NYEXPAT
Thinks s/he gets paid by the post
It appears that FATCA is on hold for now! The IRS Announcement 2012-42, dated 24 Oct 12, defers the implementation timelines for withholding agents and foreign financial institutions to complete due diligence requirements of the HIRE Act. The financial institutions will have until 1 Jan 2017 to start withholding taxes from US taxpayers’ source income and until 1 Jan 2014 to put in place the reporting requirements mandated under the HIRE Act provisions.
This is a direct response to the many issues raised by tax professionals and foreign bankers who have challenged the various provisions of the law.
This is a direct response to the many issues raised by tax professionals and foreign bankers who have challenged the various provisions of the law.