The IRS issued a fraud alert (IR-2014-92) to notify financial institutions complying with the Foreign Account Tax Compliance Act (FATCA) that “scam artists” are actively masquerading as IRS personnel with the goal of fraudulently obtaining account holder identity and financial account information. These fraudulent solicitations, known as “phishing” scams, are typically carried out through the use of unsolicited emails and/or web sites that pose as legitimate contacts in order to deceptively obtain personal or financial information.
According to IR-2014-92, financial institutions directly registered to comply with FATCA and those in jurisdictions that have Intergovernmental Agreements (IGAs) in place have been approached by persons representing themselves as the IRS. The IRS has reports of incidents from multiple countries and continents.
The IRS stresses:
For your reference
On 23 September 2014, the IRS updated information for entities that apply to enter into (or have entered into) the revised qualified intermediary (QI) agreement, pursuant to Rev. Proc. 2014-39.
In June 2014, the IRS issued Rev. Proc 2014-39 for updating the QI withholding agreement, to reflect the FATCA regime. Read our FATCA e-Alert 2014-24.
On 23 September 2014, the IRS posted updated guidance for certain entities that apply to enter into or have entered into the revised QI agreement. The guidance reflects:
The U.S. Treasury Department posted text of the intergovernmental agreement (IGA) to implement the FATCA regime, as signed by representatives of Lithuania and the United States.
On posting the IGA on 26 August 2014, the Treasury Department indicated that the FATCA agreement (PDF, 393 KB) between Lithuania and the United States follows the Model 1 IGA.
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