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IRS Launching Compliance Effort on Foreign Bank Reporting

June 21, 2019, 9:34 PM

The IRS will undertake a compliance campaign this summer targeting foreign banks that haven’t reported the foreign assets of their U.S. account holders, an agency official said.

The campaign will focus on foreign financial institutions that haven’t filed a Form 8966 but were supposed to do so under the Foreign Account Tax Compliance Act, said Kimberly A. Schoenbacher, acting director of IRS field operations (foreign payments practice).

She spoke June 21 at a tax controversy forum hosted by New York University School of Professional Studies.

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