Also categorized in International Tax:
Treasury Proposes FATCA Guidance for Foreign Banks
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IRS Eases FATCA Enforcement for 2014 and 2015

Accounting Today

The Internal Revenue Service said it would regard 2014 and 2015 as a transition period for purposes of IRS enforcement and administration of the Foreign Account Tax Compliance Act, or FATCA, for banks that have made a good-faith effort to comply. FATCA was included as part of the HIRE Act of 2010 and requires foreign financial institutions to report on the holdings of U.S. citizens or else face stiff penalties.