IRS Issues Package Of FATCA Regulations

On Dec. 30, 2016, the government issued several final, temporary and proposed regulations related to information reporting and withholding obligations under the Foreign Account Tax Compliance Act (FATCA).

The most significant provision enacted as a part of FATCA is chapter 4 of the tax code, which includes Sections 1471 through 1474 and which generally requires foreign financial institutions (FFIs) and certain nonfinancial foreign entities (NFFEs) to report certain information about U.S. persons to the IRS.  

On Jan. 28, 2013, the IRS and Treasury published final regulations under chapter 4. The latest package of regulations build on those 2013 regulations and subsequent guidance to clarify chapter 4 and its coordination with other parts of the code.