Compliance Technologies International, LLP (CTI) FATCA Alert, highlights key changes and important dates from the US Treasury and IRS FATCA regulation published on January 17, 2013. CTI has expanded its Outsourcing Service to offer a robust FATCA Service Bureau to facilitate FATCA compliance.
This service bureau can:
The Broadridge alliance with CTI offers comprehensive tax reporting and compliance capabilities and helps firms meet FATCA requirements. This alert discusses what you really need to know about the regulation and action plans for implementation.
The IRS announcement 2012-42 provided some relief to organizations by postponing key start dates. Specifically, the effective date for USFIs and FFIs new account due diligence procedures shifted from January 1, 2013 to January 1, 2014. The extension for some compliance deadlines is giving the IRS more time to finalize FATCA rules. While this poses some relief for due diligence requirements other dates havent changed. So theres no time to lose to identify a solution for implementation. This article provides considerations for compliance and updated key FATCA compliance dates.
FATCA is a game-changing regulation. Are you ready to comply?
FATCA will impose new due diligence, withholding, and reporting requirements on financial institutions. The significant regulatory change FATCA brings is intended to provide the IRS with an increased ability to detect U.S. tax evaders specifically, those among U.S. persons (individuals or entities) who maintain foreign accounts and investments either directly or indirectly through their ownership in foreign entities.
This executive briefing outlines key considerations for FATCA preparedness:
This paper also includes updated information on the U.S. Treasury department Intergovernmental Agreement model for complying with FATCA provisions and a calendar outlining new deadlines released by the IRS in October, 2012.