FATCA Update – Passed and Signed

Posted by Troy | Posted in Federal Updates, General Industry News | Posted on 24-03-2010-05-2008

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Last week, March 18th to be exact, Congress passed and the President signed into law the provisions widely known as FATCA (“Foreign Account Tax Compliance Act”).  These provisions, included as part of the Hiring Incentives to Restore Employment (“HIRE”) Act, impose a new 30% withholding tax on certain U.S. source payments. The new rules will impact not only the financial industry, but all withholding agents – including U.S. operating companies who make payments to vendors abroad.  Failure to comply with these new rules may create serious liability.

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