U.S. Begins Foreign Tax Information Exchanges Under FATCA

The IRS today announced that it has begun exchanging financial account information with foreign tax authorities as part of its implementation of the Foreign Account Tax Compliance Act. The exchanges took place under intergovernmental agreements permitting the IRS to receive information certain overseas tax agencies and certain foreign financial institutions about accounts held by U.S. persons. Some of these agreements also require the IRS to share information about foreign nationals’ accounts in the U.S.