On March 18, 2010, the final version of FATCA became U.S. law. FATCA's impact on global withholding and reporting is sweeping and the costs of implementing systems changes, monitoring and reporting will be borne primarily by non-U.S. financial institutions. The cost of tax reporting, compliance and the cost of errors are likely to rise dramatically.
On August 27, 2010, the IRS issued Notice 2010-60, which provides the highly-anticipated initial insights into how certain portions of the FATCA provisions will be implemented. The Notice provides preliminary guidance on certain provisions affecting non-U.S. financial institutions (broadly defined to include a number of entities that are not traditionally viewed as financial institutions) and requests comments by November 1, 2010.
This webcast addresses the following:
Mike Bondy – Partner, National Banking and Capital Markets Tax Leader
Janette Zive – Partner, U.S. Corporate Tax Services
Dominick Dell’Imperio – Partner, Banking and Capital Markets Tax PracticeKim Vander Aerschot – Vice President, Financial Services