On March 18, 2010, President Obama signed into law the HIRE Act,1 economic stimulus legislation intended, among other things, to spur new job creation in the US economy. To partially offset the costs of this new law, Congress substantially incorporated into the HIRE Act certain provisions of the Foreign Account Tax Compliance Act of 2009 (FATCA) (see our December 14, 2009 alert, “House ‘Extenders’ Provision Contains Modified Information Reporting and Withholding Tax Provisions First Proposed in the Foreign Account Tax Compliance Act of 2009”2 and our November 5, 2009 update, “Foreign Account Tax Compliance Act of 2009: Information Reporting for US Client Accounts