FATCA Triage: 15 Steps for Compliance

Employee Benefit Plan Review
09.01.14
In this article, Michael Lloyd and Michael Chittenden provide an overview of the 15 steps that nonfinancial companies should undertake to comply with the Foreign Account Tax Compliance Act (FATCA) that went into effect on July 1, 2014. Companies are scrambling to assess how the law impacts them, as the law is focused on foreign financial institutions reporting their U.S. account holders to the Internal Revenue Service; however, many other multinational companies are impacted by law. The authors outline the 15 steps companies should follow in order to avoid potentially severe penalties.
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FATCA Triage: 15 Steps for Compliance