Wednesday, January 22, 2014
Robert L. Williams has recently published an article entitled, A FATCA Primer for Trusts, Trustees, and Companies, 2014 TNT 10-11 (Jan. 15, 2015). Provided below is the introduction to the article from Wealth Strategies 2.0:
The offshore financial world will undergo a major change on July 1 when the Foreign Account Tax Compliance Act forces 260,000 financial institutions that receive U.S. financial payments to identify all their account holders under the threat of 30 percent gross basis withholding. This article summarizes current FATCA regulations and intergovernmental agreements concerning compliance. It provides a roadmap for effective compliance by trusts, trust companies, and trust-owned companies that are affected financial institutions or passive foreign investment vehicles.
Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.