September 28, 2011 - IRS strikes a conciliatory tone toward Canadians
The IRS “recognizes that many Canadians face complex tax situations because of dual citizenship,” Terry Lemons said in a statement. Recent publicity about the issue “has spotlighted a number of areas that the IRS will consider in our continuing effort to strike the right balance in administering the U.S. tax laws,” he said.
September 7, 2011 - FATCA – Foreign Account Tax Compliance Act
The purpose of FATCA is, therefore, to ensure that the IRS can identify and collect the appropriate tax from US persons holding financial assets outside the US
August 30, 2011 - FATCA Reporting Suspended for Some; Pre-2010 FBAR Filing
The IRS suspended FATCA (Foreign Account Tax Compliance Act) information reporting requirements for certain individuals with foreign assets and shareholders of passive foreign investment companies (PFICs) under IRC §§ 6038D and 1298(f) (Notice 2011-55).
August 22, 2011 - FATCA -- Should Philippine financial institutions be worr
This week’s article identifies compliance strategies available to FFIs that must deal with this new US legislation (e.g., issues in identifying customers, affected product offerings, the treatment of withholdable payments, among others), including suggestions on setting up and executing a project once the decision has been made to participate in the new FATCA regime.
August 19, 2011 - Critics say new law makes them tax agents
A U.S. law meant to snuff out billions of dollars in offshore tax evasion has drawn the criticism of the world's banks and business people, who dismiss it as imperialist and "the neutron bomb of the global financial system."
August 15, 2011 - Gibson Dunn Issues Update on FACTA
IRS NOTICES EXTEND DATE FOR IMPLEMENTATION OF FATCA PROVISIONS OF THE HIRE ACT AND PROVIDE ADDITIONAL GUIDANCE
July 25, 2011 - Guidance Outlining Phased Implementation of FATCA Beginning
On July 14, 2011, the Treasury Department and the IRS issued Notice 2011-53 (the "Notice") announcing plans to phase in the requirements to FATCA. Under the phased-in implementation approach described in the Notice, FFIs and U.S. withholding agents are given adequate time to build the systems needed to fully comply with FATCA.
July 21, 2011 - HSBC cuts ties with US clients ahead of FATCA
HSBC has become the first bank to turn away US clients who bank offshore in a move to appease the US Inland Revenue Service’s FATCA laws, due to come into force in 2013.
July 19, 2011 - IR-2011-76 - IRS Press Release on FATCA Implementation
Notice 2011-53, issued today by Treasury and the IRS, provides a workable timeline for FFIs and U.S. withholding agents to implement the various requirements of FATCA.
July 19, 2011 - Notice 2011-53 - FATCA
this notice describes the timeline for the implementation of FATCA and discusses certain substantive and procedural matters that will be addressed in regulations issued by Treasury and the IRS.
July 18, 2011 - No 'competitive disadvantage' for Bahamas from US FATCA
DESPITE increased compliance costs associated with the US Foreign Account Tax Compliance Act (FATCA), a leading accountant yesterday said he does not believe the Bahamas will be placed at a "competitive disadvantage" in dealing with US clients.
July 18, 2011 - Stripping FATCA From Our Diet
Foreign financial institutions and governments aren't happy with the Foreign Account Tax Compliance Act (FATCA). They are hoping President Obama will agree it should go.
July 15, 2011 - UPDATE 2-IRS allows more time on new US anti-tax evasion la
Foreign financial institutions will get another six months to start complying with a new law to prevent offshore tax evasion by Americans under a phased-in compliance schedule released on Thursday
July 14, 2011 - Senate Dems target offshore tax evasion as part of debt-lim
The bill would allow the U.S. to more aggressively attack foreign banks that fail to report accounts held by U.S. citizens for tax purposes, as well as U.S. citizens deemed to be evading U.S. taxes through these offshore accounts.
July 1, 2011 - Understand FATCA: Taxing Americans living abroad
Chairwoman, director of Switzerland-based US Tax and Financial Services sit with 'Post' discuss what the new regulations mean for American Israelis.