• Skip to main content
  • Skip to primary sidebar
  • Skip to footer

Pridgeon & Zoss, PLLC

Just another WordPress site

  • Home
  • Firm Overview
    • Review Us
  • Meet Our Attorneys
  • Tax Law Services
    • CP504 Notice in MN
  • Professional Referrals
  • Our Required Retainer Deposit & Fees
  • Blog
  • Contact Us
Home / Tax Controversy / IRS sharing taxpayer info around the globe, looking for money
  • Home
  • Firm Overview
    • Review Us
  • Meet Our Attorneys
  • Tax Law Services
    • CP504 Notice in MN
  • Professional Referrals
  • Our Required Retainer Deposit & Fees
  • Blog
  • Contact Us
Call
Contact
Blog

IRS sharing taxpayer info around the globe, looking for money

People who keep some of their money in foreign banks or investments had better make sure they are reporting that income to the proper tax authorities. The IRS has begun exchanging taxpayer information with their colleagues in as many as 34 other countries, The Wall Street Journal reports.

Beginning on Sept. 30, a new IRS program involves sharing things like a taxpayer’s name, address, tax ID number, account numbers and balances with foreign tax officials. The program is the result of the Foreign Account Tax Compliance Act, or FATCA. Congress passed FATCA in 2010, after it came to light that financial firms abroad, especially in Switzerland, were encouraging Americans to hide their money in foreign countries to avoid paying taxes on it.

The IRS won’t say how many countries actually have received information so far. This list of countries eligible for data exchanges includes nations as far-flung as Australia, Germany, South Africa and India. The IRS says that it will only share info with foreign government that meet “stringent safeguard, privacy and technical standards.”

The discovery that a taxpayer did not report all of his or her taxable income, and put some of it in an overseas account instead, could lead to serious problems with the IRS. Many people in this situation did not purposely try to be deceitful. They simply did not understand the law and made a mistake. A good way to avoid this unfortunate result is to consult with a tax attorney with a deep understanding of the law first.

On Behalf of Pridgeon & Zoss, PLLC Oct 02 2015 Tax Controversy

Primary Sidebar

Do Not Delay Responding to a Tax Notice

Name(Required)

Practice Areas

Tax Disputes

  • Tax Litigation
  • Audits
  • Tax Appeals
    • Appealing a Levy Action

Business & Payroll Taxes

  • Trust Fund Assessments
  • Complying with Sales and Use Tax Laws

Self-Employed

  • No Taxes Withheld

Outstanding Balances

  • IRS Collections and Currently Not Collectible Status
  • Settlement Options
    • Offers in Compromise
    • Installment Agreements

Latest Blogs

The Secret to Successful Self-Employment

October 19, 2022

Things You Should Expect Being Self-Employed in Minnesota

October 13, 2022

The Importance of Source Documents

July 7, 2022

What Is a Notice of Deficiency?

June 9, 2022

What is the IRS dispute resolution process for businesses?

April 9, 2021

Footer

Edina Tax Law Office

7301 Ohms Lane, Suite 420
Edina, MN 55439

Telephone: 952-835-8320

Fax: 952-835-0201

St. Anthony Tax Law Office:

2812 Anthony Lane S, Suite 200
St. Anthony, Minnesota 55418

Telephone: 612-455-8948

Pridgeon & Zoss, PLLC provides legal counsel for clients in Minnesota and Western Wisconsin

© 2023 Pridgeon & Zoss, PLLC. All Rights Reserved.

Disclaimer | Site Map | Privacy Policy