Aim For Strict FATCA Compliance Despite Transition Period

Compliance with new provisions that have become commonly referred to as the Foreign Account Tax Compliance Act, or “FATCA,” recently became a little less daunting. On May 2, 2014, the Department of the Treasury and the Internal Revenue Service released Notice 2014-33, announcing that calendar years 2014 and 2015 will be regarded as a “transition period” for purposes of implementation of FATCA.

This article discusses the details of the recent Notice and the impact it will have on compliance with the FATCA.