Round 3 of FATCA guidance: IRS Notice 2011-53 provides transitional rules for Foreign Financial Institutions

July 2011
  • Print-friendly version
Round 3 of FATCA guidance: IRS Notice 2011-53 provides transitional rules for Foreign Financial Institutions

At a glance

On July 14, 2011, the Internal Revenue Service (IRS) issued Notice 2011-53 (the Notice), which provides a timeline for Foreign Financial Institutions (FFIs) and U.S. withholding agents to implement the various provisions under the Foreign Account Tax Compliance Act (FATCA) of 2009, which was enacted in the Hiring Incentives to Restore Employment Act of 2010.

On July 14, 2011, the Internal Revenue Service (IRS) issued Notice 2011-53 (the Notice), which provides a timeline for Foreign Financial Institutions (FFIs) and U.S. withholding agents to implement the various provisions under the Foreign Account Tax Compliance Act (FATCA) of 2009, which was enacted in the Hiring Incentives to Restore Employment Act of 2010.