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FATCA - Offshore Account Enforcement News

July 5, 2017 - CRS: the end of tax evasion?
CRS is the framework issued by OECD to collect, report and automate the exchange of taxpayer information among regulators across the countries. Automatic exchange of information (AEOI) will facilitate the transmission of taxpayer information from the source jurisdictions to the taxpayer’s residence jurisdictions. It will help regulators to have tax information of non-resident account holders and thus ease catching hold of where tax has been evaded.

June 7, 2017 - IRS revamps FATCA registration system
The Internal Revenue Service has updated its online registration system for the Foreign Account Tax Compliance Act to allow foreign financial institutions to renew their agreement with the IRS.

June 2, 2017 - FATCA and CRS Reporting Deadlines Near
The 30 June 2017 deadline for Isle of Man Financial Institutions to submit their 2016 US FATCA reports to the Income Tax Division is now less than one month away.

June 2, 2017 - 400,000 US Expats Ready To Renounce Citizenship Over FATCA
The poll by international tax service Greenbacks asked Americans living overseas if they plan to give up their citizenship because of the Foreign Account Tax Compliance Act (FATCA).

April 10, 2017 - Surge in US expats declaring offshore assets
Though the Trump administration has yet to make any official announcement on the policy, it is widely expected that the amnesty could be curtailed or even ended.

April 6, 2017 - Americans abroad lobby for tax changes
Some Republican lawmakers have pushed for doing away with FATCA. In the last Congress, Sen. Rand Paul (R-Ky.) and Rep. Mark Meadows (R-N.C.) introduced legislation to scrap many of the law’s provisions; then-Rep. Mick Mulvaney (R-S.C.), who is now director of the Office of Management and Budget, was a cosponsor of Meadows’s bill.

April 6, 2017 - Meadows-Paul Letter Urging Executive Action To Nullify FATCA Is A Landmark Moment
Meadows and Paul introduced FATCA repeal legislation in the previous Congress and plan to file the same bill tomorrow, with expectations that repeal will be included in any tax law sent to President Trump. A House hearing on the damaging impact of FATCA, especially on Americans living abroad, will take place on April 26.

March 28, 2017 - Anti-FATCA lawyer rejects Europe threat to US taxpayers
The U.S. legislation requires nearly 9 million overseas U.S. citizens and a broad range of U.S.-affiliated individuals – including 6.000 in the Cayman Islands – and companies to declare their overseas accounts and income, paying taxes to Washington’s Internal Revenue Service.

March 20, 2017 - VAT and CRS to add to costs and regulatory burden of banks
“The increased volume of data to be collected, stored, retrieved and reported under CRS is a significant logistical challenge. The bigger challenge, however, is around new customer communication and existing customer remediation,” said Clare McColl, Partner, KPMG.

Feb 17, 2017 - Ukraine, US sign Model 1 FATCA agreement
The US and Ukraine had previously agreed in substance to a Model 1 FATCA IGA and Ukraine has been treated as if it had a FATCA agreement in effect as of June 30, 2014.

Janaury 26, 2017 - Kamla writes Trump on FATCA
Opposition Leader Kamla Persad-Bissessar has bypassed Prime Minister Dr Keith Rowley and has written directly to United States President Donald Trump, asking him to state his position on the Foreign Account Tax Compliant Act (FATCA).

Janaury 26, 2017 -Greece, US sign FATCA agreement
The US Treasury Department updated its FATCA website January 24, reporting that Greece has signed a Model 1 intergovernmental agreement (IGA) and an understanding with the United States.

January 23, 2017 - Agreement to implement FATCA signed with US
An agreement was signed between the Government of the Kingdom of Bahrain and the Government of the United States of America to improve international tax compliance and implement the Foreign Account Tax Compliance Act (FATCA).

January 10, 2017 - Bankers Association "pleased" with FATCA progress
"However, we wish to remind the Government and the Opposition that time is not on our side. It is our hope and expectation that the Joint Select Committee will meet its February 3rd reporting deadline in order to have the Bill passed to meet the country’s FATCA obligations."

December 20, 2016 - MSAR, US sign agreement to avoid fiscal evasion
Under the IGA, financial institutions in Macau are required to register and conclude separate individual agreements with the U.S. IRS. Under the agreements, these institutions shall seek the consent of their U.S. taxpaying account holders to report their account information to the U.S. IRS annually.

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