FATCA Rules, Participation Pact Likely ‘Well Before’ End of 2012

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IRS plans to unveil both final regulations under the Foreign Account Tax Compliance Act and a draft agreement banks can use to participate “well before the end of 2012,” IRS Chief Counsel Wilkins says. Both Wilkins and Tara Ferris, an attorney in Branch 2 of the IRS Associate Chief Counsel (International), stress that the government is working to provide the guidance and agreement as quickly as possible. Ferris says the draft agreement and procedures that financial institutions can use to sign up to participate in FATCA will be available in the first half of 2012.