The U.S. Treasury Department said on Friday it will postpone enforcement of a new law that cracks down on offshore tax avoidance by Americans by six months to give foreign banks more time to figure out how to comply. The Foreign Account Tax Compliance Act, or FATCA, requires foreign banks, insurance companies and investment funds to send the U.S. Internal Revenue Service information about Americans' offshore accounts worth more than $50,000. Treasury said a new registration website for banks to sign up with the IRS and ensure they are complying with FATCA is now set to open on Aug. 19. The portal had previously been scheduled to open on Monday. The United States has struggled to implement FATCA since it was enacted in 2010 following a scandal over secret Swiss bank accounts. Enforcement of FATCA penalties was delayed once already from an original 2013 start date and has now been pushed back to July 1, 2014. To help implement FATCA worldwide, Treasury officials last year started
↧