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FATCA: What it Is, What it Isn’t, and What’s Next

The Foreign Account Tax Compliance Act (FATCA) came into effect in 20101. In addition to the many important changes FATCA brings to the financial and tax landscape, it is also important to understand the many pre-existing US tax obligations and requirements that the US is seeking to enforce through the information it obtains through FATCA. The technical definitions, requirements, and laws of US taxation can be difficult to navigate, even for the most informed tax professionals. Therefore, the primary purpose of this article is not to offer detailed legal analysis or recite the laws but rather to aid in ending some of the misconceptions, review key issues, inform taxpayers of their compliance obligations, and, perhaps most importantly, remove some of the mystique, confusion, and fear surrounding FATCA.