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.

|

See the full story here and the IRS announcement here.

|

Complete your profile to continue reading and get FREE access to Treasury & Risk, part of your ALM digital membership.

  • Critical Treasury & Risk information including in-depth analysis of treasury and finance best practices, case studies with corporate innovators, informative newsletters, educational webcasts and videos, and resources from industry leaders.
  • Exclusive discounts on ALM and Treasury & Risk events.
  • Access to other award-winning ALM websites including PropertyCasualty360.com and Law.com.
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.