August 2018 JD Supra

On July 5, 2018, the Treasury Inspector General for Tax Administration (TIGTA) issued a report titled: “Despite Spending Nearly $380 Million, the Internal Revenue Service Is Still Not Prepared to Enforce Compliance With the Foreign Account Tax Compliance Act”.   The report is based on an audit initiated by TIGTA to evaluate how the IRS is making sure that US Taxpayers, Foreign Financial Institutions (FFIs) and Withholding Agents are complying with FATCA.  The audit was conducted as part of the US Department of Treasury annual IRS assessment audit process.