Privacy

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News & Analysis as of May 18, 2013

New IRS reporting rules raise privacy concerns

by Bilzin Sumberg Baena Price & Axelrod LLP on 10/17/2012

Originally published in the Daily Business Review on October 16, 2012. New IRS regulations that require banks to report non-U.S. taxpayers' bank deposit interest, which could then be shared with their home countries,...more

Will The IRS Report Non-U.S. Taxpayers’ Bank Deposit Interest To Foreign Governments?

by Bilzin Sumberg Baena Price & Axelrod LLP on 9/26/2012

Banks’ Reporting Requirements Raise Privacy Concerns - Effective January 1, 2013, U.S. financial institutions will be required to annually report bank deposit interest earned by non-U.S. residents to the IRS. Currently,...more

Senator Opposes Swiss Accounts Tax Treaty Change

by Darrin Mish, Tampa Tax Attorney on 5/2/2012

Senator Rand Paul (R – Kentucky) opposes changes to the US-Swiss tax treaty that would effectively allow the US government more access to tax information connected to Swiss bank accounts of US citizens. Senator Paul stresses...more

An Intergovernmental Approach to FATCA: US Treasury Issues Joint Statement From the United States, France, Germany, Italy, Spain...

by White & Case LLP on 3/16/2012

On February 8, 2012, the Department of Treasury (the “Treasury”) and the Internal Revenue Service (the “Service”) issued proposed regulations under the Foreign Account Tax Compliance Act (“FATCA”). FATCA establishes a new US...more

Summer’s Last Gasp: Notice 2010-60- Preliminary Guidance Under FATCA

by Sutherland Asbill & Brennan LLP on 12/10/2010

INTRODUCTION Issued during the afternoon of the last Friday in August, Notice 2010-60 1 (the Notice) was soon emailed around the world even though it was evening in Europe and the middle of the night in Asia. Eagerly...more

HSBC Next Tax Haven Bank Under Attack?

by Sanford Millar on 10/27/2010

According to press reports a former employee of HSBC Private Bank in Geneva, Switzerland stole computerized account data on 80,000 accounts and delivered the information to French authorities. There is no indication how many...more

Swiss To Help IRS Nab Tax Dodgers

by Darrin Mish, Tampa Tax Attorney on 6/30/2010

After a much-publicized initial rejection by the Swiss lower house of parliament of an IRS-UBS deal in which the Swiss bank agreed to forward details of 4,450 of its American depositors suspected of tax evasion, the lawmakers...more

IRS-UBS Deal Likely Brought to Swiss Voters

by Darrin Mish, Tampa Tax Attorney on 6/28/2010

Last year, the IRS and Switzerland’s UBS Bank hammered out a deal where UBS agreed to disclose names of 4,450 American depositors suspected of stashing the cash in their UBS accounts to avoid paying taxes, against Swiss...more

International Legal News Volume 4 Issue 1 - January 12, 2007

by International Lawyers Network on 1/12/2007

In this Issue: *DISCOVERY VS. PRIVACY: WHEN LAWS IMPLEMENTING THE E.U. DIRECTIVE ON DATA PROTECTION CONFLICT WITH U.S. DISCOVERY RULES Beirne, Maynard & Parsons, L.L.P., Texas by David. E. Sharp *THE NEW CZECH LABOUR CODE...more