• Spring Is in the Air, and So Is FATCA! Notice 2011-34 Offers another Dose of Much-Anticipated Guidance
  • April 15, 2011
  • Law Firm: Sutherland Asbill Brennan LLP - Washington Office
  • On April 8, 2011, Treasury and the IRS released Notice 2011-34 (the Notice), which revises and supplements Notice 2010-60, the first guidance under the Foreign Account Tax Compliance Act (FATCA). FATCA was enacted in March 2010 and requires foreign financial institutions (FFIs) to report U.S. accounts to the IRS or pay a 30% withholding tax on any withholdable payments made to such FFIs.