The Treasury Department and IRS on 20 February 2014 issued a package of regulations intending to harmonize the information reporting and withholding rules under chapters 3 and 61 of the Code to the regulations under the Foreign Account Tax Compliance Act (FATCA).
Also included in the regulatory release is a set of temporary regulations that contains more than 50 “discrete amendments and clarifications” to the final regulations under FATCA (released in January 2013).
Read KPMG’s initial analysis of these regulatory packages:
These regulations have not yet been released for publication in the Federal Register. Text of the regulations is available on the Treasury website.
For further information, please do not hesitate to contact us.
Any tax advice in this communication is not intended or written by KPMG to be used, and cannot be used, by a client or any other person or entity for the purpose of (i) avoiding penalties that may be imposed on any taxpayer or (ii) promoting, marketing, or recommending to another party any matters addressed herein.The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation.