IRS Foreign Account (FATCA) Implementation between US and Italy
By Eric L. Green, Your IRS Tax Litigator
(Tax Rep LLC)
The focus of our practice is civil and criminal taxpayer representation,as well as assisting taxpayers with foreign bank account issues, and we see many taxpayers in Greenwich, Connecticut who are dealing with reporting foreign bank accounts and dealing with related issues. It was just announced that The United States has signed an intergovernmental agreement (IGA) with Italy to implement the Foreign Account Compliance Act (FATCA). The two countries have had a long-standing and close relationship with respect to mutual assistance in tax matters and they entered into the agreement to improve international tax compliance by further building on that relationship. FATCA is intended to obtain information on accounts held by U.S. taxpayers in other countries. It requires U.S. financial inst...