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.
FDIC tables proposals concerning regulatory review of bank control
The FDIC Board today two resolutions concerning bank control after both failed to gain majority support, with their sponsors promising...