Although the US tax regime is based on self-assessed tax, the Internal Revenue Service continues to expand third-party information reporting requirements with the aim of ensuring that taxpayers file complete and accurate income tax returns by matching independent information with what is being reported on their returns. This Tax Insight serves as a high-level primer to facilitate discussions as businesses consider their compliance requirements for the current year.
First, this article highlights some key US information reporting requirements for 2014 with respect to the Foreign Account Tax Compliance Act (FATCA). Some 2014 filing due dates involving recent non-FATCA changes or developments are also included. In addition, the discussion includes a non-exhaustive list of other potential information reporting and withholding requirements looming on the horizon beyond 2014.