Search Results for: fatca
FATCAts
…first phases of FATCA implementation beginning in January 2013, FATCA will require all non-US ‘foreign financial institutions’, including banks, brokerage houses, hedge and private equity funds, trust companies and perhaps…
Canada and US sign FATCA tax deal where banks to share information with IRS
…signed an intergovernmental agreement (“IGA”) with the US regarding the US Foreign Account Tax Compliance Act (“FATCA”). FATCA requires U.S. financial institutions to impose a 30 percent withholding tax on…
HSBC Payment of Largest Penalty and FATCA Encourages Taxpayers to Disclose
…be seen through bilateral agreements such as the adoption of the Foreign Account Tax Compliance Act (FATCA) between the United States and the UK, Denmark, Mexico, and many other nations….
Trinidad and Tobago and the United States sign new agreement to exchange of information under FATCA
Last week Trinidad and Tobago and the United States signed an agreement to facilitate automatic exchange of information under the US Foreign Account Tax Compliance Act (FATCA). FATCA, enacted by…
Citizenship renunciation fee increases as American expatriates flee FATCA
…rise in renunciations triggered by the US Foreign Account Tax Compliance Act. FATCA forces foreign banks and other institutions to report their US clients’ financial doings to the Internal Revenue…
Top myths of US tax compliance for Foreign Accountholders
…FATCA is not a tax. FATCA does not focus on income, tax rates, or tax liability. FATCA seeks to identify U.S. investors with foreign financial interests, making it easier for…
India and the US have agreed to collaborate on offshore tax evasion
…believed to have foreign contacts for a FATCA Compliance Certificate. Technically, there is no FATCA Compliance Certificate, per se. Practically speaking, a FATCA Compliance Certificate simply refers to that indicates…
Internal Revenue Service announces new International Data Exchange Service: The Beginning of Information Sharing
…complying with FATCA can be found at FATCA – Archive. The fact that 145,000 banks have registered and are providing government help to the IRS means that no foreign account…
IRS Announces Major New changes to the Offshore Voluntary Disclosure Program
…United States. The agency says the changes are anticipated to provide thousands of people a new avenue to come into compliance with their U.S. tax obligations. They come as FATCA…
Beware: IRS Reminds Taxpayers of FBAR Deadline
…Compliance Act, or FATCA, phases in and other international compliance efforts have raised awareness among taxpayers with offshore assets, the IRS noted. The IRS is encouraging taxpayers with foreign assets,…
Watch Out for Letters From Your Foreign Bank Requesting Information On Your U.S. Residency
…they are required to obtain such personal information pursuant to the U.S. Foreign Account Tax Compliance Act (“FATCA”) FATCA requires that foreign banks submit information to the United States government…
Common Issues for US-India Tax Reporting
…financial institutions such as mutual funds or fixed deposits, need to file a FATCA self-certification form. The FATCA certification form WILL LEAD to disclosure to the US government. So know…
More Tax Complexity: New Form 8938
…been labeled the “Foreign Account Tax Compliance Act”. FATCA is part of the Hiring Incentives to Restore Employment (HIRE) Act, which was designed to enforce higher tax compliance among U.S….
How Will the IRS Find Out By Your Foreign Account? Let’s Count the Dozens of Ways
1. FATCA (Foreign Account Tax Compliance Act of 2009) requires disclosure of your account information. A. July 1, 2014 FATCA withholding began. B. FATCA requires a 30 percent withholding tax…
New Report: Delinquent Taxpayers Could be Identified at US Border Crossings
…taxpayers asking them to provide information required under FATCA. The failure to provide the information will result in the taxpayers being place on a FATCA “recalcitrant” list. The financial institutions…
Beware of U.S. tax consequences to a foreign trust with a U.S. beneficiary
…FATCA Entity Reporting: FATCA imposes a 30% withholding tax on payments to “foreign financial institutions” (“FFIs”) that do not comply with certain disclosure requirements about their U.S. account holders. A…
Swiss Government and US Government Announce New Program for Cooperation and Disclosure by Swiss Banks
…Act (FATCA) as implemented by Switzerland and the United States in the Swiss-US Intergovernmental Agreement (Swiss IGA). The New Program, similar to the OVD Initiatives, will provide the US with…
New Law’s Reporting Requirements Make It Very Likely That the IRS Will Now Know About Your Foreign Account
Under the recently enacted Foreign Account Tax Compliance Act (“FATCA”), foreign financial institutions (“Financial institutions” is broadly defined to include banks, mutual funds, funds of funds, exchange-traded funds, hedge funds,…
New voluntary disclosure program for offshore accounts in 2011
…Act (“FATCA”) ensures that more information about foreign accounts will become available to U.S. enforcement authorities. FATCA will make it much more likely that any foreign financial institution, and non-financial…
Becoming Un-American: Record number of US citizens renounce their US citizenship
…FATCA requires individuals to report certain foreign assets and banks to disclose all foreign accounts held by Americans. Key FATCA disclosure rules take effect this year that will make avoiding…
IRS announces two new intriguing targeted enforcement campaigns
…for not reporting foreign accounts. In 2011, in response to the Foreign Account Tax Compliance Act (FATCA), the IRS announced a new amnesty program called the 2011 Offshore Voluntary Disclosure…
Foreign Account Tax Compliance Act – Traps for the Unwary
For anyone who has clients or family members that live and work abroad, the new Foreign Account Tax Compliance Act (FATCA) is a real problem. Although this Act is supposed…
50% Penalty for Taxpayers Who Hold Accounts at a Bank Under Investigation
…the list may grow as FATCA is implemented, the current list of those banks include: HSBC India • UBS AG • Credit Suisse AG, Credit Suisse Fides, and Clariden Leu…
US passport and green-card has lost its glamour
A US passport or green-card is losing its glamour and appeal. Some people are surrendering their prized green cards because of the US Foreign Account Tax Compliance Act (FATCA), which…
The IRS is Hiring: Expect New Enforcement
…Account Tax Compliance Act (“FATCA”). A basic comparison of FATCA data and taxpayers’ filing data could yield many thousands of instances of noncompliance. In other words, the IRS will be…
What if You Missed the OVDI Deadline?
…of discovery by the IRS, and the attendant increased penalties and criminal exposure, is the Foreign Account Tax Compliance Act (FATCA) recently passed by Congress. Under FATCA, which goes into…
One Month Countdown: The Deadline is Nearing for U.S. Taxpayers with Undisclosed Accounts to Come Forward
…the failure to file an administrative form,” says Mr. Patel. Starting in 2014, the U.S. Foreign Account Tax Compliance Act (FATCA) will require Canadian financial institutions to disclose information about…
Upcoming live video webinar: U.S.-India Tax Planning: Reporting Issues, Traps to Avoid, Tax Treaties, FTC, FACTA/FBAR Reporting, Passive Income
…credit FATCA and FBAR reporting Inheritance taxes Benefits The panel will review these and other key issues: Filing obligations in the U.S. and India for certain taxpayers Taxable income, reportable…
New Leak of Offshore Accountholders Highlights the Need to Clean Up
…with other countries under the Foreign Account Tax Compliance Act (FATCA) have cracked open access to bank information previously held in secret in other countries. If a foreign bank refuses…
US Entities with foreign assets have more information reporting
…effective immediately, are linked to the Foreign Account Tax Compliance Act (FATCA). When FATCA was enacted in 2010, the new Section 6083D was added to the Internal Revenue Code requiring…