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

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).

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