Miller & Chevalier held a point-counterpoint teleconference on the proposed Foreign Account Tax Compliance Act of 2009, which appears likely to pass in the near future. During the teleconference, Miller & Chevalier provided an overview of the potential impact of the proposal, focusing on issues of practical importance to domestic and foreign entities, including:

• More trouble in debt financing for U.S. issuers - the end of foreign targeted bearer debt.
• Withholding by U.S. taxpayers on FDAP payments and sales proceeds to foreign entities - a club to force mass compliance, or selective enforcement? Are you at risk?
• U.S. officers of foreign corporations and their U.S. affiliates - will annual disclosure of stock options, warrants, and other benefits be required?
• Material advisors required to report clients' foreign activities to the IRS - is your domestic or foreign law firm (or other service provider) a material advisor?