Financial institutions and tax administrators that have an obligation under U.S. tax law to report account information to the IRS now have a secure online site where they can transmit that information, the IRS announced.
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FATCA Compliance & FBAR Reporting
Regulations on Reporting Specified Foreign Financial Assets Are Finalized
Individuals who are required to report interests in foreign financial assets to the IRS got guidance on the process in the form of final regulations. The regulations finalize temporary regulations issued in 2011, with some changes.
U.S. Government Opens Secure Portal for FATCA Reporting
Financial institutions and tax administrators that have an obligation under U.S. tax law to report account information to the U.S. government now have a secure online site where they can transmit that information.
Procedures for Withholding Foreign Partnerships and Withholding Foreign Trusts Coordinated With FATCA
The IRS issued updated procedures in Rev. Proc. 2014-47 for "withholding foreign partnerships" and "withholding foreign trusts" that elect to assume certain U.S. withholding tax responsibilities.
Final Rules Govern Reporting of Specified Foreign Financial Assets
Individuals who are required to report interests in foreign financial assets to the IRS got guidance on the process in the form of final regulations.
Certain FATCA Deadlines Are Postponed
The IRS announced its intention to modify the effective dates of the FATCA standards of knowledge that apply to a withholding certificate or documentary evidence to document a payee and other rules.
IRS Provides FATCA Transition Relief for 2014 and 2015, Releases FFI Search Tool
Transition relief from enforcement may help withholding agents, foreign financial institutions, and other entities that have responsibilities under the the Foreign Account Tax Compliance Act.
Two-Year FATCA Enforcement Transition Period Introduced
Foreign financial institutions that make a good-faith effort to comply with the requirements of the Foreign Account Tax Compliance Act will benefit from lighter enforcement during 2014 and 2015, the IRS announced. The IRS is treating those years as a “transition period” for the implementation of FATCA by withholding agents, foreign financial institutions, and other entities with FATCA reporting and withholding responsibilities.
New Streamlined Procedures and Changes to the Offshore Voluntary Disclosure Program Are Announced
The IRS announced changes to its streamlined filing compliance procedures and its Offshore Voluntary Disclosure Program designed to make it easier for taxpayers to comply with their obligations to report offshore assets and accounts.
IRS Announces Two-Year FATCA Enforcement Transition Period
Foreign financial institutions that make a good-faith effort to comply with the requirements of FATCA will benefit from lighter enforcement during 2014 and 2015.
FBAR and FATCA Compliance in the Age of Digital Currencies
Recent guidance and the popularity of new digital currencies raise questions about FBAR and FATCA reporting requirements.
Changes for Foreign Financial Account Reporting
A new form has sections for including the reason for a late filing and the preparer information and must be electronically filed.
Eight Countries Sign FATCA Agreements
The United States has signed eight more bilateral agreements to implement the reporting and withholding provisions of the Foreign Account Tax Compliance Act.
Final FATCA Rules Are Issued
The IRS released a large package of regulations needed to implement the Foreign Account Tax Compliance Act.
Swiss Court Stops Handover of Tax Information to United States
A Swiss court has prevented the handover of information on U.S. account holders to the IRS by the Julius Baer Group Ltd.
FATCA Guidance Issued for Foreign Financial Institutions
The IRS has issued more guidance in preparation for the implementation of the Foreign Account Tax Compliance Act reporting and withholding requirements. The guidance applies to foreign financial institutions entering into an FFI agreement with the IRS under Sec. 1471 or to FFIs or branches of FFIs treated as reporting financial institutions under an applicable Model 2 intergovernmental agreement.
Six More Countries Sign FATCA Agreements with U.S.
The Treasury Department announced that the United States has signed six more bilateral agreements to implement the reporting and withholding provisions of FATCA.
FBAR Reporting Considerations
The National Taxpayer Advocate has estimated that 5 million to 7 million Americans live abroad and many more living in the United States may have foreign accounts. That presents both an opportunity and a challenge.
United States and France Sign FATCA Agreement
The Treasury Department announced on Thursday that the United States and France have signed a bilateral agreement requiring French banks to report to the French government information about their U.S. account holders.
Guidance Issued for FFIs with FATCA Agreements
The IRS issued its latest guidance in preparation for the implementation of the FATCA reporting and withholding requirements.
employee benefits & pensions
Profits interests: The most tax-efficient equity grant to employees
By granting them a profits interest, entities taxed as partnerships can reward employees with equity. Mistakes, however, could cause challenges from taxing authorities.
