IRS Foreign Account (FATCA) Implementation between US and Italy

Education & Training with Tax Rep LLC

The focus of our practice is civil and criminal taxpayer representation,as well as assisting taxpayers with foreign bank account issues, and we see many taxpayers in Greenwich, Connecticut who are dealing with reporting foreign bank accounts and dealing with related issues.  

It was just announced that The United States has signed an intergovernmental agreement (IGA) with Italy to implement the Foreign Account Compliance Act (FATCA). The two countries have had a long-standing and close relationship with respect to mutual assistance in tax matters and they entered into the agreement to improve international tax compliance by further building on that relationship.

FATCA is intended to obtain information on accounts held by U.S. taxpayers in other countries. It requires U.S. financial institutions to withhold a portion of payments made to foreign financial institutions (FFIs) who do not agree to identify and report information on U.S. account holders. An issue that has been raised is that Italian financial institutions may not be able to comply with certain aspects of FATCA due to domestic legal impediments. The intergovernmental approach to FATCA implementation addresses the legal impediments and reduces the burden for Italian financial institutions.

If you have any questions about foreign bank account issues or other IRS tax issues in Greenwich, Connecticut or elsewhere please feel free to contact me at (203) 285-8545 or by email at

Eric L. Green

Green, & Sklarz, LLC

243 Tresser Boulevard, 17th Floor

Stamford, CT 06901

Ph. (203) 285-8545 x 102

Fax (203) 286-1311

New Haven, CT • Stamford, CT • New York, NY


Posted by

Comments (0)