FATCA Essentials

On Jan. 17, 2013, the U.S. Treasury Department and IRS released final regulations for the Foreign Account Tax Compliance Act (FATCA). FATCA was enacted into law on March 18, 2010, to address the U.S. government's perception of widespread tax evasion by U.S. taxpayers that hold investments offshore.

The compliance challenge is now on. Refer to the FATCA Implementation Time Lines above for upcoming milestones and deadlines. Or download a copy of the time lines here.

KPMG's TaxNewsFlash alerts provide summaries of the latest tax regulatory and legislative developments. The most recent FATCA-related alerts include:

• EU - Proposal for Expanded Automatic Exchange of Information
• Japan's Statement on Mutual Cooperation, Understanding
• Discussion of UK Draft Regulations, Draft Guidance Notes
• Text of Agreements with Spain, Germany
• Switzerland Signs Memorandum of Understanding on FATCA Interpretations
• UK Guidance, Draft Regulations to Implement Agreement
• Text of IGA with Germany
• Updated Annex to Model 1 and Model 2 IGAs

KPMG hosts webcasts and podcasts to help clients understand FATCA's complex and evolving rules. Replays include:

• Final FATCA Regulations, Investment Management Industry
• Banking Tax Update on Regulatory Developments (including FATCA)
• Final FATCA Regulations, Insurance Industry
• Final FATCA Regulations Released, The Compliance Challenge Is On

With an extensive, multidisciplinary team of professionals with both FATCA and industry-related experience, KPMG is distinctly positioned to help you achieve compliance by the effective dates while maintaining business as usual.

Learn more about our services:

• FATCA Services from KPMG LLP
• More from KPMG International

Contact David Neuenhaus, Global FATCA Lead, or any member of KPMG's U.S. FATCA team.