Saturday, November 1, 2014

Long-Awaited Foreign Account Tax Compliance Act Final Rules Issued by Government

January 22, 2013 in BNA's Banking Report · Leave a Comment 

The Treasury Department and the IRS issued long-awaited final rules, with changes intended to harmonize agreements negotiated with other countries. The 2010 law is intended to stop cross-border tax evasion…

IRS Coordinates Due Diligence Timelines for Requirements Related to Foreign Account Tax Compliance Act

November 6, 2012 in Banking Report · Leave a Comment 

The IRS announced Oct. 24 it would significantly reduce the administrative burden of completing due diligence requirements for U.S. withholding agents and foreign financial institutions under the FATCA, by aligning the time frames placed on withholding agents to identify the U.S. accounts to be reported to IRS…

FTC Proposes Changes to Children’s Online Privacy Protection Act Rule

The Treasury Department unveiled a long-awaited model agreement July 26 for government-to-government information sharing under the Foreign Account Tax Compliance Act (FATCA).

IRS Debuts Alternative FATCA Approach in Compliance Pacts with Switzerland, Japan

July 2, 2012 in Banking Report · Leave a Comment 

The Treasury Department announced agreements with Switzerland and Japan to pursue a new alternative approach to compliance with the Foreign Account Tax Compliance Act, with an official telling BNA the U.S. government does not expect further models to be proposed.

New Nonresident Alien Bank Reporting Rules Seen Hastening Automatic Information Exchange By Foreign Countries

April 30, 2012 in BNA's Banking Report · Leave a Comment 

New rules requiring U.S. banks to report interest on deposits held by nonresident aliens represent a significant advance in global information sharing and may be a factor in getting more countries to sign agreements to automatically exchange information with the United States, practitioners told BNA in recent interviews

IRS Unveils Final Rules Requiring Reporting Of Bank Interest Paid To Nonresident Aliens

April 30, 2012 in BNA's Banking Report · Leave a Comment 

Banks will have to report deposit interest paid to nonresident aliens as a way to help the United States combat tax evasion through its ability to reciprocate tax information shared by other countries, the Internal Revenue Service said in final rules (T.D. 9584).

Government Issues Sweeping Guidance for Foreign Banks under Foreign Account Tax Compliance Act

February 15, 2012 in Banking Report · Leave a Comment 

Banks in foreign jurisdictions and the U.S. received sweeping guidance on the next major phase of implementation of the Foreign Account Tax Compliance Act, in nearly 400 pages of eagerly awaited rules that practitioners said show positive responses to industry concerns…

Taxpayers Said to Fear Disclosing Assets as Foreign Bank Crackdown Continues

August 25, 2011 in BNA's Banking Report · Leave a Comment 

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

April 13, 2011 in Banking Report · Leave a Comment 

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

April 13, 2011 in Banking Report · Leave a Comment 

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…

Next Page »