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IRS to Make Limited Use of Offshore Bank Data from FATCA

Accounting Today

(Bloomberg) The Internal Revenue Service initially will make limited use of information supplied by other governments about U.S. citizens’ offshore holdings because of budget constraints, Commissioner John Koskinen said. Major pieces of the Foreign Account Tax Compliance Act, or FATCA, take effect July 1 as the U.S. seeks to clamp down on tax evasion by its citizens with money outside the country. The law has led to agreements with governments around the world to exchange information.