FATCA Update - US Treasury Releases Additional Guidance

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Article Excerpt:
Over the last several weeks the U.S. Treasury has released additional guidance with respect to the reporting by U.S. taxpayers of non U.S. domiciled financial assets. The most recent guidance has come in the form of newly issued proposed regulations governing the implementation of the FATCA rules, which were added to the Internal Revenue Code by the HIRE Act of 2010. These voluminous proposed regulations cover many topics, including expanding the categories of foreign financial institutions that are “deemed compliant,” the phase-in of requirements over a newly extended timeframe, and the reduction of certain of the burdens placed on foreign institutions associated with identifying U.S. accounts.