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FATCA Proposed Regulations

By James M. Maynor, Jr. & Pallav Raghuvanshi on December 19, 2018
Posted in FATCA, Foreign Account Tax Compliance Act, GT Alert, Internal Revenue Code, International Tax, IRS

On Dec. 13, 2018, the Internal Revenue Service and the Treasury Department issued proposed regulations (the Proposed Regulations) that provide certain guidance and relief from the regulatory burden associated with Sections 1471 through 1474 of the Internal Revenue Code (IRC), commonly referred to as Foreign Account Tax Compliance Act (FATCA), as well as with respect to withholding under Chapter 3 of the IRC (Withholding of Tax on Nonresident Aliens and Foreign Corporations). The Proposed Regulations also provide guidance on the definition of an “investment entity,” modify certain due diligence requirements of withholding agents, and revise certain provisions relating to refunds and credits of amounts overwithheld. This GT Alert summarizes the provisions of the Proposed Regulations.

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Tags: FATCA, foreign financial institutions, greenberg traurig, GT Alert, gt law, gtlaw, gtlaw.com, gt_law, Internal Revenue Code, internal revenue service, IRS
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Photo of James M. Maynor, Jr. James M. Maynor, Jr.

James M. Maynor, Jr. focuses his practice on the U.S. taxation of international transactions and investments. James advises public companies and privately held businesses on the tax consequences of mergers, acquisitions, restructurings, and divestitures, primarily in the cross-border context. He also provides tax…

James M. Maynor, Jr. focuses his practice on the U.S. taxation of international transactions and investments. James advises public companies and privately held businesses on the tax consequences of mergers, acquisitions, restructurings, and divestitures, primarily in the cross-border context. He also provides tax advice in connection with business formations and joint ventures. James has been involved in planning a number of major reorganizations and spin-off transactions for multinational enterprises.

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Photo of Pallav Raghuvanshi Pallav Raghuvanshi

Pallav Raghuvanshi focuses his practice on U.S. and international tax matters in the context of corporate restructurings and cross-border mergers and acquisitions. He is experienced handling spin-off transactions for large multinational companies, various inbound and outbound transactions involving issues related to foreign tax…

Pallav Raghuvanshi focuses his practice on U.S. and international tax matters in the context of corporate restructurings and cross-border mergers and acquisitions. He is experienced handling spin-off transactions for large multinational companies, various inbound and outbound transactions involving issues related to foreign tax credits, tax treaties, controlled foreign corporations, and other international reorganization issues. He also handles U.S. federal tax aspects of initial coin offering / first token sales and other tax-related issues on blockchain technology and cryptocurrencies.

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