Roger shares a recent story about his difficulties in sorting out a small error with the IRS over 1099 reporting. I think the story is instructive of greater difficulties to come, when the IRS is gathering “all account data” from Foreign Financial Insitutions (FFIs) plus foreign governments. Remember, this is not just “income related data” like the 1099.
We now see FATCA has expanded to 3 various models, FATCA Direct, FATCA Model I for 5 EU countries, and FATCA Model II for Switzerland and Japan. More models to come? So, reflect on Roger’s story below, and ask yourself, “So what could possibly go wrong?” :) Ah, she’ll be ‘right, Mate! Trust us! LOL Continue reading