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.

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.

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.

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.

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.

Foreign Account Tax Compliance Act Update

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.

Newsletter Articles


Get your clients ready for tax season

With the extended 2017 tax filing season drawing to a close, now is the time to get your practice and your clients ready for the 2018 season.


2016 Best Article Award

The winners of The Tax Adviser’s 2016 Best Article Award are Edward Schnee, CPA, Ph.D., and W. Eugene Seago, J.D., Ph.D., for their article, “Taxation of Worthless and Abandoned Partnership Interests.”