January 06, 2011Miscellaneous
FATCA has been an extremely popular topic among U.S. tax practitioners. Unfortunately, however, many foreign financial institutions (FFI) seem to be oblivious to the long arm of FATCA and have not started to prepare for FATCA implementation by introducing procedures for complying with this new legislation. A colleague of mine, Richard Kando from Navigant Consulting, Inc sent me a FATCA whitepaper that deals with creating internal procedures for FATCA implementation. As the paper notes, the process could be mindboggling and despite the January 1st, 2013 effective date, FFIs should start preparing now. I thought that the paper could be useful to FFIs and could serve as a broad roadmap for FATCA implementation. In addition to a thoughtful discussion on FATCA without any unnecessary technicalities, the paper also includes useful workflow charts. The paper is included below.