IRS Advisers Recommend Delaying FATCA To 2015
The Information Reporting Program Advisory Committee (IRPAC) has urged the United States Internal Revenue Service (IRS) to delay the implementation date for the Foreign Account Tax Compliance Act (FATCA) by another six months, to January 1, 2015, to help withholding agents and their customers adjust to the new requirements. Read the full story
FATCA, enacted by Congress in 2010, is intended to ensure that the IRS obtains information on accounts held abroad at foreign financial institutions (FFIs) by US persons. Failure by an FFI to disclose information on their US clients, including account ownership, balances and amounts moving in and out of the accounts, will result in a requirement on US financial institutions to withhold 30 percent tax on US-source income.