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The Latest FATCA Guidance: Notice 2011-34

Product Code - TMA31
Speaker(s): Michael Plowgian, Department of the Treasury; Carol Tello, Sutherland Asbill & Brennan LLP; and Alan Winston Granwell, DLA Piper
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Learn about the latest FATCA guidance that modified prior guidance under Notice 2010-60 and provided new guidance on passthru payments and deemed compliant FFIs. Specifically, the panel addressed:

  • New Preexisting Account Procedures
    • Replace prior procedures in their entirety
    • How the new procedures differ from the prior procedures
    • Are they more administrable and less burdensome for FFIs?
    • What will be the challenges in implementing the new procedures?
    • How will they be applied to nonbank FFIs?
  • Passthru Payments
    • What they are
    • How to determine how much of a payment is a passthru payment
    • Effect of passthru payments
  • Deemed Compliant FFIs
    • Local banks
    • Local FFI members of participating FFI groups
    • Investment vehicles that meet certain requirements
    • Foreign retirement plans
  • Reporting Procedures
    • Account balances
    • Gross receipts and withdrawals
  • New Affiliated Group Rules
    • Coordinated and centralized FFI applications and compliance


In 60-90 minutes, participants:


  • Had a more complete understanding of the reasons for the preliminary guidance contained in Notice 2011-34
  • Received a summary of the operational rules contained in Notice 2011-34.
  • Understood the practical implications of the new notice and its affect on FFIs.
  • Were better able to advise or navigate the FATCA provisions.

Michael Plowgian, Department of the Treasury; Carol Tello, Sutherland Asbill & Brennan LLP; and Alan Winston Granwell, DLA Piper


Michael Plowgian is an Attorney-Advisor in the Office of the International Tax Counsel at the Department of the Treasury. Previously, he was an attorney in the tax group at King & Spalding LLP, where his practice focused on a wide range of domestic and international tax planning matters.
Michael received his J.D. from Harvard Law School, a M.A.L.D. from the Fletcher School of Law and Diplomacy, and a B.A. from Denison University.

Carol Tello is a partner in Sutherland Asbill & Brennan LLP’s Washington office and a member of its Tax Practice Group where she focuses primarily on international tax matters. Her practice includes a broad range of cross-border tax planning and Internal Revenue Service (IRS) controversy matters for both business entities and individuals. Much of her work has been for insurance companies in the cross-border context. She has particular experience in cross-border restructuring transactions, inbound corporate transactions, withholding matters, and treaty interpretation issues, as well as cross-border taxation of corporate executives and the U.S. taxation of non-U.S. citizens. She also advises clients on tax issues involving intellectual property transactions.

Her prior experience includes service in the IRS Office of Associate Chief Counsel (International) and as a Special Assistant to the Assistant Commissioner (International). While at the IRS, she participated in a number of income tax treaty negotiations, was the IRS National Office adviser in several Tax Court cases, and worked on various regulations and other guidance, including significant participation in developing regulations concerning the taxation of software transactions.

Carol is the author of the BNA TMP 915-3 Payments Directed Outside the United States - Withholding and Reporting Provisions Under Chapters 3 and 4, as well as numerous articles on various tax issues. She also has been recognized in Euromoney’s The Guide to World’s Leading Tax Advisers (2011).

Alan Winston Granwell is an international tax partner resident in DLA Piper's Washington, DC office. Mr. Granwell’s practice encompasses representing multinational corporations on cross-border planning, to include acquisitions, dispositions and business restructurings, IP migrations, services arrangements, repatriation planning, international insurance, international transportation, cross-border leasing, transfer pricing and the use of bilateral tax treaties. He also advises high-net-worth individuals on cross-border tax planning and structuring.

Recently, Mr. Granwell has become active in advising investors from emerging countries engaged in cross-border transactions involving the United States and Europe and in advising financial institutions and their clients on international tax enforcement initiatives. He conducts an active administrative practice, regularly representing clients before the Internal Revenue Service and the US Treasury Department.