US Competent Authority Signs Agreements Regarding FATCA Information Exchange

U.S. Competent Authority Signs Agreements Regarding FATCA Information Exchange:  Today, the IRS announced that the U.S. competent authority has signed agreements with the competent authorities of Australia and the United Kingdom regarding exchange of information pursuant to the countries’ respective tax treaties and Foreign Account Tax Compliance Act (FATCA) intergovernmental agreements (IGAs).  The agreements describe the time and manner of exchange, procedures for remediation and enforcement, and safeguards to protect confidentiality.  According to the IRS, the U.S. competent authority “expects that numerous other [competent authority agreements] with additional competent authorities in IGA jurisdictions will be signed in the near future.”