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July 2016 Archives

Common Reporting Standard, Part 2: How does it affect the U.S.?

Let's continue the discussion we began last week about the creation of a common reporting standard (CRS) for revenue agencies around the world to exchange information about tax compliance.The CRS won't take formal effect until September 2017.  But more than 100 counties have already agreed to participate.In this part of the post, we will discuss the U.S. position on CRS and how CRS relates to U.S.'s own sweeping law on preventing international tax evasion, the Foreign Account Tax Compliance Act (FATCA).  

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