Treasury Issues FATCA Guidance for Foreign Banks, Residents (2)

The Treasury Department issued guidance aimed at temporarily helping foreign banks and foreign residents that have run into problems over compliance with the US Foreign Account Tax Compliance Act, or FATCA.

The guidance (Notice 2023-11) issued Friday eases an aspect of foreign banks’ obligations to report information to the US on bank accounts held by US citizens living abroad. It’s intended to address a problem the banks have run into with regard to so-called “accidental Americans"—people who were born outside the US to US citizens and, thus, are US citizens themselves but may not have any other link ...