The Tax Times: Cayman Islands FATCA Reporting of American Depositors Has Been Postponed until Sept. 2nd - Don't Wait Until it is TOO Late to Come Clean!

Thursday, August 11, 2016

Cayman Islands FATCA Reporting of American Depositors Has Been Postponed until Sept. 2nd - Don't Wait Until it is TOO Late to Come Clean!

Yesterday we posted Cayman Islands FATCA Reporting of American Depositors is TODAY - Don't Wait Until it is TOO Late to Come Clean! now The Cayman Islands has postponed the deadline for banks to report accounts of US and UK persons for the 2015 tax year to the Cayman Tax Information Authority from August 10, 2016 to September 2, 2016 for both US Foreign Account Tax Compliance Act reporting and UK Crown Dependencies/Overseas Territories reporting.

The deadline, which refers to the 2015 tax year, was originally fixed for May 31, 2016. Banks and other financial institutions were told that it applied to their reporting duties under both the US Foreign Account Tax Compliance Act and the UK Crown Dependencies/Overseas Territories disclosure agreement. It is referred to as a 'soft' deadline because it is set by administrative fiat rather than legislation.

However, financial institutions have had problems using the website set up by the government as a reporting portal. The deadline was first put back to July 8, 2016, then to August 10 , 2016 and now it's been further postponed until September 2, 2016, both for actual reporting of bank account information and for notifications that the institution is a reporting body.

Do You Have Undeclared Income

From A Grand Cayman Island Account or

A Grand Cayman Island Mutual Fund?