Nonfinancial Institutions May Be Unaware of FATCA Obligations, Practitioner Says
Douglas S. Stransky was quoted in an article entitled “Nonfinancial Institutions May Be Unaware of FATCA Obligations, Practitioner Says,” published by Worldwide Tax Daily on May 17, 2012. During the fifth annual Worldwide International Tax Update, hosted by Sullivan & Worcester LLP, Mr. Stransky discussed the potential impact of the Foreign Account Tax Compliance Act (FATCA) on nonfinancial institutions. He said that because most of the FATCA guidance released so far focuses on financial institutions, there may not be much awareness of the new rules among nonfinancial institutions. He then discussed the implications of FATCA on multinational companies and their subsidiaries.