Latest from TIGTA re the IRS, implementations costs, and failures to benefit from FATCA and generate revenues promised when FATCA passed in US;
See also charts of estimated IRS costs in implementing FATCA. No mention of the global costs of everyone else to keep this extortionate charade going of course!
…….”…..FATCA provisions have been in effect for over 11 years, and the IRS has not made
significant measurable progress toward ensuring compliance. As mentioned previously, when
the law was passed in March 2010, the Congressional Joint Committee on Taxation estimated
that revenue from FATCA would be $8.7 billion from FYs 2010 to 2020. To date, the IRS has
been unable to quantify revenue generated from FATCA compliance activity beyond the
$14 million in revenue from penalties unrelated to the campaigns, despite spending over
$574 million on implementation and establishing two campaigns that have sent out 847 letters
to taxpayers. IRS officials advised us that the revenue impact to FATCA reporting is in the
impact on voluntary compliance. Even though the IRS cannot quantify this impact, the IRS
points to the increase in Foreign Bank Account Reporting filings. …..”….
Latest from TIGTA re the IRS, implementations costs, and failures to benefit from FATCA and generate revenues promised when FATCA passed in US;
See also charts of estimated IRS costs in implementing FATCA. No mention of the global costs of everyone else to keep this extortionate charade going of course!
https://www.treasury.gov/tigta/auditreports/2022reports/202230019fr.pdf
Additional Actions Are Needed to Address
Non-Filing and Non-Reporting Compliance
Under the Foreign Account Tax Compliance Act
April 7, 2022
Report Number: 2022-30-019
…….”…..FATCA provisions have been in effect for over 11 years, and the IRS has not made
significant measurable progress toward ensuring compliance. As mentioned previously, when
the law was passed in March 2010, the Congressional Joint Committee on Taxation estimated
that revenue from FATCA would be $8.7 billion from FYs 2010 to 2020. To date, the IRS has
been unable to quantify revenue generated from FATCA compliance activity beyond the
$14 million in revenue from penalties unrelated to the campaigns, despite spending over
$574 million on implementation and establishing two campaigns that have sent out 847 letters
to taxpayers. IRS officials advised us that the revenue impact to FATCA reporting is in the
impact on voluntary compliance. Even though the IRS cannot quantify this impact, the IRS
points to the increase in Foreign Bank Account Reporting filings. …..”….
Also;
https://federaltaxcrimes.blogspot.com/2022/04/tigta-report-on-irs-effort-to-enforce.html