• US Tax Authorities Announce Plan to Phase in Reporting and Withholding Rules for Foreign Accounts
  • July 25, 2011 | Author: Marc D. Teitelbaum
  • Law Firm: SNR Denton - New York Office
  • Many foreign financial institutions are affected by the new information reporting and withholding rules enacted as part of the so-called "Foreign Account Tax Compliance Act" ("FATCA") on March 18, 2010. Affected entities have made clear to the US Treasury Department their difficulty in complying with the new rules, especially by the statutory deadline of January 1, 2013.