Penelope
Diamond Member
- Jul 15, 2014
- 60,265
- 15,790
- 2,210
IRS Commissioner Koskinen's Take on FATCA Repeal
In addition, during the 2016 election season, the official GOP platform called for the repeal of the Foreign Account Tax Compliance Act (FATCA), one of the tools the IRS uses to find non-compliant taxpayers and enforce disclosure of foreign assets. Tax Analysts asked Koskinen how the OVDP and streamlined filing compliance would be affected if the GOP gets its way:
Koskinen: Well, FATCA by itself is a more regular way of collecting data from companies. If you repealed it, we're still involved in increasingly international exchange of information developments. We're going into country-by-country reporting for corporations next year. So we will continue, with or without FATCA, investigating banks and operations around the world, but I think FATCA has again become valuable for people, and I'd be surprised if it got repealed at this stage because it's now up and running.
In other words, the IRS is going to continue to collect on unreported foreign assets. The only thing a repeal would change is whether it is done through FATCA's individual reporting requirements and foreign asset disclosures, or through other, less uniform means.
https://www.jrviola.com/tax-news/ovdp/2017/01/12/irs-commissioner-pushes-ovdp-program-continue/
---------------------------------------------------------------------------------------
and end the Offshore Voluntary Disclosure Program (OVDP) which will expire in Sept 2018. I bet he will, the elites love to hide money offshore. Of course the GOP led by Chaffetz tired to impeach him, and now Trump has replaced him. Of course someone so underhanded as Trump and his people will do nothing unless its a liberal who hides money and someone they don't like.
I wonder when he will raise the 12% tax back up to 15% , like Reagan did. I mean the 10% is already gone , so I imagine now it will become only the 15%. I think Trump loves the hard workers so much he loves to tax them to death.
In addition, during the 2016 election season, the official GOP platform called for the repeal of the Foreign Account Tax Compliance Act (FATCA), one of the tools the IRS uses to find non-compliant taxpayers and enforce disclosure of foreign assets. Tax Analysts asked Koskinen how the OVDP and streamlined filing compliance would be affected if the GOP gets its way:
Koskinen: Well, FATCA by itself is a more regular way of collecting data from companies. If you repealed it, we're still involved in increasingly international exchange of information developments. We're going into country-by-country reporting for corporations next year. So we will continue, with or without FATCA, investigating banks and operations around the world, but I think FATCA has again become valuable for people, and I'd be surprised if it got repealed at this stage because it's now up and running.
In other words, the IRS is going to continue to collect on unreported foreign assets. The only thing a repeal would change is whether it is done through FATCA's individual reporting requirements and foreign asset disclosures, or through other, less uniform means.
https://www.jrviola.com/tax-news/ovdp/2017/01/12/irs-commissioner-pushes-ovdp-program-continue/
---------------------------------------------------------------------------------------
and end the Offshore Voluntary Disclosure Program (OVDP) which will expire in Sept 2018. I bet he will, the elites love to hide money offshore. Of course the GOP led by Chaffetz tired to impeach him, and now Trump has replaced him. Of course someone so underhanded as Trump and his people will do nothing unless its a liberal who hides money and someone they don't like.
I wonder when he will raise the 12% tax back up to 15% , like Reagan did. I mean the 10% is already gone , so I imagine now it will become only the 15%. I think Trump loves the hard workers so much he loves to tax them to death.
Last edited: