News & Analysis as of September 23, 2024

Foreign Account Tax Compliance Act › Extraterritoriality Rules

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The Foreign Account Tax Compliance Act is a United States federal statute enacted in 2010 as part of the Hiring Incentives to Restore Employment Act (HIRE Act). FATCA aims to improve compliance of U.S. taxpayers... more +

Cross-Border Investigations Update - January 2019

Skadden, Arps, Slate, Meagher & Flom LLP on 1/7/2019

This issue of Skadden’s semiannual Cross-Border Investigations Update takes a close look at recent cases, regulatory activity and other key developments, including DOJ guidance on the use of corporate monitors in criminal...more

FATCA is still Standing!

Foodman CPAs & Advisors on 5/17/2018

Tax Reform came and went and FATCA is still standing. While U.S. Corporations are now moving to a Territorial tax system, Individual U.S. Taxpayers living abroad ARE STILL REQUIRED to REPORT their worldwide income. ...more

FATCA, FCPA, AML and OFAC allow the US to regulate the world. But what does it really mean?

Foodman CPAs & Advisors on 8/21/2017

In the current environment of increased regulation, transparency, reporting and heightened compliance standards, the US and its Government Agencies have an arsenal of tools with extraterritorial application. ...more

Federal Tax Advisory: Extraterritorial Taxation: Rev. Rul. 2016-03

Alston & Bird on 2/2/2016

Not a State Tax – State tax disputes commonly involve claims that a state cannot tax beyond its geographical boundaries. That principle is at the root of Quill Corp. v. N.D., 504 U.S. 298 (1992), requiring that a...more

Allocation of FATCA Withholding Risk in Financial Transactions Outside the United States

K&L Gates LLP on 10/23/2013

The U.S. Treasury Department has delayed implementation of FATCA once again. However, this delay may be the last, and a phased implementation of FATCA is scheduled to begin on July 1, 2014. FATCA introduces the potential for...more

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