March 18, 2010, President Obama enacted into law the Hiring Incentives to Restore Employment (HIRE) Act which included a section entitled Foreign Account Tax Compliance (commonly referred to as FATCA). This new legislation contains a number of provisions which will increase information reporting and enforcement measures with regard to offshore accounts and entities. The HIRE Act affects not only United States persons who may be owners or otherwise beneficially interested in offshore accounts, trusts or other entities, but also the financial institutions at which such accounts or entities are maintained.
- Revised Timeline and Guidance Regarding the Implementation of FATCA Notice 2013-43
- U.S. Engaging More than 50 Jurisdictions to Curtail Offshore Tax Evasion
- Final Regulations Require Reporting of Interest Paid to Foreign Account
- US Reporting Requirement Introducing Form 8938 – Statement of Specified Foreign Financial