WASHINGTON — The Treasury Department and the Internal Revenue Service today issued proposed regulations for the next major phase of implementing the Foreign Account Tax Compliance Act (FATCA). Enacted by Congress in 2010, the law targets non-compliance by U.S. taxpayers using foreign accounts.
[TaxMama Note: This applies to everyone – EAs, CPAs, attorneys, licensed, as well as unlicensed preparers. Do not rush to register unless you need a PTIN to take the EA Exam. The system is jammed. Your current PTIN will work just fine until you update your registration.] A new online system for paid tax return […]