Perspectives

Deloitte's point of view and thought leadership

Foreign Account Tax Compliance Act

On February 20, 2014, the US Department of Treasury and the Internal Revenue Service released temporary regulations that revise and clarify the final FATCA regulations. The government also released temporary regulations coordinating the final regulations under Chapters 3 and 61 of the Internal Revenue Code with the final FATCA (Chapter 4) regulations. The new rules do not provide any further extensions to the effective date of FATCA, or to the required timeframes in which an FFI that has entered into an FFI Agreement (a “participating FFI” or “PFFI”) must comply with the due diligence, withholding or reporting obligations under that agreement. The effective date for FATCA compliance remains July 1, 2014.

Deloitte’s latest point of view

An in-depth analysis of the Temporary and Final FATCA Regulations incorporating Notice 2014-33

On February 20, 2014, the US Treasury and Internal Revenue Service released temporary regulations that revise the Foreign Account Tax Compliance Act (FATCA) regulations (temporary FATCA regulations). Concurrently, the Treasury and IRS also released new temporary regulations coordinating the existing regulations under Chapters 3 and 61 and Section 3406 of the Internal Revenue Code (the Code) with the final and temporary FATCA regulations. These coordination regulations were issued as both temporary and regulations, meaning they are in effect immediately as final regulations for a temporary period of three years, but also serve as proposed final regulations subject to commentary and revision before they can become final.

This point of view is an in-depth analysis of the Temporary and Final FATCA Regulations incorporating Notice 2014-33. The analysis addresses the following topics:

  • Overview and history of FATCA
  • Withholdable payments under FATCA
  • Entity classification
  • USWA requirements
  • FFI requirements
  • Administrative considerations
  • Appendix
  • Details to bulleted highlights are included in downloadable Deloitte’s point of view.

Deloitte’s perspective on the updated FATCA and coordination regulations

In this point of view, we discuss some of the most significant final FATCA regulations updates and also some of the noteworthy coordinating changes to Chapters 3 and 61, and other related provisions.

  • Coordination Regulations of Chapter 3, 4 and 61
  • Updated FATCA Regulations (Temporary Regulations)

Initial analysis

The initial analysis highlights some of the most significant updates made to the final FATCA regulations and also some of the noteworthy coordinating changes to Chapters 3 and 61 and other related provisions.

  • Modifications to definitions affecting classification of entities
  • Expanded affiliated group also redefined
  • Other definitional and interpretive changes
  • Due Diligence
  • Reporting
  • Withholding
  • FFI Agreement
  • Coordination Regulations
  • Future Guidance

Dbriefs webcasts

Updated FATCA and Coordination Regulations

On March 3, 2014, Deloitte hosted a Dbriefs special edition webcast focusing on the changes and updates in the regulations, including:

  • Specific changes reflected in the revised final regulations and coordination regulations
  • Implications for US and foreign financial institutions
  • Implications for US and foreign non-financial services organizations
  • Steps to consider in addressing FATCA compliance in light of the new regulations

Presentation slides are available for download.

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John Rieger

National Managing Partner | FSI Tax Practice

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Denise Hintzke

Director | FATCA Initiative

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Anne Mericle

Tax Senior Manager | Global FATCA PMO

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