On July 5, 2018, the Treasury Inspector General for Tax
Administration ("T.I.G.T.A.") issued a final audit report
on enforcement of the Foreign Account Tax Compliance Act
("F.A.T.C.A.") enacted in 2010. It concluded that after
spending nearly $380 million, the I.R.S. is still not prepared to
enforce F.A.T.C.A. compliance. According to the report, the I.R.S.
has taken limited or no action to follow the activities outlined in
the F.A.T.C.A. Compliance Roadmap, last updated in 2016.
T.I.G.T.A. found that many Foreign Financial Institutions
("F.F.I.'s") and withholding agents did not include
correct Taxpayer Identification Numbers ("T.I.N.'s")
for individuals, and as a result, the I.R.S. has not been able to
match the data from the forms filed by F.F.I.'s, withholding
agents, and taxpayers.
