Will FATCA ever be imposed on the world? The author wishes for no more FATCA delays. He claims, as only a Homelander could that: “Foreign institutions were blatantly assisting U.S. taxpayers in hiding assets from the IRS.”
But here is the gist of it:
I’ve argued before that the original delay of FATCA was disturbing from a separation of powers perspective and that a second delay would only call into question whether Treasury and the IRS will ever start enforcing withholding. Practitioners and effected taxpayers will always be clamoring for more guidance, more clarity, more safe harbors, and more time to comply. They will never be satisfied, no matter how many thousands of pages of regulations Treasury releases on New Year’s Eve or how many sets of detailed instructions the government puts together for revised forms. The tax community is seldom completely satisfied with guidance. It always wants more or different answers.
And the reality is that the IRS will probably never be done issuing FATCA regulations or form revisions. The law is very broad, with many moving parts. It is evolving as Treasury (rightly or wrongly) changes its implementation by using IGAs. If IRPAC and the financial industry want Treasury to wait for all the significant guidance to be finalized before the withholding regime is put into force, FATCA will be waiting a very long time to become law.
- #FATCA is sure to create and exacerbate tensions between Homelanders and #Americansabroad (renounceuscitizenship.wordpress.com)
- IRS Advisory Committee Calls For Further Delay in FATCA Implementation (taxcontroversywatch.com)
- Some compliance thoughts from @Mopsicktaxlaw – Responding to #FATCA (renounceuscitizenship.wordpress.com)
- Required reading for countries considering a #FATCA IGA with the US (renounceuscitizenship.wordpress.com)
- Learn About FATCA … The IRS Goes Global (youviewed.com)
- The tax man cometh: Are you ready for FATCA? (virginiabusiness.com)
- The #FATCA IGA aka #OVDP for countries (renounceuscitizenship.wordpress.com)