Stroock Special Bulletin
"New IRS Notice Relaxes FATCA Compliance Timeline in Response to Taxpayer Concerns"
Compliance with the international tax withholding and reporting provisions of the Hiring Incentives to Restore Employment Act of 2010, Pub. L. 111-147 – more commonly known under the name of the stand-alone bill it contains: the Foreign Account Tax Compliance Act ("FATCA") – has become the bête noire of U.S. international taxation.
This Stroock Special Bulletin examines the third and most recent installment of guidance from the Internal Revenue Service, Notice 2011-53, which grants a much needed extension of time for affected taxpayers to comply with FATCA's provisions.