Report to Congressional Requesters: Offshore Tax Evasion (Paperback) (ISBN-13: 9781503224506)

U.S. financial institutions are required to submit to IRS information returns that report income earned by account holders.6 IRS uses the information to check whether taxpayers are reporting investment earnings and other income correctly. Unlike the reporting requirements for U.S. financial institutions, there has been no reporting regime for foreign financial institutions, and this lack of information has limited IRS's ability to ensure taxpayers were reporting offshore income accurately (see fig. 1). IRS has begun implementing provisions of the Foreign Account Tax Compliance Act (FATCA), which requires, beginning in 2015, U.S. financial institutions to withhold a portion of certain payments made to foreign financial institutions that have not entered into a specific agreement with IRS to report information on their U.S. clients.

Author: U. S. Department of the Interior
ISBN-10: 1503224503
ISBN-13: 9781503224506
Publisher: Createspace Independent Publishing Platform
Language: English
Published: 01/03/2015
Pages: 74
Format: Paperback
Weight: 0.43lbs
Size: 11.00h x 8.50w x 0.15d