Do You know that the US might have a Tax Sharing Information Agreement with your Country?
The US has Tax treaties and Tax Information Exchange Agreements (TIEAs) with certain countries that provide, upon request, for the exchange of U.S. income information regarding their citizens or residents. There are currently 43 countries on the list. Exchange of
- JD Supra
Traps for the Unwary: Are Financial Institution receiving adequate FATCA consulting and training?
FATCA is Chapter 4 of the Internal Revenue Code (IRC). It conscripts Foreign Financial Institutions (FFIs) to act as reporting and withholding agents for the U.S. Government. To enforce its conscription, it contains a mechanism for financially penalizing FFIs that
- JD Supra
US Banks wanting to be ahead of the FATCA game must master international tax compliance
The terms FDAP (Fixed, Determinable Annual and Periodical Income) and ECI (Effectively Connected Income) are expansive terms. They are the backbone behind the tax withholding, and reporting requirements imposed on US Banks with respect to outbound payments. Many of the
- JD Supra
The U.S. a tax haven? Could be questionable going forward given the new scrutiny of disregarded entities……
The U.S. a tax haven? Could be questionable going forward given the new scrutiny of disregarded entities…… was published by the South Florida Legal Guide.
- Miami Herald Business Monday - South Florida Legal Guide Supplement
Is the Perception That the US Continues to Be a Tax Haven a Reality?
Is the Perception That the US Continues to Be a Tax Haven a Reality? was published by the Daily Business Review on 4/26/17.
- Daily Business Review
Debit cards, Offshore Funds and a John Doe Summons
IRS remains committed to its priority efforts to stop offshore tax evasion wherever it occurs. It pursues cases in all jurisdictions of the world. Over the years, numerous individuals have been identified as evading US taxes by hiding income in
- JD Supra
FBI Is Focused On Professional Service Providers
James C. Barnacle, Chief of the Money Laundering Unit in the Financial Crimes Section, Criminal Investigation Division, of the FBI recently stated that there is a RENEWED emphasis on investigations targeting “ money laundering” middlemen, also known as third-party facilitators.
- JD Supra
Is the IRS Wealth Squad After You? Here Are Some Triggers
Is the IRS Wealth Squad After You? Here Are Some Triggers was published by the DBR.
- Daily Business Review
Bankers, Do your US Clients tell you everything that you need to know?
Given the information publicly revealed by “Panama Papers”, and recent IRS reminders to out-of-compliance US Taxpayers to come into full compliance with their federal tax obligations, it is critical that Bankers and Financial Institutions educate their clients regarding banking industry
- JD Supra
¿Sabe usted el propósito de los Procedimientos de Presentación de Cumplimiento Racionalizados?
Procedimientos Racionalizados de Presentación de Cumplimiento (Streamlined Filing Compliance Procedures) es una de las opciones disponibles para los contribuyentes Estadounidenses con activos e ingresos financieros extranjeros no autoreportados. Está destinado a los contribuyentes que han actuado no-intencionalmente. El Proceso está
- JD Supra
Do you know the purpose of the Streamlined Filing Compliance Procedures?
Streamlined Filing Compliance Procedures (Streamlined) is one of the options available for US Taxpayers with unreported foreign financial assets and income. It is intended for the Taxpayers that have acted non-willfully. The Streamlined process is available to US individual Taxpayers
- JD Supra
Cuando FATCA y los Programas de Amnistía Fiscal se cruzan, ¿será demasiado tarde para los contribuyentes Estadounidenses?
Las Instituciones Financieras extranjeras (FFIs) y las autoridades fiscales de los países anfitriones le han proporcionado al IRS con una segunda ronda de informes de información sobre cuentas financieras mantenidas por los contribuyentes Estadounidenses. Este intercambio de información es automatizado
- JD Supra
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