IRS extends FATCA filing deadline amid pandemic

The Internal Revenue Service is giving foreign banks and financial institutions more time to file their forms about US taxpayers with overseas bank accounts by extending the FATCA reports deadline from March 31 to July 15. The extension from the original March 31 filing date applies to foreign institutions with agreements with the U.S. to satisfy FATCA reporting requirements, according to the IRS. Under the intergovernmental agreements the Treasury has signed with tax authorities in other countries, there are two models for reporting the information on US taxpayers, one in which the b...