In order to effectively implement FATCA requirements, the United States have worked with foreign governments to develop two types of Intergovernmental Agreements (IGAs).
IRS Issues Warning to Taxpayers With Undisclosed Offshore Accounts, Provides Offshore Disclosure Procedures Reports
On October 16, 2015, right after the 2014 tax filing season had completed, the Internal Revenue Service issued a report on the Offshore Voluntary Disclosure Procedures, urging the taxpayers with still undisclosed foreign accounts to come forward, or face serious consequences. The report also provided latest statistics on the Offshore Disclosure Program.
IRS Searches for U.S. Taxpayers With Secret Accounts at Belize Banks
Father and Son Return Preparers Sentenced to Prison Terms for Assisting Clients to Hide Money in Israeli Banks
In a recent case, the government prosecuted two tax return preparers with offices located in California, Maryland and New York, for assisting wealth clients to hide millions of dollars in Israeli Banks.
Foreign Banks Continue Cooperation with DOJ