ORLANDO, Fla.–Although the United States has committed to achieving reciprocity regarding the exchange of financial transaction information under the Foreign Account Tax Compliance Act, domestic banks are not subject to the same reporting requirements as are their foreign counterparts, an Internal Revenue Service official said Jan. 25.
According to Ted Setzer, manager of IRS’s Large Business & International Division, although existing requirements on U.S. banks will provide other governments with similar information required of foreign banks under FATCA, “clearly existing U.S. rules don’t require U.S. financial institutions to provide the exact same information that a foreign institution has to under FATCA.”“How we get to full reciprocity and how long it takes is something we’ll have to be working on.”Ted Setzer, LB&I Division
Setzer made his comments during a session at the 2013 midyear meeting of the American Bar Association Section of Taxation on recently released implementing FATCA. [snip]
Responding to a question about reciprocity, Setzer said the United States had committed to such a concept. However, U.S. reporting rules for domestic banks “are what they are,” and do not require identification procedures identical to those required under FATCA, he said.
“How we get to full reciprocity and how long it takes is something we’ll have to be working on,” Setzer said.
I have a better solution lets FIRE Ted Setzer and strip him and his family of all US General Services Administration employee and retirement benefits.