April 15th deadline for IRS’s FATN Global Tax Information Online
The U.S. Department of the Treasury (USDT) has designated the Financial Crimes Enforcement Network as a global partner in combating financial crime. The Financial Crimes Enforcement Network is an intergovernmental organization that combines agencies from across the globe with a common goal of combating money laundering and financial crimes. Among its many partners, the FEA is an advocate for more legislation to be passed so that citizens around the world can fight fraud and money laundering. The United States has signed the International Monetary Fund’s Anti trusts and Crime Extortion Act, which committed the United States to cooperate fully with the FATN to implement measures to combat foreign corruption and other money laundering schemes.
Another important task of the FATN is to monitor and collect information on all types of foreign accounts that are owned or controlled by United States, Canadian, European, Japanese, Chinese, Korean, and Indian citizens, including their respective tax identification numbers. Among the purposes of the FATN is to provide timely and consistent worldwide income and tax reporting to its members, U.S. citizens, and resident aliens who may need such information. Among its many functions, the FATN also helps to educate U.S. citizens on proper taxation planning and helps investigate suspicious transactions with foreign countries. Financial crimes include criminal fraud, money laundering, asset forfeiture, international narcotics trafficking, tax evasion, and fraudulently presenting documents. In order to become a member of the FATN, an individual or entity must first register with the agency.
Taxpayers can work directly with the Department of the Treasury, IRS, or the Office of Management and Budget to obtain an April 15th deadline extension to file their federal income tax return. Individuals and organizations can use online forms to request an extension, which can be completed at the federal tax return website. The website states that e-filing is now possible for those taxpayers who do not have Internet access. If an extension is not available, then taxpayers can send a paper form certified by a tax practitioner.