Since no one has posted officially about this milestone, I thought I would pull it out of some threads for wider attention.
The Treasury announcement that the final regulations have been released has lit up the FATCA Compliance Complex (FCC) Linkedin groups and various tax blogs.
It was reported on at Reuters in the Tax dodge language we have come to expect out of them. Treasury tweaks global tax dodge law one last time
It was more extensively described in an Accounting Today Article Treasury and IRS Amend Final FATCA Regulations
Where this interesting comment was made by an “unnamed Treasury official”
Asked about the increase in citizenship renunciations by Accounting Today, he pointed out that there are a number of reasons why a citizen may decide to renounce their citizenship and expatriate, and there is not necessarily a direct correlation between FATCA and the increase in renunciations in recent years.
Looking for something that more fully explains what this new 229 page document represents, this is as good of an explanation of what was issued as I could find.
For those not versed in FCC language, this description is in the “Say WHAT???” category…
On February 20, 2014 the IRS issued many changes to the FATCA Final Regulations via newly released Temporary Regulations. These temporary regulations reflect changes made to the final regulations to coordinate the chapter 4 regulations with the temporary regulations published under chapters 3 and 61 and section 3406 of the Code modifications to the final regulations to further harmonize them with the IGAs. Several of the changes made by these temporary regulations were previewed in Notice 2013-69, the draft FFI agreement, and certain of the draft IRS forms released throughout 2013.
Attached I have highlighted the significant FATCA changes from the 229 page document: Highlighted FATCA Changes 2-20-14