FATCA Extension Update

July 12, 2013

On July 12, 2013, the U.S. Department of the Treasury and the IRS announced a six-month extension to the start of the Foreign Account Tax Compliance Act (FATCA) withholding and account due diligence requirements (Notice 2013-43 [PDF]). The new effective date is July 1, 2014.

Of particular importance, W-8 forms set to expire on December 31, 2013, will now have a new expiration date of June 30, 2014.

A review of the final regulations is available at the IRS FATCA Home Page. Below are additional, informative resources:

• Press Release: Treasury Engaging with More than 80 Countries to Combat Offshore Tax Evasion and Improve Global Tax Compliance  (July 12, 2013)

• IRS Summary of Key FATCA Provisions 

• IRS FATCA Information for Financial Institutions:

Foreign Financial Institutions 

United States Financial Institutions 

• IRS FATCA News and Information