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ARTICLE · 02 AUGUST 2013

IRS Extends Implementation Of Certain FATCA Provisions, Eliminates 2013 Reporting

McDermott Will & Emery
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On July 12, 2013, the Internal Revenue Service (IRS) issued Notice 2013-43, which extended the implementation of certain provisions of the Foreign Account Tax Compliance Act (FATCA) by six months and eliminated reporting on U.S. accounts for 2013.

United StatesTax
Henry Christensen III
Henry Christensen III
Amy Heller
Amy Heller
J. Andrew Stone
J. Andrew Stone
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On July 12, 2013, the Internal Revenue Service (IRS) issued Notice 2013-43, which extended the implementation of certain provisions of the Foreign Account Tax Compliance Act (FATCA) by six months and eliminated reporting on U.S. accounts for 2013.  The Notice also provided additional guidance for foreign financial institutions (FFIs) located in jurisdictions that have signed intergovernmental agreements (IGAs).  The U.S. Department of Treasury and the IRS intend to amend the regulations under sections 1471–1474 of the Internal Revenue Code (the Regulations) to reflect the extensions.  Prior to the issuance of the amended Regulations, taxpayers may rely on Notice 2013-43.

The Regulations provided for a phased implementation of FATCA withholding, beginning on January 1, 2014.  The new deadlines extend the start of withholding, which now is scheduled to begin on July 1, 2014. 

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