Steven Mopsick predicted it two years ago. The 30 year IRS year IRS lawyer who now has a private tax law practice said it would “blow a fuse” when all the FATCA data began to arrive at IRS.
Now, the IRS itself is admitting their circuits can’t handle the data. In IRS Budget Crunch Limiting Use of Foreign Government Data:
“One of our biggest challenges lies in having the resources to build and maintain systems that can effectively use all of the incoming data,” Koskinen said today at the Tax Executives Institute conference in Washington. “As with any major new initiative, we expect a learning curve — for the IRS as well as for everyone affected.”
Hmm. So tell me what this information is REALLY going to be used for
Thanks to Hazy for posting this under What’s New.
4 thoughts on “IRS Admits It Can't Handle FATCA!”
they can sub-contract the IT work to the NSA, which is where Levin and his gang want to send everybody’s financial data.
Would anybody be able to handle it? Governments are going crazy in lots of places. Here in Colombia, their tax agency is looking for 7000 new auditors. I am guessing, but I think that is related to new IFRS accounting requirements here, which they are trying to apply to small enterprises. IFRS is only a sensible thing for large businesses that trade on stock exchanges. There simply is not the horsepower to do what governments are asking for.
Americans don’t even seem to be able to run an honest election. One woman was convicted of voting for Obama 6 times. Her reward? A grant from his administration!
The wheels on the bus fall off, off, off; off, off, off; off, off, off …
Steven Mopsick tweeted this article:
Is FATCA a paper tiger? “IRS Budget Crunch Limiting Use of Foreign Government Data.” http://tinyurl.com/kdlh63c
I replied to Steven:
Lynne Swanson ?
@LynneBlaze 14m @MopsickTaxLaw U predicted two yrs ago #FATCA would blow a fuse. Now #IRS admits their circuits can’t handle the surge.