Paul L. Caron

Wednesday, October 9, 2019

Should The U.S. Adopt The Common Reporting Standard?

Noam Noked (Chinese University of Hong Kong, Faculty of Law), Should the United States Adopt CRS?, 118 Mich. L. Rev. Online 118 (2019):

Michigan Law Review LogoThe United States’ one-sided approach to tax transparency might lead to an unprecedented clash with the European Union (EU) in the near future. In light of the EU’s deadline for the United States, the U.S. Treasury and Congress should urgently engage in a discussion on whether the United States should adopt the Common Reporting Standard (CRS) for automatic exchange of financial account information. A recent report from the U.S. Government Accountability Office considered this issue and did not recommend adopting CRS.

This Essay discusses the contents of the report, as well as important considerations that were left out of the report.

Scholarship, Tax, Tax Scholarship | Permalink


The likelyhood that the US will adopt CRS or, more generally, take any steps that might actually result in fulfilling its promises of reciprocity under FATCA are about as likely as Donald Trump abdicating the presidency and taking monastic orders.

The US does not do reciprocity.

Posted by: John | Oct 10, 2019 3:18:25 AM