Reporting Foreign Accounts to IRS: Extent of Duplication Not Currently Known, but Requirements Can Be Clarified

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By James R. White (au)
Year: 2012
Pages: 35
Binding Paperback
ISBN 978-1-4578-3094-5

Product Code: 1457830949

Description

Assessed potential duplicative foreign-account reporting requirements under the Foreign Account Tax Compliance Act (FATCA) for the IRS Form 8938 and under the Bank Secrecy Act for the Foreign Bank Account Report (FBAR). The objectives of this briefing were to: (1) determine to what extent, if any, the reporting requirements on the FATCA Form 8938 and FBAR are duplicative; (2) assess the potential effects that any duplicative reporting requirements have on filers; and (3) identify and assess opportunities, if any, to cost-effectively reduce or eliminate the burden that any duplicative reporting creates while maintaining the usefulness of the information for tax-admin. and law-enforcement purposes. Illus. This is a print on demand report.

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