Tax treaty tie-breakers

Under many US tax treaties, if a foreign individual is a tax resident of both the US and his home country then certain ‘tie breaker’ rules will apply to determine tax residence for treaty purposes. Generally, the individual will be

No More Delays for FATCA: Get Ready for Disclosure

The US Foreign Account Tax Compliance Act (FATCA) will definitely come into effect on 1 July this year with no possibility of further delay, according to officials of the US Internal Revenue Service (IRS). FATCA, which was signed in March

Canada and US sign FATCA tax deal where banks to share information with IRS

Ottawa and Washington have reached a compromise over how to apply a U.S. law targeting would-be American tax dodgers living in Canada.  Canada has signed an agreement with the U.S. on the automatic sharing of bank information between the two