IRS Official Promises New FATCA Guidance "Soon," Denies Rumor of Further Delay to FATCA

Marjorie Rollinson, IRS Deputy Associate Chief Counsel (International), told the American Bar Association Section on Taxation in Phoenix that long-awaited substantive corrections to the Final FATCA regulations will be issued very shortly.In addition, regulations will soon be released that will coordinate the FATCA reporting requirements with the existing reporting requirements on income tax withholding.

Despite rumors (or perhaps hopes) to the contrary, Rollinson said that taxpayers should not expect any further delay in the implementation of FATCA. FATCA withholding is scheduled to commence on July 1, 2014.

See generally:Cabinet FATCA Materials.For more information, please contact Daniel Mulcahy or Mark Howe.