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Cayman Islands FATCA/CRS Deadlines Extended Further

On July 19, 2017, the Cayman Islands announced another extension of the filing deadline for 2016 FATCA and Common Reporting Standard (CRS) reports to August 31, 2017. The deadline for notification (registration) remains...more

Cayman Islands FATCA/CRS Deadlines Extended

On June 22, 2017, the Cayman Islands extended deadlines relating to 2016 FATCA and Common Reporting Standard (CRS) compliance, as follows...more

FATCA and CRS: 2016 Year End Reminders and a Look Ahead to 2017

As 2016 comes to a close, U.S. FATCA is almost fully phased-in, U.K. FATCA is being phased-out and the Common Reporting Standard (“CRS”) is nearing the first anniversary of its effective date. What began as a concept in 2010...more

Cayman Islands FATCA Compliance Deadlines Extended Again

The Cayman Islands announced the further extension of the 2016 registration and reporting deadlines for U.S. FATCA and U.K. FATCA (also known as U.K. CDOT), as follows...more

Upcoming FATCA Deadlines

As noted in the Foley Adviser dated April 14, 2016, there are several upcoming FATCA-related deadlines, two of which are right around the corner: ..June 30, 2016: Foreign Financial Institution Due Diligence for...more

FBAR: 2015 Reports Due by June 30, 2016

Every U.S. person (including both individuals and entities, as discussed below) that had a financial interest in, or signature or other authority over, one or more foreign financial accounts during 2015 must electronically...more

Cayman Islands FATCA/CRS Compliance Deadlines (2016)

Cayman Islands investment entities are currently subject to three separate regimes relating to financial account information reporting: U.S. FATCA, U.K. FATCA and the OECD Common Reporting Standard (CRS). Although these...more

Practical Tips to Avoid Being Caught in an IRS Phishing Trap

As a follow-up to our recent discussion of IRS-related phishing attempts, here are a few quick tips to stay out of the phishing traps: ..In general, the IRS does not communicate with taxpayers via e-mail, so any time...more

4/4/2016  /  IRS , Phishing Scams

Common Reporting Standard and FATCA

2016 Compliance Update - For the past few years, FATCA has dominated the international tax compliance landscape. As that regime continues to be phased-in, a new regime – the Common Reporting Standard (“CRS”) – will begin...more

FATCA: IRS Extends Transitional Rules

On September 18, 2015, the IRS announced its intention to amend the U.S. FATCA regulations to extend the effectiveness of certain transitional rules, including...more

Changes on the Horizon? IRS Announces New Plans to Recharacterize Management Fee Waiver Arrangements

On July 22, 2015, the IRS released proposed regulations that could limit the utility of “management fee waiver” arrangements (the “Proposed Regulations”). Management fees generally are taxable as compensation income....more

BVI FATCA Compliance Deadlines Extended

This week the British Virgin Islands (BVI) announced the extension of its FATCA registration and reporting deadlines, as follows...more

Cayman Islands FATCA Compliance Deadlines Extended Again

The Cayman Islands announced the further extension of its FATCA registration and reporting deadlines, as follows... ...Cayman Islands investment entities that have been classified as “Reporting Cayman Islands Financial...more

FBAR Filing Deadline Approaching

Reports Due by the End of June - Every U.S. person that had a financial interest in, or signature or other authority over, a foreign financial account during 2014 must electronically file with the U.S. Treasury...more

Cayman Islands Extend FATCA Compliance Deadlines

On May 11, 2015, the Cayman Islands announced the extension of its FATCA registration and reporting deadlines, as follows...more

FATCA Compliance Deadline Reminder – Cayman Islands

Cayman Islands investment entities that have been classified as “Reporting Cayman Islands Financial Institutions” for purposes of FATCA should make every effort to enroll with the Cayman government by the April 30, 2015...more

FATCA: Upcoming Compliance Deadlines for Non-U.S. Financial Institutions

During the multi-year build-up to FATCA, the primary focus was on entity classification and registration, and less attention was paid to the compliance obligations of U.S. and non-U.S. entities affected by FATCA. Withholding...more

2014 Tax Reporting

Don’t Forget About Your Foreign Financial Assets - U.S. citizens, resident aliens and certain non-resident aliens who held any interest in “specified foreign financial assets” at any point during 2014 may be required...more

FATCA Compliance Deadlines for December 2014

What Managers of U.S. and Non-U.S. Investment Funds Should Do Today - FATCA went into effect on July 1, 2014 and will be phased in through January 1, 2017. During that period, varying compliance deadlines apply to...more

FBAR Filing Deadline Approaching

Reports Due by the End of June - Every U.S. person that had a financial interest in, or signature or other authority over, a foreign financial account during 2013 must electronically file with the U.S. Treasury...more

FATCA: Initial Registration Deadline Extended

On April 2, 2014, the IRS announced that foreign entities that must be FATCA-compliant by July 1, 2014 now have until June 3, 2014 to register with the IRS (as opposed to the previous April 25, 2014 registration deadline)....more

FATCA: Crunch Time (April 25th Deadline is Imminent)

Every foreign entity must take steps immediately to determine whether FATCA will apply to it and, if so, whether FATCA registration will be required by April 25, 2014....more

3/31/2014  /  Deadlines , FATCA

New Proposals to Tax Carried Interest as Ordinary Income Garner Bipartisan Support

On March 4, 2014, President Obama issued his Administration’s Fiscal Year 2015 Budget, which includes a proposal to tax carried interests (also known as “performance allocations” or “incentive allocations”) in investment...more

FATCA: With Deadlines Looming, the Time to Act is Now

On July 1, 2014, FATCA will go into effect. As a consequence, foreign entities that receive payments or allocations of certain U.S.-source income generally will be subject to a new 30 percent U.S. withholding tax on such...more

2/27/2014  /  Banks , Deadlines , FATCA , FFI , Foreign Banks , Income Taxes

Massachusetts “Tech Tax” Abatement Applications Due December 31, 2013

In September 2013, Massachusetts enacted legislation to retroactively repeal the extension of the 6.25 percent Massachusetts sales and use tax to certain types of computer system design and software modification services...more

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