Daily Tax Update - October 2, 2015: US Begins Reciprocal Automatic Exchange of Financial Account Information as Part of FATCA Implementation Effort

U.S. Begins Reciprocal Automatic Exchange of Financial Account Information as Part of FATCA Implementation Effort:  Today, the IRS announced in a press release (IR-2015-111) that it has met a September 30 deadline to put in place a process to facilitate the reciprocal automatic exchange of tax information with certain foreign jurisdiction tax administrations as specified under the intergovernmental agreements (IGAs) implementing the Foreign Account Tax Compliance Act (FATCA).  As IRS Commissioner John Koskinen stated in the press release, “[t]his groundbreaking effort has fundamentally altered our relationship with tax authorities around the world, giving us all a much stronger hand in fighting illegal tax avoidance and leveling the playing field.”  

Miscellaneous Guidance:  
Notice 2015-70 requests comments on how to define certain types of property qualifying for the energy credit under section 48.  Comments are due by February 16, 2016.