The Internal Revenue Service’s collection efforts need to be improved to make sure that delinquent taxpayers residing in foreign countries comply with their U.S. tax obligations, according to a new government report.
The report, from the Treasury Inspector General for Tax Administration, comes amid the implementation of many of the requirements of the Foreign Account Tax Compliance Act, or FATCA, which will require foreign financial institutions to begin reporting on the holdings of U.S. taxpayers to the IRS or else face stiff penalties of up to 30 percent on their income from U.S. sources.
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