The effort to repeal Obama-era legislation is extending beyond the Affordable Care Act as Republican Congressman Mark Meadows and U.S Senator Rand Paul are taking steps to undo the Foreign Account Tax Compliance Act (FATCA), legislation that requires American citizens living abroad to pay taxes to the U.S. Meadows, who is a member of the… Read More >>
New Markit Service Targets the Demands of CRS
Markit is launching a due diligence solution intended to help financial services firms meet a forthcoming standard for the automated exchange of financial account information, particularly as it relates to know your customer (KYC) requirements. Created with help from officials at Barclays and Brown Brothers Harriman (BBH), the new offering is Markit│CTI Tax Solutions for… Read More >>
IRS Eases Key Pain Points of FATCA Transitional Rules
The Department of the Treasury and the Internal Revenue Service (IRS) are extending key transitional rules for the controversial Foreign Account Tax Compliance Act (FATCA), in response to concerns from those affected by the effort of the U.S. government to enforce tax compliance for foreign financial assets and offshore accounts held by U.S. citizens overseas…. Read More >>
