Advisers Emphasize FATCA Has Not Been Delayed

Advisers Emphasize FATCA Has Not Been Delayed. Good article….commenting that banks should not take IRS Notice 2014-33 issued on May 2, 21014 to be regarded as a delay in its effective dates. FATCA goes into effect on July 1st of this year, but the IRS will not rigorously enforce many of its requirements as long as foreign financial institutions make a good faith effort to achieve compliance. This notice does nothing for individual taxpayers that are not in compliance with FBAR filing requirements and the IRS enforcement of these requirements. If you have not disclosed your foreign financial accounts contact an experienced tax professional for advice.