FATCA thought leadership

US and global information reporting and withholding: Looking ahead to 2014 and beyond

February 2014

Although the US tax regime is based on self-assessed tax, the Internal Revenue Service continues to expand third-party information reporting requirements with the aim of ensuring that taxpayers file complete and accurate income tax returns by matching independent information with what is being reported on their returns. This Tax Insight serves as a high-level primer to facilitate discussions as businesses consider their compliance requirements for the current year.





The widespread reach of FATCA - How will it affect your business?

May 2013

The withholding provisions of FATCA are scheduled to begin in January 2014. Multinational businesses that have not already begun to assess the FATCA requirements, determine their specific impact, and create a customized plan to comply may be falling behind.

Now is the right time to learn more and take action.

FATCA and KYC - Similiar yet different

While strict global Anti-Money Laundering (AML)/Know Your Customer (KYC) requirements have been with us for a long time, strict rules aimed at ending global tax evasion are a more recent phenomenon. The provisions of the Foreign Account Tax Compliance Act (FATCA) were enacted in 2010 with a primary goal of providing the United States' Internal Revenue Service (IRS) with an increased ability to detect US tax evaders concealing their assets in foreign accounts and investments.

This document highlights four key challenges that AML/KYC professionals should understand as their financial institutions begin to implement FATCA alongside existing account opening and AML/KYC capabilities.

Impact of FATCA on multinational corporations that are not in the financial services industry

This document provides a brief overview of FATCA, debunks the common misconception that FATCA only affects entities in the financial services industry, and provides insight into key points that multinational corporations should start undertaking to comply with FATCA.

How do the proposed FATCA regulations impact Insurers?

The proposed regulations provide specific guidance on a number of implementation issues relevant to the insurance industry, and appear to have incorporated a number of comments received from the insurance industry. What strategies may help insurance companies adjust to what lies ahead?

How do the proposed FATCA regulations impact Asset Managers?

How will asset managers be affected by FATCA? The proposed regulations provide guidance on a number of specific implementation issues relevant to the asset management industry, and it is clear that a number of comments received from the industry were incorporated into the regulations.

The new proposed FATCA regulations: Overview

On February 8, 2012, Treasury and the IRS issued proposed regulations that provide details on many of the principles introduced in the Notices. The proposed regulations also incorporate some of the ideas and suggestions received from various stakeholders. The regulations also include several provisions that were not included in the Notices.