FATCA and pre-existing individual accounts
What are you looking for and what do you do if you find it?
According to the most recent guidance issued by the IRS on 14 July 2011, Notice 2011-53, the effective date for FFI Agreements will generally be 1 July 2013. The FFI will be identified as a participating FFI and thus avoid FATCA withholding that begins 1 January 2014. The IRS anticipates publishing proposed regulations by 31 December 2011, and final regulations are expected before the end of 2012.