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IRS Starts Spreading the News on FATCA

June 8, 2012

The Internal Revenue Service may have to change its name to the International Revenue Service when it starts collecting tax revenue from foreign banks once the Foreign Account Tax Compliance Act takes effect.

The controversial law, which was included as part of the HIRE Act of 2010, requires foreign financial institutions to report on the holdings of U.S. citizens and entities to the IRS or face stiff penalties. Provisions of the law begin to take effect next year, but the regulations proposed in February have yet to be finalized.

Now the IRS is introducing a newsletter to keep taxpayers informed about the latest FATCA developments, including new guidance and regulations. Visit the FATCA News and Information List to subscribe.

Comments (1)
International Revenue Service it is, and GATCA is what they are about.

No talk or thought about how this helps out a shaky world economy. Too bad no one asked Berneke yesterday.

Question Do you think those Greek banks or the Spanish banks are ready to comply with the will of the IRS and follow their instructions? From the NYTs piece on June 6th titled...

Greece Warns of Going Broke as Tax Proceeds Dry Up

"...the government started enforcing a 1995 law that gives them access to bank accounts of suspected tax evaders. But Nikos Lekkas, a top official at the financial crimes agency where Mr. Maitos works, said Greek banks had obstructed nearly 5,000 requests for account data since 2010. "The banks delay sending the information for 8 to 12 months," he said. "And when they do, they send huge stacks of documents to make it confusing. By the time we can follow up, much of the money has already fled."

And these guys are going read the FATCA News and Information to come up with FATCA compliance mechanisms to satisfy the IRS? The International Tax Service is is dreaming!
Posted by Just Me | Friday, June 08 2012 at 10:36PM ET
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