IRS To Treat 2014, 2015 As FATCA Transition Years

Law360, New York (May 2, 2014, 6:08 PM EDT) -- The Internal Revenue Service is giving financial institutions a buffer period to acclimate to its Foreign Account Tax Compliance Act and will leniently enforce the law in 2014 and 2015 against institutions that make good faith compliance efforts, the agency said Friday.

The tax avoidance law goes live on July 1, and the IRS says it will consider the rest of this year, as well as 2015, as a transition period in its enforcement of the law’s due diligence, reporting and withholding requirements that were updated...
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