Added, May 3rd: from Professor Allison Christians’ Tax, Society & Culture blog: Tax, Society & Culture, Allison Christians, Marco G.: “FATCA non-delay delay”
The below notice will require some very close reading by a great number of people.
-Notice 2014-33; 2014-21 IRB 1
Originally announced, AGAIN, on a Friday, when it will get lost in the weekend news.
From “innocente” and George:
US Treasury and the mythical Bob Stack blinked today, “U.S. Treasury gives relief to banks for anti-tax evasion law”…
from Jim Jatras:
Interesting news today!
Treasury seems to want to have its cake and eat it too: delay FATCA yet again (since it clearly would be a mess on July1) without appearing to do so. It’s a transparent sign of weakness, stalling for time to get more unconstitutional pseudo-treaties signed. It might actually make things worse. Who knows.
from Just Me:
This is akin to declaring all the IGAs non complete as being a done deal, and so added to the count.
and reply back …
I think this is aimed more an individual FFIs being able to take more time to comply, so as to drive more countries into IGAs – which is the only way they can really enforce this. That’s the paradox: foreign governments (like Canada’s) sign IGAs because their banks are terrified of FATCA, but if they didn’t sign them, FATCA would collapse and there’d be nothing to be scared of.
There’s one born every minute . . .