Open Daily: 10am - 10pm | Alley door pickup 10am - 7pm 3038 Hennepin Ave Minneapolis, MN
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  • Open Daily: 10am - 10pm
    Alley-side Pickup: 10am - 7pm

    3038 Hennepin Ave Minneapolis, MN
    612-822-4611

Open Daily: 10am - 10pm | Alley-side Pickup: 10am - 7pm
3038 Hennepin Ave Minneapolis, MN
612-822-4611
Report to Congressional Requesters: Offshore Tax Evasion

Report to Congressional Requesters: Offshore Tax Evasion

U. S. Department of the Interior

Paperback

General Reference

ISBN10: 1503224503
ISBN13: 9781503224506
Publisher: Createspace
Published: Jan 3 2015
Pages: 74
Weight: 0.43
Height: 0.15 Width: 8.50 Depth: 11.00
Language: English
U.S. financial institutions are required to submit to IRS information returns that report income earned by account holders.6 IRS uses the information to check whether taxpayers are reporting investment earnings and other income correctly. Unlike the reporting requirements for U.S. financial institutions, there has been no reporting regime for foreign financial institutions, and this lack of information has limited IRS's ability to ensure taxpayers were reporting offshore income accurately (see fig. 1). IRS has begun implementing provisions of the Foreign Account Tax Compliance Act (FATCA), which requires, beginning in 2015, U.S. financial institutions to withhold a portion of certain payments made to foreign financial institutions that have not entered into a specific agreement with IRS to report information on their U.S. clients.

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