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Last Friday, January 18, the Internal Revenue Service published long-anticipated Final Regulations under the Foreign Account Tax Compliance Act.[1] The Regulations will be effective on January 28.[2] FATCA has a significant impact on all foreign and domestic financial institutions. It requires a U.S. withholding agent to withhold a 30 percent tax on certain payments to foreign financial institutions ("FFIs") that do not agree to report certain information to the IRS concerning their U.S. accounts and on certain payments to non-financial foreign entities ("NFFEs") that do not provide certain information about their substantial U.S. owners.
Changes to 2012 Proposed Regulations
The Final Regulations make a number of changes to the extensive proposed regulations released last February, in response to comments received from the public. These changes are designed to target tax compliance concerns more specifically and to address practical considerations. To this end, the Final Regulations extend the initial date for information reporting under FATCA to March 31, 2015.
Specifically, under the Final Regulations:
On June 29, Day Pitney Trusts and Estates Attorney Leigh Furtado will be presenting at the National Business Institute on, "Rhode Island Estate Administration From Start to Finish."
On June 22, Day Pitney Art Law Attorney Melissa A. Passman will be a speaker at the "The Art of Collection Management: Estate Planning for Art Collectors," webinar for the Artwork Archive.
On June 16, Art Law Attorney Melissa A. Passman will be a speaker on the "A Primer on Artist Trusts: Part 1," panel at the Center for Art Law.
Day Pitney Trusts and Estate Attorneys G. Warren Whitaker and Matthew L. Moore authored the article, "The Dogs Ate My Kids' Inheritance: Providing for Pets in an Estate Plan," for PLI Chronicle.
Day Pitney Trusts and Estates Attorney Christopher Fox is speaking at the Boston Bar Association's "Trusts & Estates End of Year Review 2022," webinar on June 14.
Day Pitney Press Release
Day Pitney Press Release
Day Pitney Partners George Chaclas and Renee Evangelista were each honored with a Rhode Island Monthly Professional Excellence in Law Award for 2022.
Day Pitney Providence-based Trusts and Estates Attorney Leigh E. Furtado was featured in the Providence Business News article titled, "Crypto Can Complicate Trust, Estate Planning."
Day Pitney Press Release
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