Treasury Inspector General Says FATCA is a Big Fat Flop ….So Far

The Treasury Inspector General for Tax Administration (TIGTA) just issued a damning report on FATCA:  Additional Actions Are Needed to Address Non-Filing and Non-Reporting Compliance Under the Foreign Account Tax Compliance Act (Report # 2022-30-019 4/7/22), available here.

The TIGTA audit was undertaken to evaluate IRS efforts to actually use the reams and reams of data collected under FATCA to improve taxpayer compliance with regard to offshore assets and accounts.

In a nutshell (TIGTA Report p. 2) –

Enough said.

Posted April 13, 2022

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