Fox Rothschild LLP Partner Matthew D. Lee authored an updated version of the Foreign Account Tax Compliance Act Answer Book, which summarizes the latest developments with respect to the FATCA regulatory framework, including new regulations issued in early 2020 and the current status of negotiations of intergovernmental agreements to enforce FATCA around the globe.
The update includes discussion of enforcement efforts by the Internal Revenue Service, such as a new compliance campaign aimed at FATCA reporting by foreign financial institutions, as well as which foreign entities are required to submit FATCA compliance certifications to the IRS; how a Responsible Officer submits a FATCA compliance certification to the IRS; and what procedures are used by the IRS to review FATCA compliance certifications. It also addresses FATCA reporting deadline extensions granted to foreign financial institutions in 2020 in light of the COVID-19 pandemic.
Lee is a former U.S. Department of Justice trial attorney who serves as Co-Chair of the firm’s White-Collar Criminal Defense & Regulatory Compliance Practice. He handles all aspects of white-collar criminal defense, federal tax controversies, financial institution regulatory compliance and complex civil litigation.