Understanding the preliminary guidance and request for comments regarding the implementation of FATCA (IRS Notice 2010-60)

October 2010
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Understanding the preliminary guidance and request for comments regarding the implementation of FATCA (IRS Notice 2010-60)

At a glance

This whitepaper provides an executive summary of the key points contained in the Internal Revenue Service ("IRS") issued Notice 2010-60 regarding the implementaton of (FATCA (IRS Notice 2010-60) FATCA

On August 27, 2010, the Internal Revenue Service ("IRS") issued Notice 2010-60 (the "Notice") which provides the highly-anticipated initial insights into how the U.S. Treasury Department ("Treasury") and the IRS are approaching the implementation of certain sections of the Foreign Account Tax Compliance Act ("FATCA").

The Notice is the first step in the efforts of the IRS and Treasury to accelerate the publication of preliminary guidance to allow affected persons time to implement the systems and processes necessary to comply fully with the new withholding, documentation and reporting obligations resulting from FATCA.

This whitepaper provides an executive summary of the key points contained in the Notice, as well as a more in-depth analysis on the five sections outlined in the Notice with a Glossary of defined terms.