FATCA Data Exchange Service Implemented and Officially Open

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4 years ago

Five Stone Tax Advisers' Take on an Important Tax-Related Article:

With over 145,000 registered international banks and foreign financial institutions, the IRS has officially opened their International Data Exchange Service (IDES). The exchange of information from foreign banks and financial institutions to the United States can now occur at the designated timeline for 2015 per Intergovernmental Agreement (Model 2 IGA). If you are an American Citizen or Green Card Holder and you have received a FATCA letter from your bank, now is the time to come into compliance with the IRS. There are many paths to compliance such as streamline filing or delinquent FBAR procedures.

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About Five Stone Tax Advisers

Five Stone Tax Advisers has years of experience negotiating directly with the IRS to get the best possible outcome for you. Our International Tax Advisory and Compliance unit has a team of tax attorneys, certified public accountants and enrolled agents that form a single sourced point of contact that will provide services for all the legal, compliance and financial reconstruction aspects of offshore account cases.