Breaking News! Reuters is reporting IRS Is Delaying Key FATCA Dates.
According to this, FIs now have until January 1, 2014 to have procedures in place for reporting.
I’m a bit confused. I thought it was already that FIs did not have to report until January 2014, but they must advice IRS by January 1, 2013 if they will comply. Can anyone clarify that for me? Tim?
Also, FIs now are not required to withhold until 2017. The longer this is pushed back the greater chance we have of fighting this. As Flaherty said recently, delay is not enough.