• The Foreign Account Tax Compliance Act
  • May 14, 2010 | Author: H. David Rosenbloom
  • Law Firm: Caplin & Drysdale, Chartered - Washington Office
  • On March 18, 2010, the Foreign Account Tax Compliance Act (“FATCA”), Subtitle A of Title V of Public Law 111-147, was enacted into law. The provisions of FATCA are, as the title indicates, intended to promote compliance with U.S. law requiring U.S. persons to report income from offshore accounts. Although the new rules hold important implications for individuals, FATCA is also of great importance for corporations throughout the world. Its provisions will substantially affect foreign investment in the United States by and through foreign entities.