FATCA is the Newest IRS International Compliance Campaign in 2018
In recent years, the IRS has introduced several new International Tax Enforcement Groups, designed to reduce non-compliance, fraud, and evasion.
The IRS recently announced that FATCA is the Newest IRS International Tax Compliance Campaign. When considering the fact that the U.S. Government has already secured their first criminal FATCA conviction — it is further proof that FATCA enforcement is a key priority.
FATCA International Tax Compliance Campaign
As provided by the IRS:
The Foreign Account Tax Compliance Act (FATCA) was enacted in 2010 as part of the HIRE Act.
The overall purpose is to detect, deter and discourage offshore tax abuses through increased transparency, enhanced reporting and strong sanctions.
Foreign Financial Institutions and certain Non-Financial Foreign Entities are generally required to report the foreign assets held by their U.S. account holders and substantial U.S. owners under the FATCA.
This campaign addresses those entities that have FATCA reporting obligations but do not meet all their compliance responsibilities.
The Service will address noncompliance through a variety of treatment streams, including termination of the FATCA status.
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