IRS, Treasury Delay FATCA Tax Evasion Law by Six Months

The Internal Revenue Service is giving overseas banks a six-month delay to the start of the Foreign Account Tax Compliance Act, the Treasury Department said in a statement today.

The extension of the act, or FATCA, follows a previous delay announced in 2011. The extension, to July 1, 2014, will allow foreign banks time to comply with the law “while helping ensure efficient implementation,” the Treasury said.

To contact the reporter on this story: Ian Katz in Washington at ikatz2@bloomberg.net

To contact the editor responsible for this story: Chris Wellisz at cwellisz@bloomberg.net

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