The Foreign Account Tax Compliance Act will not go into effect until July 2014, according to the Treasury Department. The law, which requires international data-sharing regarding bank accounts U.S. citizens keep overseas, will be delayed to allow different jurisdictions to reach agreements, said Robert B. Stack, the Treasury deputy assistant secretary for international tax affairs. "While we had asked for an extension until Jan. 1, 2015, we greatly appreciate Treasury recognizing that financial institutions globally need more time to comply with this important law that our members continue to support," said Payson Peabody, tax counsel at SIFMA. Learn more at SIFMA's FATCA Provisions Resource Center.
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