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- Title
U.S. TREASURY DEPARTMENT AND INTERNAL REVENUE SERVICE ISSUE SUPPLEMENTARY FATCA GUIDANCE.
- Authors
BARRY, JAMES; MORRIS, DONALD; SAMBUR, JONATHAN; HALL, MEGAN
- Abstract
The article examines the provisions of the Internal Revenue Service (IRS) notice with regards to the reporting and withholding requirements of non-U.S. investment entities and financial intermediaries pursuant to the Foreign Account Tax Compliance Act (FATCA). It notes that FATCA requires foreign financial institutions (FFIs) to disclose their account to the IRS or impose a 30 percent withholding tax on account holder payments.
- Subjects
UNITED States; TAX withholding laws; INVESTMENTS; FINANCIAL institutions; INTERNAL revenue law; UNITED States. Dept. of the Treasury; UNITED States. Internal Revenue Service
- Publication
Banking Law Journal, 2011, Vol 128, Issue 7, p638
- ISSN
0005-5506
- Publication type
Article