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.
December 8, 2011 - Information for U.S. Citizens or Dual Citizens Residing
taxpayers who owe no U.S. tax (e.g., due to the application of the foreign earned income exclusion or foreign tax credits) will owe no failure to file or failure to pay penalties. In addition, no FBAR penalty applies in the case of a violation that the IRS determines was due to reasonable cause.
December 8, 2011 - Ottawa awaits U.S. accommodation on tax law
U.S. Treasury officials are working on a proposal that would make it less onerous for Canadian banks to comply with a new U.S. tax law, Canada's Finance Minister Jim Flaherty said on Wednesday.
November 29, 2011 - Tax law pushes US expats to give up passport
Growing numbers of American expatriates are renouncing their US citizenship over a controversial new tax law and ever more burdensome fiscal and reporting obligations.
November 21, 2011 - Tax evasion law "could cost big banks $100 million"
FATCA has drawn wide criticism from abroad, with banks and business people saying the new law turns them into agents of the IRS.
November 16, 2011 - US Foreign Account Tax Compliance Act to affect almost
All banks and life insurance companies which have US source income or handle US source income will be affected since all US source income might be subject to 30 per cent US withholding tax if they are not FATCA compliant.
November 11, 2011 - FATCA Key Dates
FATCA - Key Dates
November 8, 2011 - RAHN: Joining the chorus for tax cooperation
The U.S. Treasury and Internal Revenue Service are considering regulations that could cost Americans millions of jobs. One of the regulations being developed stems from the Foreign Account Tax Compliance Act (FATCA),
October 21, 2011 - U.S. tax officials eye offshore accounts
By 2013, banks in Costa Rica will have to inform the U.S. about accounts maintained by U.S. citizens and businesses within the country.
October 18, 2011 - Taiwan's banking sector on alert over U.S. anti-tax evas
The Bankers Association of the Republic of China is studying how other countries might act in response to the expected implementation by the United States of a new law aimed at cracking down on offshore tax evasion, the associat
October 14, 2011 - Canada hopes for exemption on U.S. FATCA rules
Finance Minister Jim Flaherty voiced cautious optimism on Wednesday that Canada would be granted an exemption from an onerous U.S. tax reporting law that he called an inefficient use of capital.
October 3, 2011 - Funds slam US tax clampdown
The investment management industry has strongly criticised the US Foreign Account Tax Compliance Act, or Fatca, for forcing increased costs on fund managers and investors who will not benefit.