  • FATCA Agreement between the U.S. and the United Kingdom (PDF, 09-12-2012)

  • "Summary of Key FATCA Provisions"

  • News Release - Treasury, Treasury Releases Model Intergovernmental Agreement for Implementing the Foreign Account Tax Compliance Act to Improve Offshore Tax Compliance and Reduce Burden (07-26-2012)

  • News Release - Treasury, IRS Issue Proposed Regulations for FATCA Implementation
    Proposed Regulations (02-08-12)

  • Proposed Regulations - Reg-121647-10 Regulations Relating to Information Reporting by Foreign Financial Institutions and Withholding on Certain Payments to Foreign Financial Institutions and Other Foreign Entities

  • News Release — (IR-2011-76, 7/14/2011) "Treasury and IRS Issue Guidance Outlining Phases Implementation of FATCA Beginning in 2013."

  • Notice 2011-53 — Chapter 4, "Implementation Notice," describes the timeline for the implementation of FATCA and discusses matters that will be addressed in regulations by Treasury and the IRS.

  • Notice 2011-34 — "Supplemental Notice to Notice 2010-60, Providing Further Guidance and Requesting Comments on Certain Priority Issues Under Chapter 4 of Subtitle A of the Code"

  • Notice 2010-60 — "Notice and Request for Comments Regarding Implementation of Information Reporting and Withholding Under Chapter 4 of the Code," IRB 2010-37, dated September 13, 2010.

  • Draft Form W-8BEN (Individual)

  • Draft Form W-8BEN (Entities)

  • Details on the FATCA Registration Process for Foreign Financial Institutions

For the latest developments, subscribe to the FATCA News and Information e-newsletter.

 
Page Last Reviewed or Updated: 16-nov-2012