IRS Extends FATCA Deadlines

Summary:  The Foreign Account Tax Compliance Act (“FATCA”), enacted as part of the Hiring Incentives to Restore Employment (“HIRE”) Act in March 2010, is designed to police offshore investments, accounts and trust interests held by certain U.S. persons. FATCA was originally set to go into effect on January 1, 2013. The Internal Revenue Service has now issued Notice 2011-53, which extends this deadline and phases in FATCA over time. The attached Client Alert reviews the new FATCA deadlines.