Treasury and IRS issue guidance outlining phased implementation of FATCA.

• Position: IRS NEWS

The Treasury Department and the IRS issued a notice announcing plans to phase in the requirements of the Foreign Account Tax Compliance Act (FATCA), which targets noncompliance by U.S. taxpayers through foreign accounts. Under the notice's phased implementation approach, foreign financial institutions and U.S. withholding agents are given adequate time to build the systems needed to comply with FATCA. The phase in includes:

* A foreign financial institutions must enter an agreement with the IRS by Tune 30, 2013, to ensure that it will be identified as a participating foreign financial institutions in sufficient time to allow withholding agents to refrain from withholding beginning-Jan. 1, 2014.

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