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U.S. Treasury Department Extends FATCA Enforcement Deadline
By Colby Adams
printThe U.S. Internal Revenue Service Thursday extended deadlines and introduced a phased-approach for foreign banks to comply with a new law designed to detect and discourage tax evasion. The Foreign Account Tax Compliance Act (FATCA), passed in March 2010 as part of a larger jobs bill, will require overseas banks to disclose accounts held for Americans or pay a 30 percent withholding tax on all their U.S.-sourced payments. The U.S. Treasury Department was originally slated to begin enforcing the law in January 2013. Instead, the IRS will roll out its enforcement of the law incrementally, extending the overall implementation deadline...
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