FATCA: IRS announce extension to implementation dates

The Foreign Account Tax Compliance Act (FATCA) requires financial institutions to use enhanced due diligence procedures to identify US persons who have invested in either non-US financial accounts or non-US entities.  The intent behind FATCA is to keep US taxpayers from hiding income and assets overseas.Most FATCA provisions were expected to take effect in the middle of 2013, but delays still persist.In July, just three days prior to the first deadline under the legislation, the US Internal Revenue Service extended most implementation dates for FATCA compliance for at least six-months. 

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