On 25 August 2015, the U.S. IRS updated the general frequently asked questions (FAQ) on the Foreign Account Tax Compliance Act (FATCA), and on 27 August 2015, updated the FAQ on the International Compliance management Model (ICMM) system. The general FAQ covers several FATCA topics related to compliance and other matters. The ICMM FAQ covers issues related to the ICMM system, which is used by the IRS for the collection and storage of FATCA information including FATCA reports received both electronically and in paper form. The updates are as follows: The General FAQ update clarifies that, unless a specified exception...