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Offshore Tax Loophole Helps Americans Cheat IRS, Senate Says

On June 22, 2023, the IRS and the Urban-Brookings Tax Policy Center hosted a conference focused on tax administration research. Researchers from the IRS, other government agencies, academia and private organizations shared their latest analyses seeking to make tax administration as effective as possible. A team of researchers from the IRS and academia presented a working paper entitled The Offshore World According to FATCA: New Evidence on the Foreign Wealth of U.S. Households. ACA provides its thoughts on the research findings noting that ACA believes the authors’ findings support our argument that FATCA's focus would be better trained on its target - the accounts of individuals at the very highest income distributions - if there were a FATCA Same Country Exception to exclude from FATCA reporting the accounts of U.S. citizens held in the countries where they have tax residence.