FATCA Compliance Campaign Announced
The IRS released five new compliance campaigns, which are areas the agency intends to focus on in future audits.
Federal revenue regulators have released a new compliance campaign.
Recently, the Internal Revenue Service’s Large Business and International Division—the arm of the IRS responsible for auditing companies with assets of more than $10 million—released five new compliance campaigns, which are areas the agency intends to focus on in future audits.
One of the new campaigns includes confirming entities are compliant with the reporting requirements under the Foreign Account Tax Compliance Act (FATCA).
The agency said that the campaign will address “those entities that have FATCA reporting obligations but do not meet all their compliance responsibilities.”
The IRS did not elaborate on the specific compliance responsibilities that will be part of the FATCA campaign.
