Rumor Has It – Another FATCA Delay? | Let’s Talk About: US Tax http://t.co/2cQEaAWz2K
— V. La Torre Jeker JD (@VLJeker) January 20, 2014
On Sunday, a report published by the China Post in Taiwan hinted that another six-month delay may be likely in implementing the Foreign Account Tax Compliance Act (“FATCA”). If the report is correct, this would be the third delay in rolling out what has been described by many as the most over-reaching and egregious US legislation to come down the pike. In October 2012 and again in July of 2013, the US announced six-month delays in implementing FATCA due to the practical difficulties in setting up the measures required to have foreign financial institutions around the world reporting about their US customers.
If the latest report is true, it would be the third time that the US has delayed implementing FATCA. Perhaps, third time, the charm?
US Treasury Reacts to FATCA Criticism
Robert Stack had a lot to say in September in defense of FATCA. Stack was trying to bust the “myths” surrounding FATCA and replace them with “facts”. Some of his FATCA “Facts” included the following –FATCA is not an “overreach of US law”, it will not cause Americans to be pariahs in the international financial community, it will not cause Americans living abroad to give up their citizenship due to burdens and liabilities; it is not overly costly and burdensome on financial institutions; its aim is not to use foreign banks as an extension of the IRS. The list goes on….
Stack of Lies Robert Stack, (of the impact of FATCA on Americans Abroad is a myth fame), the fact that you are reading this post, validates your belief that:
So, sleep tight! Don’t let the bed bugs bite, and be secure in your knowledge that:
Although YOU are NOT a myth, if the rumor of another delay is true, maybe:
FATCA is a myth! Nothing but a myth!
This song from the 60s comes to mind!