Analysis

FATCA Complexity Leading To Lackluster Results

Law360 (July 12, 2018, 7:03 PM EDT) -- A recent report that highlighted the Internal Revenue Service’s stalled enforcement of the Foreign Account Tax Compliance Act shows that although the agency has made it a priority to crack down on unreported offshore accounts, the statute’s logistical challenges are getting in the way.

The Treasury's inspector general for tax administration, J. Russell George, left, talks at a hearing on Capitol Hill. (AP) A report from the Treasury Inspector General for Tax Administration earlier this month found that although the IRS had spent nearly $380 million to carry out FATCA, the agency “is still not prepared to enforce compliance” with it....

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