IRS Begins Sending Individual Account Information to Foreign Countries
The IRS has launched a program under which it will share individuals' financial account information with certain foreign countries. The program is part of FATCA, a tax-evasion-detection program that was enacted in 2010. While governments have shared this information in the past, the sharing was not automated and the scope was often more narrow. Some worry that this information sent from the IRS could fall into the wrong hands.
"Many countries aren't as stable as the U.S. and their residents fear their safety is at risk if local authorities know about their assets," said Kevin Packman.