The Treasury and IRS released long-awaited final regulations late on January 17 under the Foreign Account and Tax Compliance Act (FATCA), enacted as part of the Hiring Incentives to Restore Employment (HIRE) Act of 2010 (P.L. 111-147). FATCA targets noncompliance by U.S. taxpayers using foreign accounts, the Treasury said in a news release. The issuance of the final regulations marks a key step in establishing a common intergovernmental approach to combating tax evasion, the Treasury said.![]()
