U.S. Signs FATCA IGA with Italy

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Explore:  EU FATCA IGAs

Tax Analysts’ Tax Notes Today reports that on January 10, 2014, the U.S. signed a FATCA IGA with Italy, which became the 13th country to sign such a deal with the U.S. With the Italian IGA signed, Italian banks and financial institutions will report information about eligible U.S. customers’ offshore accounts to the Italian government, which will then send that information to the IRS. The IGA is reciprocal, requiring the IRS to send Italy similar information about Italians with financial accounts in the United States.