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