Treasury, IRS Delay FATCA Withholding Provision

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Treasury, IRS Delay FATCA Withholding Provision

By Frank L. Brunetti on July 24, 2013

Financial institutions around the world will have more time to comply with the Foreign Account Tax Compliance Act (FATCA) as the Internal Revenue Service and Treasury Department will delay implementation of the withholding provision until July 1, 2014.

The agencies said high interest in the program from financial institutions prompted it to delay the program by six months to give banks, insurers, and investment companies more time to enroll and comply. In addition, the Treasury Department noted that the delay of the withholding and account due diligence requirements will help ensure the program runs efficiently.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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