U.S. persons with offshore accounts have likely heard the news that The Foreign Account Tax Compliance Act or “FATCA” will take full effect on July 1, 2014. While reporting offshore accounts and certain assets to the IRS has always been required, FATCA is one of the most comprehensive and global pieces of legislation to prevent noncompliance by U.S. persons. FATCA was enacted in the Hiring Incentives to Restore Employment Act of 2010 and codified in sections 1471 through 1474 of the Internal Revenue Code. In January, 2013, the Treasury Department published accompanying final regulations. The purpose of FATCA is to help prevent and locate noncompliance by U.S. taxpayers who do not report their foreign financial accounts.