As FATCA Deadlines Loom, What Managers Need to Know (SEI)

March 2014

KEYWORDS: Survey, FATCA, HIRE Act, foreign financial institutions, IRS, tax, financial account, due diligence, asset managers, compliance requirements, regulatory compliance



  • SEI

By now, virtually all investment managers are aware of the Foreign Account Tax Compliance Act (FATCA), which is designed to prevent tax evasion by U.S. taxpayers utilizing unreported foreign financial accounts. The act requires U.S. persons to report the financial accounts they hold outside the U.S. and foreign financial institutions (FFIs) to report U.S. account holders, with all of the information ultimately going to the Internal Revenue Service. It was enacted in March 2010, as part of the Hiring Incentives to Restore Employment Act (HIRE).

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