Taxpayers Said to Fear Disclosing Assets as Foreign Bank Crackdown Continues

The Internal Revenue Service’s intense effort to get taxpayers to tell the government about their offshore assets may be running into difficulties even as IRS continues its crackdown on foreign banks that help taxpayers hide those assets…

Treasury, IRS Likely to Seriously Consider E.U. Letter on Foreign Account Tax Compliance Act Concerns, Practitioners Say

The United States is likely to carefully consider the European Union’s letter voicing concerns about the Foreign Account Tax Compliance Act and suggesting “synergies” between the EU Savings Directive and the new U.S. statute…

IRS Unveils Eagerly Awaited Foreign Account Tax Compliance Act Guidance; Practitioners Say Many Challenges Remain

The Internal Revenue Service April 8 unveiled its eagerly awaited second notice on the Foreign Account Tax Compliance Act, offering what practitioners said is welcome guidance under the new law that requires foreign banks to disclose their U.S.-owned accounts or face a 30 percent withholding tax in some cases…

FinCEN Unveils Final Report of Foreign Bank Account Regulations, Clarifies Definition of Signature Authority

The Financial Crimes Enforcement Network (FinCEN) Feb. 23 unveiled final rules on the scope of persons required to file the Report of Foreign Bank Account (FBAR), clarifying the definition of those required to file because they have signature authority over an account and making a host of other changes…

Government Provides Targeted Guidance, Proposes Rules on Report of Foreign Bank Account Requirements

The Internal Revenue Service Feb. 26 unveiled targeted guidance that practitioners said would provide significant relief for taxpayers required to…