Bloomberg BNA reports that the Treasury Department announced on November 14, 2013, that the U.S. and France have signed a Model 1 FATCA IGA. In other words, the IGA will require banks in France to report tax information about U.S. account holders to the French government instead of to the IRS. The French government will then send the information to the IRS. The IGA is reciprocal, meaning that the IRS will send similar information about French account holders at U.S. banks to the French government.
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