November 5, 2012 - The IRS released an Announcement on October 24, 2012 postponing and clarifying certain timelines for the compliance by withholding agents and foreign financial institutions (FFIs) with due diligence and related requirements under the Foreign Account Tax Compliance Act (FATCA).

In general, the Announcement postpones certain due diligence timelines from six months to one year including the implementation of new account opening procedures, due diligence on pre-existing obligations and accounts, and withholding and documentation for “prima facie FFIs”.

For more information, please click on the following link for the text of the Announcement or call our office. IRS Announces Timelines for Due Diligence and Other Requirements under FATCA.
 

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