The Foreign Account Tax Compliance Act (FATCA) established a broad registration, compliance and reporting regime designed to combat tax evasion by providing the IRS with information about U.S. accounts held at foreign financial institutions (FFIs).  The regime imposes 30% withholding on payments to FFIs that have failed to register with the IRS and provide information on U.S. account holders.  The first step in FATCA compliance is for FFIs to register with the IRS and obtain a global intermediary identification number, without which the FFI will be subject to withholding as of July 1 of this year.  In that regard, the April 25 deadline for inclusion in the initial IRS list of registered FFIs is fast approaching, and hedge fund managers with offshore funds or that have non-U.S. investors need to assure that they are fully compliant with FATCA.  A recent presentation covered the critical steps that funds should be taking to prepare for FATCA’s July 1 effective date and the compliance mechanisms they will need to implement to assure compliance with FATCA.  This article summarizes the key takeaways from that presentation.  See also “Understanding the Intricacies for Private Funds of Becoming and Remaining FATCA-Compliant,” Hedge Fund Law Report, Vol. 6, No. 35 (Sep. 12, 2013); and “What Impact Will FATCA Have on Offshore Hedge Funds and How Should Such Funds Prepare for FATCA Compliance?,” Hedge Fund Law Report, Vol. 6, No. 5 (Feb. 1, 2013).