Legal responsibilities to protect return information | KPMG | US

Legal responsibilities to protect return information, under OECD’s transmission system

Legal responsibilities to protect return information

The IRS publicly released a legal advice memorandum* concerning legal responsibilities to protect tax return information in the context of electronic data transmitted through the “common transmission system,” being developed by the OECD. AM2016-004 (release date October 14, 2016, and dated June 17, 2016)

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The purpose of the OECD’s common transmission system will be to facilitate the automatic exchange of financial account information, country-by-country reporting, and other exchanges of information between tax administrations. The IRS legal advice memo [PDF 143 KB] addresses data transmitted via the common transmission system to the IRS from foreign tax administration (inbound transmissions) and data sent by the IRS to foreign tax administrations (outbound transmissions). 

 

*The memorandum of legal advice is signed by executives in the National Office of the Office of Chief Counsel and issued to IRS personnel who are national program executives and managers to assist them in administering their programs by providing authoritative legal opinions on certain matters, such as industry-wide issues. It is not to be used or cited as precedent.

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