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IRS Extends FATCA Deadlines, to Banks’ Relief
By Colby Adams
printFinancial institutions concerned about a looming Foreign Account Tax Compliance Act implementation date can breathe easier, at least for another year, under a new U.S. Treasury Department timetable. On Wednesday, the IRS pushed back a series of deadlines to comply with the law, known as FATCA, including a cut-off date in January for foreign financial institutions to agree to amend their account opening procedures. Non-U.S. banks now have an additional year to comply with the rule, the agency said. Under the extended deadline, participating foreign financial institutions (FFIs) must file their first reports on U.S. accounts by March 2015. The...
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