Do you like to know the rules before you play the game? Amid financial services industry concern regarding the timing and difficulty of compliance with the new Foreign Account Tax Compliance Act (FATCA) reporting rules, the IRS has delayed the rule’s implementation as key guidance has yet to be issued. But the real impetus is that the IRS is pursuing agreements with 80 additional jurisdictions. Currently the IRS only has agreements with 9 nations.
See the IRS Notice: Notice 2013-43