The Internal Revenue Service announced Wednesday that it ispostponing deadlines associated with the Foreign Account TaxCompliance Act (FATCA), Reuters reports. FATCA requires foreignbanks to provide the IRS with more information about theoffshore accounts of U.S. taxpayers, a requirement that haselicited considerable criticism from overseas banks.
In Announcement 2012-24, the IRS said financial institutionswould have until Jan. 1, 2014, to meet FATCA's reportingrequirements and until Jan. 1, 2017, to start withholding U.S. taxfrom investment income earned by U.S. clients.
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