FATCA Reporting on U.S. Accounts: Recent Legal Developments

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Description

This report discusses the Foreign Account Tax Compliance Act (FACTA) intended to curb tax evasion through the use of offshore accounts and its requirement to for foreign banks to report information on their U.S. citizen account holders to the IRS. It starts with an overview of the foreign financial instituition (FFI) reporting requirements and examines the role of the intergovernmental agreements (IGAs) in implementing them. The report then discusses the confidentiality protections provided to the information reported by FFIs and litigation in which plaintiffs have raised concerns about privacy and the use of IGAs. It ends with a summary of … continued below

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19 p.

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Lunder, Erika K. & Pettit, Carol A. September 7, 2016.

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This report is part of the collection entitled: Congressional Research Service Reports and was provided by the UNT Libraries Government Documents Department to the UNT Digital Library, a digital repository hosted by the UNT Libraries. It has been viewed 29 times. More information about this report can be viewed below.

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Description

This report discusses the Foreign Account Tax Compliance Act (FACTA) intended to curb tax evasion through the use of offshore accounts and its requirement to for foreign banks to report information on their U.S. citizen account holders to the IRS. It starts with an overview of the foreign financial instituition (FFI) reporting requirements and examines the role of the intergovernmental agreements (IGAs) in implementing them. The report then discusses the confidentiality protections provided to the information reported by FFIs and litigation in which plaintiffs have raised concerns about privacy and the use of IGAs. It ends with a summary of FATCA legislation introduced in the 114th Congress.

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19 p.

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  • September 7, 2016

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  • Nov. 28, 2017, 11:53 a.m.

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Lunder, Erika K. & Pettit, Carol A. FATCA Reporting on U.S. Accounts: Recent Legal Developments, report, September 7, 2016; Washington D.C.. (https://digital.library.unt.edu/ark:/67531/metadc1042493/: accessed June 3, 2024), University of North Texas Libraries, UNT Digital Library, https://digital.library.unt.edu; crediting UNT Libraries Government Documents Department.

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