Monday, November 24, 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…