IRS Extends Deadlines For FATCA Compliance

On July 14, 2011, the Internal Revenue Service issued Notice 2011-53 (the "Notice"), which sets forth a timeline for the implementation of certain provisions of Sections 1471 through 1474 of the Internal Revenue Code (commonly referred to as the "Foreign Account Tax Compliance Act" or "FATCA"). While FATCA technically is effective January 1, 2013, the Notice extends various deadlines for withholding, reporting and other obligations under FATCA as described below. 

The Notice is the third piece of guidance issued by the IRS with respect to FATCA. Please see our prior Client Alerts on this topic, which discuss the initial guidance issued last August, Notice 2010-60 and the guidance issued last April, Notice 2011-34.