Concerns of Banks, Withholding Agents Rise as FATCA Deadline Nears

For over 50 years, Bloomberg BNA’s renowned flagship daily news service, Daily Tax Report® has helped leading practitioners and policymakers stay on the cutting edge of taxation and...

The concerns of financial institutions and withholding agents are continuing to mount as the initial July 1 deadline nears to meet the requirements of the Foreign Account Tax Compliance Act, practitioners told Bloomberg BNA in a series of interviews.
Even with the Treasury Department and the Internal Revenue Service working hard on forms, instructions, and other needed guidance, compliance represents an immense challenge and some important tools are still missing with time running short, practitioners said.
Big questions also remain about agreements the U.S. is signing with other countries to implement FATCA, with pacts still needed in many key financial centers.