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 >>
Breaking News: IRS Offers FATCA Relief
Although key deadlines remain, the IRS is signaling that there could be some enforcement and administration relief for financial services firms that make a “good faith effort” to meet the many requirements of the Foreign Account Tax Compliance Act (FATCA), according to a notice released late last week. The transition period and other guidance of… Read More >>
Canada Gets on the FATCA Train
Canada has finally signed an intergovernmental agreement with the U.S. over the Foreign Account Tax Compliance Act and is pursuing the approval of Parliament for the deal. This is a significant step because so many citizens and financial services firms have multiple ties to the U.S. and Canada. They also have major unresolved concerns. The… Read More >>
Time to Repeal FATCA?
FATCA opponent Nigel Green, CEO and founder of the deVere Group, a global financial advisory firm, fully supports a new Republican initiative to repeal the Foreign Account Tax Compliance Act, passed by the U.S. Congress in 2010. The Republican National Committee during its winter meetings late last month vowed to stop the controversial law, which… Read More >>
The Promise of Corporate Actions Contradictions
At one point during FTF’s CAPCon New York conference yesterday, a panelist noted that many of the issues being raised have not substantially changed over the past 20 years. While I concede the point, my perception is that corporate actions processing has become a mix of extreme contradictions that are harbingers of real changes to… Read More >>
Avoiding FATCA’s Pitfalls
The IRS has officially kicked off its website registration for those that fall under the jurisdiction of the Foreign Account Tax Compliance Act, which is a lot of people. Taking that first step is important but as the respondents to FTF News’ questions report, there will be many pitfalls to avoid.For this Q&A, FTF News… Read More >>
Your FATCA Journey Begins Today
As promised, the IRS, which oversees the Foreign Account Tax Compliance Act, has launched its web link for FATCA registration this morning and the agency and providers are doing what they can to ease what looks like the start of a fairly complicated process.The first step would be for firms to download a 76-page user… Read More >>
Q&A: Get Ready for the FATCA Cliff
The U.S. Foreign Account Tax Compliance Act (FATCA) covers tax compliance for foreign financial assets and offshore accounts. The law requires taxpayers with foreign financial assets that exceed specified thresholds to report the assets to the Internal Revenue Service (IRS). The FATCA law will also require foreign financial institutions to report directly to the IRS… Read More >>
