- 2010 – The year the controversial set of regulations known as FATCA was enacted by Congress as part of the HIRE Act.
- 544 – The page count of the final rule (do you think it leaves room for loopholes?
- 50 – The number of nations the IRS is talking to about “Intergovernmental Agreements” (and you think Hillary Clinton travelled a lot). Countries that already signed or initialled are Norway, the United Kingdom, Mexico, Denmark, Ireland, Switzerland, and Spain
- 30 – The percentage withholding tax imposed on many payments coming from the US, when a non US financial institution is unable or unwilling to comply with FATCA
- 20-50 – Dollar amount per account holder per year FATCA compliance is expected to cost financial entities
- 55 – The number of times “AML” is mentioned in the final rules (and this rule had nothing to do with AML, right?)
- 50,000 – The final regulations exempt from review entirely all pre-existing accounts held by individuals with a balance or value of $50,000 or less (This threshold is raised to $250,000 for pre-existing accounts held by entities and for pre-existing accounts that are cash value insurance and annuity contracts)
- 1-1-2014 – The final regulations extend the grandfather date for obligations excepted from the requirements of FATCA from January 1, 2013 to January 1, 2014.
- 10-25-2013 – The last date by which a financial institution can register with the IRS to ensure its inclusion on the December 2013 IRS FFI List, and avoid penalties.
- 8966 – The number of the new “FATCA Report” Form the IRS intends to release shortly that will be used by FFIs and sometimes by withholding agents to comply with their FATCA “Chapter 4” reporting obligations.
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