October 28, 2019 - US IRS tells banks not to close accounts just because of missing tax ID number: FATCA
The US Internal Revenue Service has eased the rules of FATCA compliance by telling banks overseas that they are not required to close the accounts of their accidental Americans clients who have not provided their tax identification number by January 2020.
September 10, 2019 - Is the New IRS Expatriation Initiative Really Better than an Existing Program and Law?
the only thing the Expat Relief accomplishes that the existing Foreign Streamline program and Section 877A do not, is it saves the taxpayer the necessity of paying the income tax on the six years of filed tax returns.
September 6, 2019 - Relief Procedures for Certain Former Citizens
The IRS announced procedures for certain persons who have relinquished, or intend to relinquish, their United States (U.S.) citizenship and who wish to come into compliance with their U.S. income tax and reporting obligations and avoid being taxed as a “covered expatriate” under section 877A of the U.S. Internal Revenue Code (IRC).
April 4, 2019 - IRS failing to deal with overseas assets data
The US tax authorities are having trouble dealing with the information they receive getting from foreign banks about US taxpayer assets under the Foreign Account Tax Compliance Act (FATCA) because of problems with the data and various mismatches, according to a report from the Government Accountability Office (GAO)
November 2, 2018 - IRS Announces the Identification and Selection of Five Large Business and International Compliance Campaigns
This campaign addresses those entities that have FATCA reporting obligations but do not meet all their compliance responsibilities. The Service will address noncompliance through a variety of treatment streams, including termination of the FATCA status.
October 18, 2018 - Swiss Banks Begin Unmasking Identity, Balances of Secret Account Holders
The initial exchange was supposed to be with European Union countries plus nine other jurisdictions: Australia, Canada, Guernsey, Iceland, Isle of Man, Japan, Jersey, Norway and South Korea
April 16, 2018 - ‘Accidental Americans’ in France Press Macron for IRS Relief
Nearly 100 countries have signed treaties with the U.S. to turn over tax information of potential American citizens, even though the U.S. doesn’t reciprocate. The U.S. is the only advanced nation that taxes citizens on worldwide income even when they live abroad.
March 16, 2018 - Foreign Account Tax Compliance Act (FATCA), The Ministry of Finance
Nassau, N.P., The Bahamas
October 11, 2017 - FATCA ‘files’ sent off to US
The Ministry of Finance has sent the first official list of names of Americans and Kuwaitis who also hold the US citizenship to the US Department of Revenue in compliance with the Foreign Account Tax Compliance Act (FATCA) based on agreement signed between the countries, reports Al-Rai daily.
September 28, 2017 - IRS: Foreign Entities Must Forget Old Qualified Intermediary FAQs (Corrected)
The IRS deleted the previous FAQs from its website between 2015 and 2016, added Ferris, who hosted the conference's closing question-and-answer session with the U.S. tax agency. The FAQs “give a lot of extra guidance to qualifying intermediaries—guidance that is not in the QI Agreement or the regulations.”
September 28, 2017 - US IRS relaxes FATCA rules for financial institutions required to report TINs
Notice 2017-46, provides that foreign financial institutions (FFIs) in Model 1 IGA jurisdictions will not be in significant non-compliance with an applicable IGA during 2017, 2018, and 2019 because of a failure to report US TINs for preexisting accounts, provided the FFI reports the account holder’s date of birth, makes annual requests for the TIN, and searches its electronic records for missing US TINs before reporting information on 2017.
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).