Fox Rothschild LLP Partner Matthew D. Lee authored an updated version of the Foreign Account Tax Compliance Act Answer Book, which was originally published by Practising Law Institute in 2015.
This new edition addresses recent changes to FATCA regulations relating to compliance and verification procedures for a variety of entities, including sponsoring entities of foreign financial institutions; non-financial foreign entities; trustees of trustee-documented trusts; registered deemed-compliant FFIs; and financial institutions that implement consolidated compliance programs.
The update examines revisions to the responsible officer compliance certification process and the FATCA registration and renewal process. It also describes recent offshore tax evasion criminal and civil enforcement efforts undertaken by the Internal Revenue Service and the Justice Department and how those efforts impact FATCA compliance by foreign financial institutions as well as U.S. taxpayers.
Lee is a former U.S. Department of Justice trial attorney who concentrates his practice on all aspects of white-collar criminal defense, federal tax controversies, financial institution regulatory compliance and complex civil litigation.