The IRS issued final regulations outlining the rules requiring U.S. financial institutions to report interest payments to certain nonresident alien individuals of $10 or more per year paid after 2012.
Advertisement
Topics
FATCA Compliance & FBAR Reporting
FATCA’s Withholding Requirements for Foreign Financial Institutions
FATCA imposes rigid new account identification, reporting, and tax withholding requirements on foreign financial institutions and other withholding agents.
FATCA Adds Layer of Complexity, Penalty Exposure to Offshore Asset Reporting
This item highlights the provisions of FATCA that are most likely to affect U.S. tax practitioners and their clients—the taxpayer reporting provisions of new Sec. 6038D.
FATCA Prop. Regs.
The IRS on issued proposed regulations providing rules on information reporting by foreign financial institutions (FFIs) and withholding on certain payments to FFIs and other foreign entities.
Third Offshore Voluntary Disclosure Program Launched
The IRS announced it was starting a third offshore voluntary disclosure initiative (OVDI) designed to help people with unreported offshore accounts get current with their taxes in the United States.
Proposed FATCA Regs. Take Comprehensive Approach
The IRS issued proposed regulations providing rules on information reporting by foreign financial institutions (FFIs) and withholding on certain payments to FFIs and other foreign entities.
Specified Foreign Financial Assets Reporting Regs. Issued
The IRS issued temporary and proposed regulations on the requirement that certain foreign financial assets be reported to the IRS for tax years beginning after March 18, 2010.
New Reporting for Specified Foreign Financial Assets
Effective for tax years starting after March 18, 2010, new Sec. 6038D requires individual taxpayers to report any interest in “specified foreign financial assets” if the value of these assets in aggregate exceeds an applicable threshold amount.
Foreign Financial Asset Reporting Form Finalized
The IRS released the final version of Form 8938, Statement of Specified Foreign Financial Assets, and its instructions.
Regulations Issued for Specified Foreign Financial Assets Reporting
The IRS issued temporary and proposed regulations on the requirement that certain foreign financial assets be reported to the IRS for tax years beginning after March 18, 2010.
IRS Reminds Dual Citizens and Americans Living Abroad of FBAR, Other Filing Requirements
In a fact sheet, the IRS reminded U.S. citizens and dual citizens of the United States and foreign countries who live abroad about U.S. filing requirements.
Unreported Offshore Accounts: A Hidden Danger for Clients
Criminal penalties for not reporting offshore accounts can be harsh. This item provides action steps for CPAs.
Are Hedge Funds and Private Equity Funds Foreign Financial Accounts?
This item discusses whether investments in or management of hedge funds and private equity funds should be included within the scope of the FBAR filing requirements.
IRS Will Phase in Implementation of FATCA Requirements
The IRS announced plans to phase in the requirements of the Foreign Account Tax Compliance Act (FATCA) because of numerous comments it has received about the difficulty of implementing the requirements.
Delinquent U.S. Foreign Information Returns: Is Filing Under the 2011 OVDI Appropriate?
This item explains the process by which taxpayers may take advantage of an opportunity to avoid a substantial portion of the penalties that would otherwise be due on previously unreported offshore accounts, entities, and income.
FinCEN Creates FBAR E-Filing System
FinCEN announced that it has developed an electronic filing system for Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts (FBAR).
Phased Implementation of FATCA Requirements Announced
The IRS announced plans to phase in the requirements of the Foreign Account Tax Compliance Act (FATCA).
IRS Issues Foreign Financial Account Reporting Guidance
The IRS issued a second notice giving guidance on various reporting requirements under the Foreign Account Tax Compliance Act.
FinCEN Amends BSA Regs on FBAR Filings
FinCEN amended the FBAR regulations to clarify when an account is foreign and therefore reportable as a foreign financial account and the definition of key terms like “signature or other authority.”
IRS Announces Second Offshore Voluntary Disclosure Program
The IRS announced that it is starting a new program designed to bring money held in foreign accounts back into the U.S. tax system and to help taxpayers with income from offshore accounts to comply with federal tax law.
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.
