Manal Corwin, Treasury’s Deputy Assistant Secretary for International Tax Affairs, was recognized as one of ten finalists in consideration to be named the 2012 Tax Notes Person of the Year. She was honored for her office’s work implementing the Foreign Account Tax Compliance Act (FATCA). Corwin officially represents the Administration’s tax policy interests in international settings. She is the reporting authority for the Office of the International Tax Counsel and provides advice and counsel to Assistant Secretary for Tax Policy Mark Mazur related to international tax policy and tax treaties.
Two months ago, Treasury announced that the United States is now engaged with more than 50 countries and jurisdictions around the world to improve international tax compliance and implement the information reporting and withholding tax provisions in FATCA. The building of this broad coalition of foreign governments to efficiently and effectively implement provisions that target noncompliance by U.S. taxpayers using foreign accounts has marked an important milestone in establishing a common intergovernmental approach to combating tax evasion.
Tax Notes noted how Deputy Assistant Secretary Corwin “has surely racked up frequent flier miles,” working with her international counterparts on FATCA and its related bilateral intergovernmental agreements (IGAs). As the U.S. signatory, she has already succeeded in reaching agreements with six countries and has created a framework for many more to come. Two model IGAs published by Treasury serve as a basis for concluding bilateral agreements with interested jurisdictions and enable effective work with foreign governments.
Last November, the International Tax Review also recognized Michael Plowgian, an Attorney Advisor in the Office of the International Tax Counsel, as one of the top 50 influential people and organizations in global tax for 2012 for his work on FATCA which it called “arguably the biggest story in international tax in the last 12 months.”
Treasury and the IRS will finalize the regulations implementing FATCA in the near future. Visit the Treasury FATCA website for updates and further information on the continuing progress.
Anthony Reyes is the New Media Specialist at the U.S. Deparment of the Treasury.