Announcement 2012-42 Provides Transitional FATCA Relief for Foreign Financial Institutions

Announcement 2012-42 Provides Transitional FATCA Relief for Foreign Financial Institutions

On October 24, the Internal Revenue Service issued Announcement 2012-42, which (i) delays gross proceeds withholding under the “Foreign Account Tax Compliance Act” provisions contained in sections 1471-1474 of the Internal Revenue Code (“FATCA”), (ii) grandfathers (i.e.,...

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