About three-quarters of the way into putting together FTF News’ special report on the Foreign Account Tax Compliance Act (FATCA), it occurred to me that the legislation meant to curtail offshore tax evasion has evolved into a phenomenon. Since FATCA became law in 2010, it was clear that it was going to compel firms to… Read More >>
deVere Group Blasts FATCA’s Start
For years, Nigel Green, CEO of investment firm deVere Group, has been warning of a “dark day” looming on the horizon “for the seven million Americans living overseas, and for U.S. firms that operate globally.” Now that day is finally here, as the U.S. Foreign Account Tax Compliance Act (FATCA) goes into effect after years… Read More >>
Special Report: Surviving the Phenomenon of FATCA
No matter how hard financial services firms try, they cannot avoid the reach of the Foreign Account Tax Compliance Act (FATCA), a law meant to curtail offshore tax evasion. In this 15-page, in-depth report, FTF News explores the complexities of meeting the FATCA deadlines and the demands of the IRS even as the government provides… Read More >>
Is FATCA a Train Wreck You Can’t Miss?
Conventional wisdom has taken a beating recently especially for domestic and international politics. Who would have predicted six months ago that Republican House Majority Leader Eric Cantor would be defeated in a primary, Russia would have annexed Crimea and is threatening to invade the Ukraine, and Iraq would be sliding toward a sectarian war? The… Read More >>
The GOP’s New Attack on FATCA
(Editor’s note: The following is an excerpt from a feature that is part of a forthcoming FTF News Special Report on FATCA.) In its ongoing battle to repeal the Foreign Account Tax Compliance Act, the Republican National Committee is hoping to mount a legal challenge to the constitutionality of the push to curtail offshore tax… Read More >>
FTF HedgeOps Report: Time for a New Culture of Compliance
Senior stewards of the new post-2008 regulation era at hedge funds took center stage at “Answering the Corporate Governance Call,” a remarkably candid panel at this week’s HedgeOps New York event, sponsored by FTF. The all-day insider event’s ground rules restrict press, including FTF News, from identifying individual panelists. However, each panelist is a senior… Read More >>
Thomson Reuters Expands FATCA GO
Market data and financial systems provider Thomson Reuters has added to its Foreign Account Tax Compliance Act (FATCA) Grandfathered Obligations (GO) solution by including material modifications flags, say company officials. The new material modifications feature will help financial institutions such as custodian banks, better determine the FATCA eligibility of financial instruments when and if an… Read More >>
Credit Suisse Defrauds IRS as EC Takes on Big Players
Not only is Credit Suisse admitting guilt and paying $2.6 billion in fines for helping U.S. taxpayers file false income tax returns with the IRS, the bank has also agreed to comply with the Foreign Account Tax Compliance Act (FATCA) and other tax treaties as part of a plea agreement with the U.S Department of… Read More >>
Fighting Russia with FATCA
The Foreign Account Tax Compliance Act may take on a significant role beyond that of a tedious tax chore with harsh consequences. A tax withholding provision of FATCA could become a key economic sanction against Russian financial institutions and investors that the U.S. could exploit for its response to the international strife over the Ukraine…. Read More >>
FATCA Easing and Good Faith Efforts
Sighs were heard across Wall Street last week after the IRS announced some “FATCA easing,” of the many enforcement and administration requirements of the Foreign Account Tax Compliance Act. However, the fine print may cause those sighing to wish for more relief. To recap, the IRS announcement, “Further Guidance on the Implementation of FATCA and… Read More >>
