US IRS Issues Preliminary FATCA Guidance Establishing Due Diligence Procedures and Information Reporting Rules for Foreign Financial Institutions

US IRS Issues Preliminary FATCA Guidance Establishing Due Diligence Procedures and Information Reporting Rules for Foreign Financial Institutions

On August 27, 2010, the US Internal Revenue Service (the “IRS”) published Notice 2010-60 (the “Notice”) containing preliminary guidance regarding implementation of the so-called FATCA rules.1 The HIRE Act, enacted on March 18, 2010, imposed new information reporting and...

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