The Internal Revenue Service announced Wednesday that it is postponing deadlines associated with the Foreign Account Tax Compliance Act (FATCA), Reuters reports. FATCA requires foreign banks to provide the IRS with more information about the offshore accounts of U.S. taxpayers, a requirement that has elicited considerable criticism from overseas banks.
In Announcement 2012-24, the IRS said financial institutions would have until Jan. 1, 2014, to meet FATCA's reporting requirements and until Jan. 1, 2017, to start withholding U.S. tax from investment income earned by U.S. clients.
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