Friday, October 26, 2012

New Timelines for FATCA

We originally Posted on October 25, 2012 - FATCA Timelines for Due Diligence & Other Requirements - Ann 2012-42, which discusses IRS Announcement 2012-42. The announcement presents new timelines for due diligence, withholding and documentation requirements as well as guidance on gross proceeds and grandfathered obligations.

The following are the key timeline changes announced and a graphic charting of the changes:

The announcement also includes a table to summarize the timing of certain due diligence requirements for withholding agents and financial institutions..

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  1. Much appreciate your up to date input - better than IRS news feeds

    Posted by Lars Goldhammer

  2. The US authorities have once more postponed the Foreign Account Tax Compliance Act’s (FATCA) key implementation deadlines.

    The principal launch date is postponed by 12 months to January 2014, and now foreign banks need not begin filing reports until 31 March 2015. They will not have to start deducting US tax from client payments until January 2017.

    Pre-existing arrangements between banks and their clients, or other banks, will now be considered exempt from FATCA if signed before January 2014, rather than 2013. Thus banks will not need to introduce new account-opening procedures for US clients until January 2014.