“Despite spending more than $8.6 million so far, with another $8 million projected to be spent still, on developing the online portal for handling the registration of foreign financial institutions for FATCA, the IRS is still unprepared for the law according to a report by the the Treasury Inspector General for Tax Administration. Their incompetence threatens to compromise the information of both Americans and the foreign institutions coerced into serving the IRS. The report reveals amazing disarray in the implementation process, as the IRS spent considerable resources developing the system before issuing the final regulations, which then had to be scrapped to accommodate new requirements.”
http://freedomandprosperity.org/2013/blog/fatca-system-fails-government-probe-threatens-privacy/
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