What do you think happens when the FATCA reporting kicks in

Hi,
I was hoping to get peoples opinion as to what is going to happen when the reporting channel for FATCA is opened and account details start getting to the IRS. I am unsure when it happens. I think the 30% withholding goes in on Jun 30th and maybe the accounts get reported 1st Jan 2015?
Anyway, here I see a lot of immigrants. Most seem completely unaware of FBAR etc filling requirements. Even when questioned directly I find I get wrong answers. For example if you ask about foreign accounts then they don't have them. If you ask about pensions then they do. People have likely forgotten about accounts they had. It sounds strange but they met with a financial advisor 10 years ago. He said put some money in this or that and now they are in the states with a major headache.
The IGA exempt a lot of account types but even so I am thinking there is going to be a deluge of people with foreign accounts who had no idea of the mess they are in. Then of course the whole PFIC thing blows up on them when they try and get compliant.
I don't have direct contact with US persons living abroad but they probably have even more problems.

FATCA is already a catalyst for numerous institutions refusing to hold accounts for US persons, large numbers of renunciations and a gold rush boon for tax accountants and lawyers.

As far as I can tell it is intended to be a full employment act for those of us in that profession.

I can sum up my opinion in two words... billable hours

Hi, I was hoping to get peoples opinion as to what is going to happen when the reporting channel for FATCA is opened and account details start getting to the IRS. I am unsure when it happens.

July 1st, 2014 - it will be the end of the world as we currently know it.

http://investmentwatchblog.com/h-r-2847 ... -collapse/