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On July 12, 2013, the Internal Revenue Service (IRS) announced it was delaying by six months certain deadlines for US financial institutions and foreign banks to comply with the due diligence requirements imposed by the Foreign Account Tax Compliance Act (FATCA). The announcement should provide some relief to companies that have been wrestling with the old FATCA deadline of January 1, 2014. This Legal Update discusses the new timetable for FATCA due diligence and the other changes announced by the IRS.
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