Post by niseag on May 7, 2014 0:42:25 GMT 4
The U.S. Treasury Department said, according to a Wall Street Journal report late Friday, it wouldn’t enforce many of the requirements of the Foreign Account Tax Compliance Act for two years after it goes into effect July 1, so long “as firms are making a good-faith effort” to comply. In a notice, the Internal Revenue Service outlined what it considered a good-faith effort.(see: www.irs.gov/pub/irs-drop/n-14-33.pdf)
However a "good faith effort" is a very subjective assessment and relying on it seems to be like walking on thin ice.
However a "good faith effort" is a very subjective assessment and relying on it seems to be like walking on thin ice.