On February 20, 2014, the U.S. Department of Treasury (“Treasury”) and the Internal Revenue Service (“IRS”) released temporary regulations that revise and clarify the final FATCA regulations (“Temporary Regulations”). The government also released temporary regulations coordinating the final regulations under Chapters 3 and 61 of the Internal Revenue Code (“Code”) with the final FATCA (Chapter 4) regulations (“Coordination Regulations”). The new rules do not provide any further extensions to the effective date of FATCA, or to the required timeframes in which an FFI that has entered into an FFI Agreement (a “participating FFI” or “PFFI”) must comply with the due diligence, withholding or reporting obligations under the that agreement. The effective date for FATCA compliance remains July 1, 2014. Learn more about FATCA.
Please connect with a Deloitte FATCA Leader if you have any questions or need FATCA assistance in the interim.
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