IRS Offers Guidance on Submitting Final FATCA Registrations Online

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 American Council of Life Insurers has asked the Internal Revenue Service to delay the July 1, 2014, implementation date of the Foreign Account Tax Compliance Act by another six months.
The IRS should extend the start date at least to Jan. 1, 2015, ACLI said. “A July 2013 implementation date is too early a date for government and withholding agents alike when all aspects are taken into consideration,” the group said in a Dec. 26 comment letter on Notice 2013-43, which announced the first six-month delay to the FATCA start date (138 DTR G-1, 7/18/13).
If the IRS doesn't delay the program's start date, “we ask that Treasury and IRS announce that no withholding penalties or other negative ramifications will apply or be imposed until January 1, 2015 for nonparticipating or limited FFIs,” the group said.

For full access to this article, please register for a free trial to Daily Tax Report® .