Return to
Foreign Account Tax Compliance Act

Services

Foreign Account Tax Compliance Act

Learn more about FATCA

Under newly proposed U.S. Treasury Code Sections 1471 through 1474 and Notice 2013-43, effective for payments after June 30, 2014, generally all foreign financial institutions (FFIs) will be required to enter into disclosure compliance agreements with the U.S. Treasury (unless an exemption or FATCA Intergovernmental Agreement applies), and all non-financial foreign entities (NFFEs) that are not excepted under the regulations must report and/or certify their ownership or be subject to the same 30 percent withholding.

This new reporting and withholding regime will ultimately impact current account opening processes, transaction processing systems and “know your customer” procedures utilized by foreign banks.

Chief compliance officers, tax reporting heads and other key players within your organization will need to evaluate the potential impact of these regulations and develop a plan for managing and remediating any potential risk associated with Foreign Account Tax Compliance Act (FATCA) non-compliance.

Relevance and Impact

Relevance and Impact

The legislative intent of FATCA is to ensure there is no gap in the ability of the U.S. government to determine the ownership of U.S. assets in foreign accounts. As such, this revenue raising provision, which was originally enacted as a part of the Hiring Incentives to Restore Employment (HIRE) Act (Pub. L. No. 111-147), is expected to significantly impact the systems and operations of both U.S. and non-U.S. companies. While the FATCA guidance with respect to documentation and reporting has not been finalized to date, companies will likely need to make modifications to their internal systems, control frameworks, processes and procedures for timely compliance with these regulations on or before their effective date of July 1, 2014.

Back to top

 

Risk intelligence

Will risk intelligence be your asset or non-compliance your liability?

Take action now

Don’t wait until these rules become effective to begin assessing your needs and associated costs for compliance. By performing the proper compliance risk assessment now and evaluating necessary modifications to your existing systems, your organization will be armed with the level of risk intelligence required to address compliance with FATCA’s new withholding and reporting regime.

Back to top

 

 

Glossary

​FATCA Glossary of Terms

A comprehensive glossary of Foreign Account Tax Compliance Act (FATCA) acronyms will help you understand all the terms surrounding FATCA.

Back to top

 

FAQs

Frequently asked FATCA questions

Find answers to questions ranging from: What is FATCA? to What can I do now to be prepared?

Back to top

Meet our leaders

John Rieger

John Rieger

National Managing Partner | FSI Tax Practice

John is the National Managing Partner of the Finan...More

Denise Hintzke

Denise Hintzke

Director | FATCA Initiative

Denise is the Global Tax leader of our Foreign Acc...More

Anne Mericle

Anne Mericle

Tax Senior Manager | Global FATCA PMO

Anne is a Senior Manager, Deloitte Tax LLP, in the...More

Contact us

Contact us via our online form

Submit RFP

Submit via our online form

Find an office

Find a local office

People

John Rieger

National Managing Partner | FSI Tax Practice

People

Denise Hintzke

Director | FATCA Initiative

People

Anne Mericle

Tax Senior Manager | Global FATCA PMO

Return to
Foreign Account Tax Compliance Act