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In this video interview, Tax partner John Harrington, former international tax counsel for the Department of Treasury, provides an overview of the Foreign Account Tax Compliance Act (FATCA). In the video, John explains why companies should be actively preparing for the new compliance provisions, even if 2014 and 2015 are considered a "transition period" by the IRS. More specifically, he examines:
- The broad impact of FATCA and intergovernmental agreements (IGAs);
- The importance of planning for FATCA's series of compliance deadlines; and
- New reporting requirements and expectations under the global information automatic exchange.