U.S. IRS Commissioner Urges Congress to Enact Legislation for the Implementation of CRS

While speaking at an OECD International Tax Conference on 7 June 2016, IRS Commissioner John Koskinen stated that he is urging congress to enact legislation as soon as possible to allow the U.S. to implement the OECD's Common Reporting Standard (CRS), which would involve expanding the level of information the IRS could share. The CRS provides for the automatic exchange of financial account information and was developed by the OECD based on U.S. FATCA, but unlike FATCA, provides for full recip…