No Reprieve on Upcoming FATCA Deadline Despite Lack of Guidance

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July 1 is a hard and fast deadline for implementation of the Foreign Account Tax Compliance Act, Internal Revenue Commissioner John Koskinen told tax practitioners.
Koskinen, speaking March 24 at the Tax Executives Institute midyear conference, said the agency will be understanding when financial intermediaries that are building new systems and processes to comply with the law have problems in “getting it exactly right” at the outset. However, he said, that will only happen if those intermediaries are “making reasonable, good faith efforts to comply with the statute.”
Some practitioners have encouraged the IRS to put its sympathetic position in writing in the form of guidance, but Koskinen said that would be difficult to do because some institutions are sincerely trying to comply with the law while others aren't.