Reuters is reporting FATCA Final Regulations Have Been Delayed Again.
I have no idea if this is accurate. Reuters says sources in the accounting industry, who asked not to be named, are their source. The sources say the regs will be released in January.
US Treasury Department is not confirming this nor are they denying it. Instead, they say:
“We are still working to issue the final regulations and they will be released soon.”
Who knows what “soon” means with IRS and Treasury. They have difficulty with simple English, which is why they require a 72,000 page Tax Code.
Word on Twitter is that the delay is caused because IGAs are not falling into place as readily as IRS and Treasury anticipated.
Perhaps a Bill Gates statement could ring true for FATCA:
“In this business, by the time you realize you’re in trouble, it’s too late to save yourself.”
Let’s hope Treasury is realizing too late they’re in trouble and that it will be too late to save FATCA. (Of course, United States of Arrogance never recognizes or admits they are in trouble.)
We need to keep up the pressure!