A group of financial industry associations issued a joint letter to U.S. Department of the Treasury and the Internal Revenue Service recommending a further extension of the implementation timeline for the Foreign Account Tax Compliance Act. Particularly mentioned was the timeline for withholding, expiration dates of current withholding documentation, due date for reporting, date of new account opening procedures, and obligations on preexisting accounts. This will allow time for the finalization of the new W-8 form, the preparation and training of financial institution personal, and potential revisions to implementation guideline gaps identified by this group.
The group includes the ABA, The Clearing House, the Institute of International Bankers, the Securities Industry, and the Financial Markets Association.
Read the Letter: Request for Additional Extension of the FATCA Phased Timeline Letter