The IRS and Expats, FBAR penalties

[gracielle]

Automatic Google Translation of entire article:
29 August 2022 by Melissa Reinhold

¿Intercambio automático? El Gobierno intenta conseguir información de cuentas bancarias en Estados Unidos

Mientras que el fisco americano pide datos financieros de argentinos en el exterior para enviárselos a la AFIP, Sergio Massa se prepara para cerrar un nuevo acuerdo; los tributaristas no ven viable un avance en ese sentido, por la falta de confianza en el país

www-lanacion-com-ar.translate.goog

Automatic exchange?: the Government tries to obtain information from bank accounts in the United States. While the American treasury requests financial data from Argentines abroad to send it to the AFIP, Sergio Massa is preparing to close a new agreement; Tax experts do not see progress in this direction as viable, due to the lack of confidence in the country....

 

[Alby]

RELATED article. I'm not quite clear about the first sentence of this article:
https://www.lanacion.com.ar/economi...-de-cuentas-bancarias-en-estados-nid29082022/

I find interesting the comment about the lack of the manpower necessary to actually perform these cross checking operations that might help out other jurisdictions. Political will, even where it exists, can sometimes run aground on resource constraints inside the bureaucracy.

 

[Quilombo]

I find interesting the comment about the lack of the manpower necessary to actually perform these cross checking operations that might help out other jurisdictions. Political will, even where it exists, can sometimes run aground on resource constraints inside the bureaucracy.

That, plus a number of banks internal software is literally built upon the COBOL programming language from 1959, and if you've ever peaked at the AFIP/Aduana/ANSES/banks' here screen it's easy to see why this automatic sharing of info is likely to be not so automatic

 

[sergio]

Automatic Google Translation of entire article:
29 August 2022 by Melissa Reinhold

¿Intercambio automático? El Gobierno intenta conseguir información de cuentas bancarias en Estados Unidos

Mientras que el fisco americano pide datos financieros de argentinos en el exterior para enviárselos a la AFIP, Sergio Massa se prepara para cerrar un nuevo acuerdo; los tributaristas no ven viable un avance en ese sentido, por la falta de confianza en el país

www-lanacion-com-ar.translate.goog

Automatic exchange?: the Government tries to obtain information from bank accounts in the United States. While the American treasury requests financial data from Argentines abroad to send it to the AFIP, Sergio Massa is preparing to close a new agreement; Tax experts do not see progress in this direction as viable, due to the lack of confidence in the country....

The first sentence makes no sense to me. "While the American treasury requests financial data from Argentines abroad to send it to the AFIP"
The US government is asking for financial data about Argentines who live outside Argentina to send to the AFIP"?
Wouldn't the US be interested in US citizens $ abroad?