New Thomson Reuters Report Equips Tax Professionals to Help Clients Comply with FATCA

September 30, 2015
Dana Greenstein

NEW YORK, September 30, 2015 – A new report from Thomson Reuters sheds light on the dividend and income reporting requirements for banks, brokerages, and other financial institutions under the Foreign Account Tax Compliance Act (FATCA). Published by Thomson Reuters Checkpoint, New FATCA Compliance Obligations Facing Business Entities can be downloaded at no cost at

The report provides a comprehensive analysis of FATCA, which was enacted in 2010 to prevent offshore tax evasion by U.S. citizens and residents. Beginning in 2015, FATCA requires foreign financial institutions (FFIs) and other financial intermediaries to file reports with the Internal Revenue Service (IRS) on the accounts of their U.S. clients with balances over $50,000. FFIs that fail to comply are subject to a 30 percent withholding tax and could be restricted from participating in U.S. capital markets.

The report was authored by Marianna G. Dyson and Michael M. Lloyd, members of Miller & Chevalier Chartered.

“FATCA is a new and unique body of law and, while its obligations appear simple, they can be quite complex and expensive to meet,” Lloyd said. “This report provides guidance to help professionals and their clients meet FATCA’s requirements and manage the related risks and costs.”

The report examines the steps FFIs must take to enter into a FATCA agreement with the IRS. It also outlines the application of FATCA’s rules for non-financial foreign entities (NFFEs) and U.S. withholding agents to ensure compliance.

To equip professionals for today’s compliance requirements, as well as plan for the evolving developments of tomorrow, Checkpoint also offers FATCA Essentials which brings together all the expert guidance and relevant primary source materials needed to understand the new FATCA reporting rules, determine whether companies or clients are subject to FATCA compliance, and plan for and comply with the FATCA rules.

Thomson Reuters Checkpoint provides integrated research, editorial insight, productivity tools, online learning and news updates along with intelligent links to related content and software. It is relied on by thousands of tax and accounting professionals including practitioners in 97 of the Top 100 U.S. law firms, 99 of the Fortune 100 companies, and all of the top 100 U.S. CPA firms.

Thomson Reuters

Thomson Reuters is the world’s leading source of intelligent information for businesses and professionals. We combine industry expertise with innovative technology to deliver critical information to leading decision makers in the financial and risk, legal, tax and accounting, intellectual property and science and media markets, powered by the world’s most trusted news organization. For more information, go to


Dana Greenstein
Public Relations Manager
Tax & Accounting
Thomson Reuters
+1 201 536 4397

Back to Press Releases

In The News

Friday, March 4 Would you take tax advice from a robot?

Though you might not immediately think of it like this, consider tax software widely used in the market today. That software is technically a machine…

Thursday, March 3 Why Some Charities May Want to Re-Think Taking Government Grants

It seems everyone starts to feel a little more charitable around tax season. But as individuals trek into their accountant’s offices, donation receipts in hand,…

Friday, February 26 5 Reasons Why Cloud Technology Builds Stronger Client Relationships

If you’ve worked in the tax and accounting profession long enough, you know that strong client relationships are the foundation of a successful practice. As…