American Institute of Certified Public Accountants Offers Comments to Treasury, IRS on Foreign Bank Account Report Guidance

The American Institute of Certified Public Accountants May 17 unveiled comments on requirements for taxpayers required to file the Report of Foreign Bank Account (FBAR) …

Some Provisions of New Foreign Accounting Tax Compliance Act Apply to Trusts, Treasury Official Says

Practitioners should be aware that some provisions in the Foreign Accounting Tax Compliance Act change when a trust will be deemed to have a U.S. beneficiary, as well as the reporting requirements for…

IRS Offers Its Agents Road Map for Auditing Distressed Asset Trust Tax Shelter Deals

The Internal Revenue Service March 24 gave its agents a detailed road map for auditing distressed asset trust (DAT) tax shelters, deals in which taxpayers use trusts to shift built-in losses from a tax-indifferent party to a U.S. taxpayer who has not incurred an economic loss.

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

IRS unveils targeted guidance that practitioners say will provide significant relief for taxpayers required to file the Report of Foreign Bank Account, on the heels of…

International Provisions in FY 2011 Budget Would Limit Deferral, Stop Abusive Transfers of Intangibles

The fiscal year 2011 budget unveiled Feb. 1 by the Obama administration contained a broad-ranging package of international tax provisions that…

IRS Officials, Stakeholders Discuss Range of Issues on Expatriation, Foreign Trusts

Internal Revenue Service officials and private sector stakeholders Jan. 19 discussed a broad range of international issues related to expatriation…

Treasury predicts major regulatory effort to implement anti-tax haven measure

Treasury Department officials said Dec. 10 that if the anti-tax haven Foreign Tax Compliance Act (H.R. 3933, S. 1934) is enacted, the government stands ready for a major regulatory effort to put it in place…