Aim For Strict FATCA Compliance Despite Transition Period

June 02, 2014

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.