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.

FATCA Executive Summary

The executive summary highlights FATCA’s key characteristics, includes a one-page milestone map of FATCA deadlines, and suggests ways organizations can address key topics relating to tax, technology, operations, and client experience. The included milestone map consists of FATCA compliance action item deadlines of the final FATCA regulations timeline post notice 2013-43 and the roadmap is used to identify, classify, and remediate FATCA Compliance.

The FATCA executive summary is available for download.

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

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 As such, this revenue raising provision, which was originally enacted as a part of the Hiring Incentives to Restore Employment (HIRE) Act (Pub.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.

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Relevance and Impact

Risk intelligence

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.

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


Frequently asked FATCA questions

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

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Meet our leaders

John Rieger

John Rieger

National Managing Partner | FSI Tax Practice

John is the national managing partner of the Financial Services Tax Practice, Deloitte Tax LLP, located in New York. John has 24 years of experience providing services to global financial services com... More

Denise Hintzke

Denise Hintzke

Managing Director | GIR, FATCA & CRS Tax Leader

Denise is a managing director in the Financial Services Tax practice at Deloitte Tax LLP where she serves as a leader in their Global Information Reporting practice as well as their Foreign Account Ta... More