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On October 24, 2012, the US Internal Revenue Service ("IRS") issued Announcement 2012-42 along with a table that summarizes certain Foreign Account Tax Compliance Act ("FATCA") due diligence deadlines
On April 17, 2012, the US Treasury Department released final regulations and a revenue procedure setting forth the requirements for US offices of certain financial institutions to report on the interest earned by nonresident individuals
The US Department of the Treasury (the "IRS") recently released temporary and proposed regulations (the "Temporary Regulations"), effective December 19, 2011, to implement the provisions of the Hiring Incentives to Restore Employment (HIRE) Act that require individuals to report specified foreign financial assets ("SFFAs") to the IRS
Many foreign financial institutions are affected by the new information reporting and withholding rules enacted as part of the so-called "Foreign Account Tax Compliance Act" ("FATCA") on March 18, 2010
