The U.S. initiative in combating tax evasion and improving global compliance has become a worldwide initiative, since it is viewed as a win-win for most countries.
FATCA Compliance & FBAR Reporting
FATCA Withholding on Payments to Nonfinancial Foreign Entities: A Broad New Requirement
Beginning July 1, 2014, U.S. taxpayers that have nothing to do with financial services will be required to collect, analyze, document, and report information regarding payments to both foreign financial institutions and nonfinancial foreign entities.
IRS Postpones FATCA Deadlines for Six Months, Posts Draft FATCA Report Form
The IRS announced a six-month delay in some of the deadlines for implementing FATCA.
FATCA Regulations’ Effective Date Approaching Quickly
As of July 1, 2014, withholding agents must have processes in place to determine and document the FATCA status of their payees before payment is made.
Online FATCA Registration System Launched
The IRS on Monday announced the launch of an online system that foreign financial institutions can use to register with the agency to meet their obligations under FATCA.
IRS Issues Draft FATCA Report Form
The IRS released a draft Form 8966, FATCA Report, which will be used by foreign financial institutions and withholding agents to comply with their FATCA reporting and withholding requirements.
FATCA Deadlines Are Postponed for Six Months
The IRS said it was delaying for six months some of the deadlines for implementing FATCA.
Switzerland Agrees to FATCA Reporting Rules
The Treasury Department announced that the United States and Switzerland have signed a bilateral agreement to implement provisions of FATCA.
Widow Avoids Jail Time and Probation in Sentencing for Offshore Account Tax Evasion
A taxpayer was sentenced to one year of probation in federal district court, following her guilty plea to charges of tax evasion, but the judge almost immediately revoked that sentence.
Specified Foreign Financial Asset Reporting Postponed
The IRS announced that it is postponing for at least one year the requirement that domestic entities report interests in specified foreign financial assets.
FATCA Final Regulations Issued
The IRS issued final regulations providing rules on information reporting by foreign financial institutions (FFIs) and withholding on certain payments to FFIs and other foreign entities.
U.S. and Switzerland Sign FATCA Agreement
The United States and Switzerland have signed a bilateral agreement to implement provisions of FATCA.
Sec. 6038D Reporting of Specified Foreign Financial Assets Postponed for One Year
The IRS announced that it is postponing for at least one year the requirement that domestic entities report interests in specified foreign financial assets.
FATCA Final Regulations Cover All the Bases
The IRS issued final regulations providing rules on information reporting by foreign financial institutions (FFIs) and withholding on certain payments to FFIs and other foreign entities.
FATCA Prop. Regs. Amended to Extend Various Deadlines
The IRS is delaying various FATCA-related deadlines because it has received feedback that complying with the original deadlines and other requirements is proving to be impractical for some taxpayers.
Treasury Releases FATCA Model Intergovernmental Agreement
The Treasury Department released its long-awaited model intergovernmental agreement to improve tax compliance and to implement FATCA.
FATCA Prop. Regs. Amended to Extend Various Deadlines
The IRS is delaying various FATCA-related deadlines because it has received feedback that complying with the original deadlines is difficult for some taxpayers.
Model Intergovernmental FATCA Agreements Released; Draft Form Posted
The Treasury Department released a model intergovernmental agreement designed to implement the information-reporting and withholding-tax provisions of FATCA.
New Foreign Asset Reporting Rules
Practitioners need to be aware of the new requirements for reporting foreign assets and income and confirm that clients are complying.
Treasury Releases Model Intergovernmental Agreement for FATCA
Treasury released a model intergovernmental agreement designed to implement the information-reporting and withholding-tax provisions in FATCA.
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.