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.
Feb 15, 2012 - Stephen Kerr, owner of Erie and Longmont golf courses, indic
Kerr, who also owns Fox Hill Country Club in Longmont and a business in Phoenix, has been charged with conspiracy to defraud the Internal Revenue Service by concealing millions of dollars in assets in several Swiss bank accounts, the Justice Department and the IRS said in a news release.
Feb 14, 2012 - European Fatca deal “threat to Swiss secrecy”
Britain, France, Germany, Italy and Spain appear set on ordering their banks to hand over details of accounts owned by US citizens containing more than $50,000 (SFr46,000).
January 27, 2012 - Foreign Account Tax Compliance Act threatens investment
A fiscal tourniquet will put a squeeze on tax evasion – the Foreign Account Tax Compliance Act (FATCA) is threatening to clog the arteries of the world’s financial system with U.S. withholding taxes and burdensome obligations on non-U.S. firms.
January 26, 2012 - Draft Fatca regulations will include reciprocity, exper
The IRS had intended to issue draft Fatca regulations by December 31, 2011. They are now expected before the end of January, but had not been issued at the time of going to press.
January 24, 2012 - KPMG warns of compliance cost hit from US tax delay
KPMG has warned the slipping release dates of US tax regulatory papers will mean companies may not be able to plan properly and will rush through changes at an inflated cost to their business.
January 23, 2012 - New Tax Rules Harass Foreign Bankers for Little in Retur
In an act of hubris that could cost banks around the globe billions of dollars, Congress has directed the IRS to impose new rules requiring foreign financial companies to determine who among their accountholders is an American citizen.
January 19, 2012 - IRS: Disclose those foreign assets
The Foreign Account Tax Compliance Act (FATCA) requires U.S. taxpayers with money outside this country to report those assets to the IRS and pay taxes on the earnings.
January 3, 2012- Obama Has United the World...in Opposition to Bad U.S. Ta
This FATCA law basically imposes a huge regulatory burden on all companies that have international transactions involving the United States, and all foreign financial institutions that want to invest in the United States.
December 26, 2011 - FATCA Fallout: Multinational Banks Respond
Eight Billion Reasons Feds Like FATCA
December 21, 2011 - Commissioner Douglas H. Shulman Speaks at the IRS/Georg
Prepared Remarks of Douglas H. Shulman, Commissioner of Internal Revenue, Before the IRS/George Washington University 24th Annual Institute on Current Issues in International Taxation, Washington, DC, Dec. 15, 2011
December 20, 2011 - IRS Releases Guidance on Foreign Financial Asset Report
The Internal Revenue Service in coming days will release a new information reporting form that taxpayers will use starting this coming tax filing season to report specified foreign financial assets for tax year 2011.
December 15, 2011 - IRS to Issue New Foreign Asset Report Form
The new form, Form 8938 (Statement of Specified Foreign Financial Assets), will need to be filed by taxpayers with specific types and amounts of foreign financial assets or foreign accounts.
December 14, 2011 - Key US tax legislation is probed
The US Foreign Account Tax Compliance Act (FATCA) will affect almost all financial institutions and other entities in Bahrain with exposure to US taxpayers and transactions, according to KPMG.