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IRS Working to Issue Final Rules on FATCA by End of Summer.

The government hopes to issue final regulations under the Foreign Account Tax Compliance Act by the end of the summer, Treasury Deputy Assistant Secretary for International Tax Affairs Manal Corwin said March 1.

In addition, the government will be working to “operationalize” government-to-government information sharing agreements under FATCA, she said at the USA Branch of the International Fiscal Association conference.

The United States, France, Germany, Italy, Spain, and the United Kingdom jointly announced they were working toward such agreements Feb. 8, the same day the Internal Revenue Service issued nearly 400 pages of rules that individual banks could use to report U.S.-owned accounts to IRS.
Corwin stressed the government-to-government agreements are not exceptions, but an alternative approach, to FATCA.

She said the United States is currently in discussions with many other jurisdictions on a similar approach.

Read more at: Tax Times blog

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