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IRS Pushes Back FATCA Deadlines (Reuters)

Foreign financial institutions have until 2014 to begin reporting; until 2017 to begin withholding.

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The Internal Revenue Service announced Wednesday that it is postponing deadlines associated with the Foreign Account Tax Compliance Act (FATCA), Reuters reports. FATCA requires foreign banks to provide the IRS with more information about the offshore accounts of U.S. taxpayers, a requirement that has elicited considerable criticism from overseas banks.

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