HIRE Act: FATCA Provisions Affect Rules Governing Foreign Trusts and Reporting Requirements

On March 18, 2010, President Obama signed into law H.R. 2847, the Hiring Incentives to Restore Employment Act (HIRE).  HIRE targets job creation by providing tax incentives, such as business credits to companies for newly hired employees.  The offset provisions included to raise revenue for such costs include important changes in the rules governing foreign trusts.  Subtitle A of Title V of HIRE substantially incorporates the Foreign Account Tax Compliance Act of 2009 as introduced on October 27, 2009 (H.R. 3933, S. 1934).

The content of this article is provided solely for informational purposes: It is not intended as, and does not constitute, legal advice. The Information contained herein should not be relied upon or used as a substitute for consultation with legal, accounting, tax, career, and/or other professional advisors. This article is provided "AS IS," and McDermott Will & Emery makes no representation or warranty of any kind with respect to its contents. McDermott Will & Emery expressly disclaims all representations and warranties, whether express or implied, including, but not limited to, warranties of merchantability, fitness for a particular purpose, and non-infrengement. In addition, McDermott Will & Emery does not represent or warrant that the content of thsi article is timely, accurate or complete.

This article is republished with the permission of McDermott Will & Emery LLP. Further duplication without the permission of McDermott Will & Emery LLP is prohibited. All rights reserved.