IRS Releases Proposed Rules on FATCA Reporting Requirements for Foreign Retirement Plans

The Internal Revenue Service (IRS) released proposed rules relating to information reporting by Foreign Financial Institutions (FFIs) and withholding on certain payments to FFIs and other foreign entities. The proposed rules would ease some reporting requirements for foreign retirement plans. The number of foreign retirement plans exempted from Foreign Account Tax Compliance Act (FATCA) requirements because they are "deemed compliant" would increase under the proposed rules. A public hearing is scheduled for May 15, 2012.

Comments are due April 30, 2012.