Alston & Bird Tax Blog

International Tax Advisory: IRS Announces New Guidance on FATCA Timelines, Gross Proceeds and Grandfathered Obligations

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This advisory discusses IRS Announcement 2012-42, which presents additional guidance for effectuating the Foreign Account Tax Compliance Act (FATCA). The new guidance, to be incorporated in the still forthcoming final regulations, sets out new deadlines for due diligence, postpones withholding on gross proceeds and defines three new categories of “grandfathered obligations.”

The advisory is provided in PDF on the Alston & Bird website:
www.alston.com/advisories/international-tax-advisory-IRS-anounces-new-guidance-on-FATCA

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About Edward Tanenbaum

Edward Tanenbaum is co-chair of the firm’s Federal & International Tax Group and a member of the firm’s Global Resources & Strategies Committee. Mr. Tanenbaum’s practice consists primarily of planning and structuring tax efficient solutions for cross-border business transactions and investments by foreign multinational corporations and high-net-worth individuals.

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About Heather Ripley

Heather Ripley is an associate in the firm’s Federal & International Tax Group. Her practice focuses on federal and international tax services for a range of clients, including domestic and international business entities and individuals.

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