Foreign Asset Reporting: Actions Needed to Enhance Compliance Efforts, Eliminate Overlapping Requirements, and Mitigate Burdens on U.S. Persons Abroad

Abstract

Concerns over efforts by U.S. taxpayers to use offshore accounts to hide income or evade taxes contributed to the passage of FATCA in 2010, which sought to create greater transparency and accountability over offshore assets held by U.S. taxpayers. House Report 114-624 included a provision for GAO to evaluate FATCA implementation and determine the effects of FATCA on U.S. citizens living abroad. GAO - among other things - (1) assessed IRS's efforts to use FATCA-related information to improve taxpayer compliance; (2) examined the extent to which Treasury administers overlapping reporting requirements on financial assets held overseas; and (3) examined the effects of FATCA implementation unique to U.S. persons living abroad. GAO reviewed applicable documentation; analyzed tax data; and interviewed officials from IRS, other federal agencies and organizations, selected tax practitioners, and more than 20 U.S. persons living overseas.

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Document Details

Document Type
Technical Report
Publication Date
Apr 01, 2019
Accession Number
AD1173748

Entities

People

  • James R. Jr Mctigue

Organizations

  • United States Government Accountability Office

Tags

Communities of Interest

  • Energy and Power Technologies
  • Materials and Manufacturing Processes

DTIC Thesaurus Topics

  • Commerce
  • Congress
  • Corporations
  • Data Management
  • Department Of State
  • Employment
  • Families (Human)
  • Geography
  • Government (Foreign)
  • Governments
  • Law
  • Law Enforcement
  • Money
  • National Governments
  • Revenue
  • Risk
  • Risk Management
  • Security
  • Social Security
  • United States
  • United States Government

Fields of Study

  • Business

Readers

  • Defense Financial Management and Audit.
  • Military Mobilization and Reserve Forces Studies.
  • Political Violence and Terrorism Studies.