New Foreign Bank Reporting Law Carries Broad Implications, Mayer Brown Attorneys Say

Legislation that will impose broad withholding and reporting requirements on foreign banks will affect a wide range of financial entities and raises big questions about identification of…

Seven UBS Clients Charged with Hiding More Than $100 Million in Swiss Accounts

The Justice Department announced April 15 that seven clients of the Swiss banking giant UBS AG have been charged with collectively hiding more than $100 million from the Internal Revenue Service through…

IRS Seeks Comments on Implementing New Foreign Account Tax Compliance Act; Stakeholders Weigh in

The Internal Revenue Service April 7 asked the tax community for comments on how best to implement provisions of the Foreign Account Tax Compliance Act, recently signed into law under jobs legislation, that require extensive new reporting and disclosure on the ownership of U.S. assets in foreign banks.

ANALYSIS: Foreign Account Tax Compliance: New U.S. Rules Requiring Reporting on Certain Foreign Accounts

This legislation is a direct result of the focus by the United States and other industrialized and developing countries on combating offshore tax evasion and recouping much needed tax revenues.

Foreign Bank Reporting Provisions in New Hiring Law Seen Changing Withholding Landscape

President Obama’s signature on major new jobs legislation (Pub. L. No. 111-147; H.R. 2847) March 18 puts in place a host of requirements for foreign banks to report and disclose accounts with U.S. owners…

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