Nat'l Taxpayer Advocate, in annual report: 'Harmonize reporting requirements for taxpayers subject to both FBARs and FATCA'
The IRS needs to change its regulations with respect to American taxpayers' obligations to report on their overseas account holdings by "eliminating duplication" of the FBAR and FATCA reporting requirements, as well as by "excluding accounts maintained by U.S. persons in countries where they are bona fide residents," National Taxpayer Advocate Erin M. Collins has told Congress, in her annual report.