The World Council of Credit Unions has released an eight-page summary of the Internal Revenue Service (IRS) final rule to implement the Foreign Account Tax Compliance Act (FATCA).
The final rule makes several important changes to the IRS’s original proposal. The final rule clarified that credit unions fall within the definition of FATCA-exempt non-registering local banks. The rule also lets international credit unions list accounts on their websites using U.S. dollar denominations without losing FATCA-exempt status.
Other important parts of the final rule include:
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