FATCA Adds Layer of Complexity, Penalty Exposure to Offshore Asset Reporting
This item highlights the provisions of FATCA that are most likely to affect U.S. tax practitioners and their clients—the taxpayer reporting provisions of new Sec. 6038D
Published on March 18, 2013
FATCA Prop. Regs. Amended to Extend Various Deadlines
The IRS is delaying various FATCA-related deadlines because it has received feedback that complying with the original deadlines and other requirements is proving to be impractical for some taxpayers
Published on December 31, 2012
FATCA Regulations Effective Date Approaching Quickly
As of July 1, 2014, withholding agents must have processes in place to determine and document the FATCA status of their payees before payment is made
Published on August 31, 2013
FATCA Should U.S. Financial Institutions Be Concerned
The Foreign Account Tax Compliance Act requires foreign financial institutions to identify U.S. account holders and reveal details about their accounts to the IRS.
Published on October 05, 2010
FATCAs Withholding Requirements for Foreign Financial Institutions
FATCA imposes rigid new account identification, reporting, and tax withholding requirements on foreign financial institutions and other withholding agents
Published on July 23, 2013
FATCA Prop. Regs.
The IRS on issued proposed regulations providing rules on information reporting by foreign financial institutions (FFIs) and withholding on certain payments to FFIs and other foreign entities.
Published on March 31, 2012
FATCA Withholding on Payments to Nonfinancial Foreign Entities A Broad New Requirement
Beginning July 1, 2014, U.S. taxpayers that have nothing to do with financial services will be required to collect, analyze, document, and report information regarding payments to both foreign financial institutions and nonfinancial foreign entities.
Published on September 30, 2013
FATCA Guidance Issued for Foreign Financial Institutions
The IRS has issued more guidance in preparation for the implementation of the Foreign Account Tax Compliance Act reporting and withholding requirements. The guidance applies to foreign financial institutions entering into an FFI agreement with the IRS under Sec. 1471 or to FFIs or branches of FFIs treated as reporting
Published on December 31, 2013
FATCA Final Regulations Issued
The IRS issued final regulations providing rules on information reporting by foreign financial institutions (FFIs) and withholding on certain payments to FFIs and other foreign entities.
Published on April 01, 2013
Treasury Releases FATCA Model Intergovernmental Agreement
On July 26, the Treasury Department released its long-awaited model intergovernmental agreement to improve tax compliance and to implement FATCA
Published on October 31, 2012