FATCA Enforcement Efforts Continue to Increase

As I have previously discussed, the Foreign Account Tax Compliance Act (FATCA) requires financial institutions to report large accounts held by U.S. account holders to ensure compliance with U.S. tax laws. Commitment to enforcement has been demonstrated through the use of investigative resources to indict alleged violators. Enforcement actions continue to increase, and the IRS has begun using customs holds as another method of catching those attempting to avoid taxes through foreign accounts.

See Sean M. Golding, FBAR & FATCA Tax Attorney – IRS Will Use Customs Holds to Facilitate FATCA Compliance, PR Log, Oct. 14, 2014.

Special thanks to Brian Cohan (Attorney at Law, Law Offices of Brian J. Cohan, P.C.) for bringing this article to my attention.