Compliance Implementation Dates for FATCA Extended by 6 months!
July 22, 2013
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Dear Mr. / Mrs.,
I wanted to take a moment to update you on the most recent changes to FATCA published by the IRS on Friday the 12th of July - Notice 2013-43.
In general, the notice extends the key implementation deadlines on FATCA by 6 months. This is of particular significance to Foreign Financial Institutions in countries where their governments are already negotiating Intergovernmental Agreements (IGAs) with the U.S. Treasury as this extension greatly increases the likelihood of their timely execution.
The FATCA Portal is now expected to be available on the 19th of August of this year and the notice encourages FFIs to get familiar with the system and the registration process. The system will enable you to enter registration information and modify and save information without submitting your final registration. The IRS will start accepting your final registration submissions after January 1, 2014 and once validated and accepted, they will then start issuing the GIINs. The date of July 1st 2014 will now be the new effective date of timely agreements with the IRS and the first date where we may start seeing the first retentions under FATCA.
I recommend that we really take advantage of this 6 month reprieve to press forward with our FATCA implementation projects as it is time that we really need if we are to comply with FATCA requirements in a timely manner.
Please don't hesitate to call me or email Foodman if you require any further information or assistance.
Stanley Foodman ; CPA,CFE,CFF,CAMS
Foodman CPAs and Advisors
1201 Brickell Ave. Suite 610
Miami, FL 33131