FATCA: IRS reports meeting deadline, program milestone

IRS meets FATCA deadline, milestone

The IRS today announced it had satisfied requirements for the exchange of financial account information with certain foreign tax administrations, pursuant to a 30 September 2015 deadline under its FATCA plan.

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As noted in today’s IRS release [PDF 89 KB], the IRS met the 30 September deadline by developing the information system infrastructure, procedures, and data use and confidentiality safeguards to protect taxpayer data while facilitating reciprocal automatic exchange of tax information with certain foreign jurisdiction tax administrators as specified under the intergovernmental agreements (IGAs) implementing FATCA.

Some IGAs require the IRS “to reciprocally exchange” certain information about accounts maintained by residents of foreign jurisdictions in U.S. financial institutions with their jurisdictions’ tax authorities. Under these reciprocal IGAs, the first exchange had to take place by 30 September.

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