Coercive assessments should allow the treasury to collect 1,100 million euros throughout fiscal year 2017. To reach this goal, the “AT” (Tax and Customs Authority) is reinforcing automatisms and computer applications in order to be able to monitor more effectively the progress of processing tax debts. This represents a decrease from previous years since overdue taxes have also diminished.
Americans with financial accounts outside the United States should be careful to report it. Foreign financial accounts are high on the I.R.S. scrutiny list. Failure to disclose foreign accounts can be penalized severely. This includes people who inherited assets overseas as well as those who lived and worked abroad.
FinCEN Form 114, the Report of Foreign Bank and Financial Accounts is used for holdings of $10,000 or more and is filed electronically with the Treasury. Form 8938, which attachs to Form 1040, is used in more complex situations with $50,000 or more.