• House voted to cut IRS enforcement budget

    In a voice vote, the U.S. House of Representatives agreed to cut nearly 25 percent of the IRS' enforcement budget.

    On July 14, the U.S. House of Representatives voted to reduce the IRS’ budget, and a part of the cut affects the agency’s enforcement funding. The overall budget will be lowered by $1.14 billion.

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  • IRS releases final regulations for TTINs

    Truncated SSNs and other TINs can now be used for certain tax information.

    To help with identity theft prevention, the IRS has released final regulations regarding the use of truncated taxpayer identification numbers (TTINs). Instead of using a full Social Security number (SSN), individual taxpayer identification number (ITIN), employer identification number (EIN) or IRS adoption taxpayer identification number (ATIN), only the last four digits are required for payee statements or certain other documents.

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  • OECD publishes tax information sharing standard

    The Organization for Economic Cooperation and Development (OECD) published the full version of the Standard for Automatic Exchange of Financial Account Information in Tax Matters on July 21. It was developed by the OECD as requested by the G20.

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  • Canadian regulatory officials work to make FATCA compliance easier

    Like many other jurisdictions, Canada, which signed a Model I intergovernmental agreement (IGA) to comply with the Foreign Account Tax Compliance Act (FATCA) in February, had local privacy laws that directly conflicted with the U.S. regulations and needed to amend those rules.

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  • IRS releases Form 8966 instructions

    Form 8966 will have to be filed electronically by financial institutions or entities with more than 250 forms.

    The IRS recently published instructions for the final Form 8966, Foreign Account Tax Compliance Act (FATCA) Report. The document will not apply to Model 1 intergovernmental agreements (IGAs) because financial institutions under these terms report on their U.S. clients to their local tax authorities rather than directly to the IRS.

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