Last week, the Acting Director of IRS of Field Operations for the LB&I Foreign Payments Practice (“FPP”) announced that the IRS will launch a compliance campaign this summer focused on foreign financial institutions (“FFIs”) that are not satisfying their reporting obligations under the Foreign Account Tax Compliance Act (“FATCA”). Speaking at a tax controversy forum at NYU, Kimberly Schoenbacher indicated that the IRS will be sending notices to FFIs that failed to file Forms 8966 (FATCA Report) reporting assets held in accounts by U.S. persons.
Continue Reading IRS to Launch FATCA Compliance Campaign for FFIs
Form 8938
Two New LB&I Compliance Campaigns Focus on Reporting
By Michael M. Lloyd on
Posted in Uncategorized
For the last several years, LB&I has maintained compliance campaigns to address and improve various areas of tax compliance. On April 16, 2019, LB&I announced the addition of three new compliance campaigns, two of which involve reporting issues: the Offshore Private Banking Campaign and the Loose Filed Forms 5471 Campaign.
Offshore Private Banking Campaign
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