May 16, 2012 - Firms urge delay in IRS offshore tax dodger rules
Financial institutions from around the world called for delay and changes to soften proposed U.S. rules to combat offshore tax evasion at an Internal Revenue Service hearing on Tuesday
May 14, 2012 - Congress Probes IRS FATCA Interest Regulations
Congressman Charles Boustany Jr., R-La., who chairs the House Ways and Means Oversight Subcommittee, has written a letter to Treasury Secretary Tim Geithner asking for more information about the regulation
April 26, 2012 - FATCA adds layer of complexity, penalty exposure to offsho
This item highlights the provisions of FATCA that are most likely to affect US tax practitioners and their clients, the taxpayer reporting provisions of new Section 6038D of the Internal Revenue Code (IRC).
April 24, 2012 - US tax talks could boost financial firms here
TALKS that have just kicked off between the US and Irish tax authorities could ultimately lead to tens of millions in savings for Irish financial companies and increase the attractiveness of Ireland's banking and fund sector, a fund sector lobby group said.
April 18, 2012 - Disclosing Foreign Accounts: IRS Form 8938
The requirement to file the Form 8938 comes from a law called FATCA, or the Foreign Account Tax Compliance Act. On the form, you will have to provide detailed information on foreign financial accounts, including information on the income derived from the foreign accounts.
April 9, 2012 - The hypocrisy of the U.S. foreign account tax compliance ac
The hypocrisy of all this is that while the United States continues playing world police and tax collector using a burdensome, overly complex and repressive tax regime for its citizens and green card holders, it continues to be the No. 1 tax haven for the world itself. That secret is now getting out.
April 9, 2012 - Reporting and Withholding Guidance: Payments to FFIs Under
Reporting and Withholding Guidance: Payments to FFIs Under FATCA
April 4, 2012 - Where to Disclose? Form 8938 and/or FBAR? - 2011 Filings
Update to original article March 28, 2012: The table below has not been updated for information learned from IRS guests on AICPA's March 20, 2012 infocast. Readers of this article may also be interested in IRS's Comparison of Form 8938 and FBAR Requirements, posted by the IRS on March 26, 2012.
April 4, 2012 - Comparison of Form 8938 and FBAR Requirements
The new Form 8938 filing requirement does not replace or otherwise affect a taxpayer’s obligation to file Form TD F 90-22.1 (Report of Foreign Bank and Financial Accounts). Individuals must file each form for which they meet the relevant reporting threshold
April 3, 2012 - Proposed FATCA regulations released
On Feb. 8, 2012, the Treasury Department and the Internal Revenue Service released proposed regulations under Sections 1471 through 1474 of the Code, the Foreign Account Tax Compliance
March 20, 2012 - FATCA and Hedge Funds: The Taxman Cometh, This Time with a
FINalternatives recently spoke with David Richardson, KPMG’s managing director of international tax, about the implications of FATCA for hedge funds and hedge fund investors.
March 15, 2012 - Complying with FATCA: Start with the Client Data
In order to meet the FATCA deadline, top priority should be given to two areas: classifying existing clients, and enhancing systems for new customers and new counterparties.
Feb 23, 2012 - Bankers Meet in Miami for Anti-Money Laundering FATCA Summit
The program will provide the very latest information on current Bank Secrecy Act/Anti-Money Laundering/OFAC Compliance requirement and will help foreign bankers acquire first-hand knowledge of the due diligence expectations of U.S. regulators and banks under a risk-based Bank Secrecy Act/Anti-Money Laundering/OFAC Compliance program.
Feb 20, 2012 - Treasury, IRS Issue Proposed Regulations for FATCA Implement
The regulations lay out a step-by-step process for U.S. account identification, information reporting, and withholding requirements for foreign financial institutions (FFIs), other foreign entities, and U.S. withholding agents
Feb 15, 2012 - Ambassador believes worst may be over in tax row
My sense is that a few of the banks involved would turn over the data if they were allowed to under Swiss law. So far they don’t feel that they are allowed to and are awaiting a resolution between the two governments.