Foreign Account Tax Compliance Act

In March 18, 2010, president Obama signed the “Hiring Incentives to Restore Employment Act of 2010″ (HIRE Act) into law. It included as a financial offset the Foreign Account Tax Compliance Act (FATCA), which dramatically modified the US withholding tax and information reporting regimes for US persons, non-US banks and other financial institutions. A new 30 percent withholding tax was mandated on payments to foreign financial institutions (FFIs) that do not comply with disclosure requirements for US-based account holders.

• CF&P’s Facts about FATCA
• FATCA information compiled by Burt, Staples & Maner, LLP
• Lorraine Fiander-Hill, “US and them? FACTA is an onerous piece of global legislation,” The Periscope Post, January 26, 2012.
• Julie Borowski, “FATCA Will Have Devastating Impact on American Expatriates,” FreedomWorks, January 24, 2012.
• “New Tax Rules Harass Foreign Bankers for Little in Return,” Bloomberg, January 22, 2012.
• “Tax-haven wars: Congress is scheming to export IRS meddling overseas,” The Washington Times, January 4, 2012.
• David Jolly and Brian Knowlton, “Law to Find Tax Evaders Denounced,” December 26, 2011.
• Oliver Suess, “German Lenders Terminate Securities Accounts for U.S. Citizens,” December 14, 2011.
• “European Banks Stop Serving American Customers,”  Spiegel Online, December 14, 2011.
• Richard Hartung, “An American law that will hit investors here,” Today Online, December 13, 2011.
• Jessica Meek, “Chinese banks will avoid FATCA, observers warn, ” Risk.net, December 13, 2011.
• “FATCA tax law has bigger impact on foreign than U.S. firms,” Reuters, December 9, 2011.
• Brian Garst, “Government Policy, Not Laziness, Responsible for Scaring Away Foreign Investors,” Big Government, December 2, 2011.
• Robert W. Wood, “FATCA Carries Fat Price Tag,” Forbes, November 30, 2011.
• Simon Bradley, “Tax law pushes US expats to give up passport,” Swiss Info, November 29, 2011.
• Peter W. Dunn, “FATCA: A Ticking Time Bomb for the Economy,” American Thinker, November 28, 2011.
• “Scratched by the FATCA,” The Economist, November 26th, 2011.
• Dan Mitchell and Brian Garst, “IRS Tentacles Spreading Overseas,” Offshore Investment, October 2011.
• American Citizens Abroad, “Why FATCA is Bad for America and Why it Should be Repealed Now!” July 2011.
• Letter to Secretary Geithner on FATCA Cost-Benefit Analysis, July 18, 2011.
• Letter to Congressional Leadership on Repealing FATCA, July 18, 2011.
• Robert W. Wood, “Stripping FATCA From Our Diet,” Forbes, July 15, 2011.
• “U.S. tax law poses privacy risk,” The Globe and Mail, June 23, 2011.
• Dan Mitchell, “Why Obama’s FATCA Law Is A Threat To Business Growth,” Forbes, June 20, 2011.
• CTC Letter on FATCA, December 23, 2010.