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Foreign financial institutions (FFIs) need more time to meet the operational burdens of FATCA and government officials are changing deadlines via Notice 2015-66.
The Department of the Treasury and the Internal Revenue Service (IRS) are extending key transitional rules for the controversial Foreign Account Tax Compliance Act (FATCA), in response to concerns from those affected by the effort of the U.S. government to enforce tax compliance for foreign financial assets and offshore accounts held by U.S. citizens overseas....
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