Happy FATCA-day! US Foreign Account Tax Compliance Act comes into force
On March 18, 2010, the Hiring Incentives to Restore Employment Act of 2010 (Public Law 111-147) added chapter 4 to the Internal Revenue Code: Code Sections 1471 through 1474. These contain the Foreign Account Tax Compliance Act, or FATCA, provisions. Implementation of these provisions has been delayed with the IRS providing a revised timeline for putting into effect the various FATCA requirements, including delaying FATCA withholding until July 1, 2014.