The United States Government Accountability Office (GAO) recently presented a very extensive report to Congressional Committees. TaxConnections believes it is vitally important to read the GAO’s Report since it states they interviewed officials from IRS, other federal agencies and organizations, selected tax practitioners, and more than 20 U.S. persons living overseas.
TaxConnections believes that the GAO will benefit hearing from thousands of citizens abroad how who now come to our site to learn the stories of U.S. citizens affected by foreign asset reporting requirements.
Here is the report word for word:
FOREIGN ASSET REPORTING
Actions Needed to Enhance Compliance Efforts, Eliminate Overlapping Requirements, and Mitigate Burdens on U.S. Persons Abroad
Why GAO Did This Study
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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