Further Postponements Of FATCA Effective Dates Announced

Once again, the IRS has pushed back FATCA effective dates due to further delays in the process of finalizing FATCA materials.

Under Notice 2013-43, released July 12, 2013, several key effective dates have been deferred another six months, to July 1, 2014.  That date is now:

• the first date on which FATCA withholding will apply to US-source payments;
• the cut-off date for grandfathering of existing obligations; and
• the date by which withholding agents generally will be required to implement new FATCA-compliant account opening procedures.

The process of foreign financial institutions registering with, and reporting to, the IRS as participating foreign financial institutions (PFFIs) has also been deferred: