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An IRS delay on foreign matters

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in Small Business Tax

The IRS is easing up on rules requiring disclosure of U.S. taxpayer information by banks in foreign countries under the Foreign Account Tax Compliance Act (FATCA).

The agency will regard 2014 and 2015 as a “transition period” for financial institutions showing a good-faith effort to comply with the rules. (IRS Notice 2014-33) In addition, the IRS has delayed various other provisions relating to FATCA.

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