IRS Should Improve FATCA Program Controls, Watchdog Says

Law360, New York (December 5, 2013, 1:42 PM EST) -- The Internal Revenue Service needs to improve an information technology service that will help the agency implement the Foreign Account Tax Compliance Act in order to ensure FATCA’s success, says a report released Thursday by the Treasury Inspector General for Tax Administration.

The IRS is already working to improve management controls for the system, according to the report, but the watchdog says the agency could do more to mitigate risks, after an audit revealed that the controls sometimes fail to identify and communicate system design changes...
To view the full article, register now.