IRS Commissioner: No Delay in Filing Deadline for Banks Under FATCA

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Financial institutions shouldn't expect a delay in reporting their U.S.-owned accounts to the Internal Revenue Service under the Foreign Account Tax Compliance Act, IRS Commissioner John Koskinen said.
“We're not going to have a delay of FATCA,” Koskinen said during a Jan. 31 call with reporters to kick off the 2014 filing season.
While not specifically mentioning the July 1 deadline for banks to begin the first wave of reporting and withholding under the 2010 law, Koskinen said the IRS plans to make good use of the information that comes in.

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