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The Internal Revenue Service Has Made Progress in Implementing the Foreign Account Tax Compliance Act

Report Information

Date Issued
Report Number
2015-30-085
Report Type
Audit
Joint Report
Yes
Participating OIG
Treasury Inspector General for Tax Administration
Agency Wide
Yes (agency-wide)
Questioned Costs
$0
Funds for Better Use
$0
View Report

Recommendations

The Commissioner, Large Business and International Division, should update the compliance activities in the FATCA Compliance Roadmap for identifying noncompliance by FFIs to include more detail, such as when, what, and how the data related to FFI compliance will be reviewed and what outcomes are expected.

The Commissioner, Wage and Investment Division, should initiate some type of periodic post-input quality review specifically for the processing of paper Forms 8938 to identify any potential errors in the data being transcribed.

The Commissioner, Wage and Investment Division, should ensure that the data transcription issues identified in this report are addressed in the newest version of the Form 8938 transcription program.
Recommendation rejected by IRS