IRS Announces Plan to Share Tax Data with Brits and Aussies
The United States, Australia and the United Kingdom have announced they plan to collaborate and share tax information from a multitude of trusts and companies holding assets on behalf of foreign residents. The three nations have each acquired data revealing extensive use of entities organized in various jurisdictions. The data contains both the identities of individual owners of the entities and the advisors who assisted in establishing these structures. The U.S. is also becoming stricter by requiring taxpayers with specific foreign financial assets to report to the IRS with the Foreign Account Tax Compliance Act (FATCA).
Offshore Tax Compliance Chair Kevin Packman says, "Effective January 1, all foreign institutions are required to provide information on US account holders. They will also examine look-through entities."