The US Internal Revenue Service (IRS) has announced it has begun the automatic exchange of financial account information with certain foreign tax administrations as specified under the intergovernmental agreements (IGAs) implementing FATCA, and that therefore it has met a key FATCA milestone by i
The US Internal Revenue Service (IRS) has announced it has begun the automatic exchange of financial account information with certain foreign tax administrations as specified under the intergovernmental agreements (IGAs) implementing FATCA, and that therefore it has met a key FATCA milestone by its deadline of 30 September. This information exchange is part of the IRS’s overall efforts to implement FATCA, enacted in 2010 by the US Congress to target non-compliance by US taxpayers using foreign accounts or foreign entities.
'Meeting the [30 September] deadline is a major milestone in IRS efforts to combat offshore tax evasion through FATCA and the intergovernmental agreements,’ said IRS Commissioner John Koskinen. ‘FATCA is an important tool against offshore tax evasion, and this is a significant step in the process.'
The US Internal Revenue Service (IRS) has announced it has begun the automatic exchange of financial account information with certain foreign tax administrations as specified under the intergovernmental agreements (IGAs) implementing FATCA, and that therefore it has met a key FATCA milestone by i
The US Internal Revenue Service (IRS) has announced it has begun the automatic exchange of financial account information with certain foreign tax administrations as specified under the intergovernmental agreements (IGAs) implementing FATCA, and that therefore it has met a key FATCA milestone by its deadline of 30 September. This information exchange is part of the IRS’s overall efforts to implement FATCA, enacted in 2010 by the US Congress to target non-compliance by US taxpayers using foreign accounts or foreign entities.
'Meeting the [30 September] deadline is a major milestone in IRS efforts to combat offshore tax evasion through FATCA and the intergovernmental agreements,’ said IRS Commissioner John Koskinen. ‘FATCA is an important tool against offshore tax evasion, and this is a significant step in the process.'
