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A small repreieve from FATCA

The IRS has given foreign financial institutions (FFIs), such as banks, additional time to update their  reporting systems through an amendment to the temporary FATCA regulations.  The Department of Treasury and the Internal Revenue Service have stated, in IRS Notice 2014-59 that withholding agents and payers have an extended time of implementing their new entity account procedures from July 1, [...]

FATCA: Foreign Funds Lending into the US and Investing in US Indebtedness Should Take Heed

The recent enactment of the Foreign Account Tax Compliance Act (“FATCA”) has greatly expanded the tax reporting obligations of foreign persons investing in the US. Ostensibly targeted by the drafters of this legislation, private equity funds and hedge funds investing in the US (through either debt or equity investments) should be particularly concerned with the [...]

Find out who has regisitered for FATCA thus far

As we have discussed in many of our previous blogs, the FATCA train is gathering pace! To recap – the Foreign Account Tax Compliance Act (FATCA) was brought into law as part an incentive to identify tax non-compliance by US taxpayers with non-US bank accounts by getting the foreign financial institutions (FFI’s) to report their [...]

Existing W-8 form OK to use for 2014, says IRS Official

Earlier this year, the Internal Revenue Service (IRS) released new versions of Forms W-8 to reflect the  changes made by Foreign Account Tax Compliance Act (FATCA). The W-8BEN-E is required by entities and the W-8BEN is for individuals.  Furthermore, there is a new Form W8-IMY which is used by foreign intermediaries or foreign flow-through entities. As the [...]

“It’s not a matter of ‘if,’ it’s a matter of ‘when.”

The US Department of Justice (DoJ) have announced that asset management firm, Investment Network AG, and three of its wholly-owned subsidiaries (based in Zurich, the Cayman Islands and Liechtenstein), known collectively as The Swisspartners Group, have entered into an NPA – a non-prosecution agreement – with the US Attorney’s office. The NPA states the Swisspartners [...]

Over 60 nations on board with FATCA and the IRS have offered leniency

The US Treasury Department has released a new list of countries that have signed International Governmental Agreements (IGA’s). Currently there are over 30 nations having signed under Model 1 and Model 2 IGAs. Included on this list are additional countries who have agreed “in substance” to comply with FATCA, but have not formally signed the agreement. The US [...]

US Clients Contacted By Swiss Tax Authority

US persons with Swiss bank accounts will soon be receiving a letter requesting their permission to send their account information to the Internal Revenue Service (IRS), as part of the Foreign Account Tax Compliance Act (FATCA). On Tuesday, 22nd April, Switzerland’s Federal Tax Administration (FTA) announced this move and provided the content of the letter, [...]

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