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.
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