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The Internal Revenue Service (IRS), the United States tax authority that is a U.S. Treasury Department bureau, issued its 554 page final regulation to implement the Foreign Account Tax Compliance Act (FATCA) on January 17, 2013. FATCA purports to apply to non-U.S. credit unions as well as to U.S. credit unions which make overseas transfers of untaxed proceeds from U.S. sourced interest and investment income.
For more information see WOCCU’s Summary of the IRS Rule available from CUNA’s Final Rule Analysis page, Click here.
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