Global Financial Services Tax NewsFlash: IRS releases highly anticipated guidance on FATCA

September 2010
  • Print-friendly version
Global Financial Services Tax NewsFlash: IRS releases highly anticipated guidance on FATCA

At a glance

PwC publiction outlining IRS Notice 2010-60 which outlines federal approaches to sections of the Foreign Account Tax Compliance Act (FATCA).

On August 27th the Internal Revenue Service (IRS) issued Notice 2010-60 which provides the highly anticipated initial insights into how the U.S. Treasury and IRS are approaching certain sections of the Foreign Account Tax Compliance Act (FATCA), included in the Hiring Incentives to Restore Employment ("HIRE") Act passed in March 2010. The purpose of the preliminary guidance is to ensure that affected persons have time to implement the systems and processes necessary to comply fully with the new withholding, documentation and reporting obligations resulting from FATCA.