The CRS requires financial institutions resident in participating jurisdictions to implement due-diligence procedures, to document and identify reportable accounts, and to establish a wide-ranging reporting process.
The IRS finalized proposed regulations issued in 2011 that require reporting of specified foreign financial assets by specified domestic entities on Form 8938, Statement of Specified Foreign Financial Assets.
The IRS announced that the United States has entered into agreements with Australia and the United Kingdom implementing procedures to automatically exchange financial account information pursuant to the Foreign Account Tax Compliance Act (FATCA).
FATCA introduced a new reporting and tax withholding regime, effective July 1, 2014, that is directed at both foreign financial institutions and nonfinancial foreign entities to prevent tax evasion by U.S. citizens and residents through use of offshore accounts.
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.
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.
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.
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 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.
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.
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.
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.
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.
Recent guidance and the popularity of new digital currencies raise questions about FBAR and FATCA reporting requirements.
A new form has sections for including the reason for a late filing and the preparer information and must be electronically filed.
The United States has signed eight more bilateral agreements to implement the reporting and withholding provisions of the Foreign Account Tax Compliance Act.
The IRS released a large package of regulations needed to implement the Foreign Account Tax Compliance Act.
A Swiss court has prevented the handover of information on U.S. account holders to the IRS by the Julius Baer Group Ltd.
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.