FATCA, Reporting Requirements

Swiss sign Model 1 IGA with United States and resolve transition issues

Eversheds Sutherland (US) LLP on 7/19/2024

On June 27, 2024, Switzerland and the United States executed the Agreement between Switzerland and the United States of America to Improve International Tax Compliance and to Implement FATCA (New IGA), which will take effect...more

Are There Strategies to Avoid an IRS Audit?

Allen Barron, Inc. on 11/28/2023

Are there strategies to avoid an IRS audit? What are some of the known risks for triggering an IRS audit? What should you do if you have are concerned about the information provided a previous tax return? Is there a way to...more

Recent Legislative Proposals and IRS Guidance on the Taxation of Digital Assets

Proskauer - Tax Talks on 5/2/2023

This blog post summarizes recent federal bills that have been introduced (but not yet passed), proposals by the Biden Administration, and guidance issued by the Internal Revenue Service with respect to the taxation of digital...more

Las FFI Modelo 1 Obtienen Alivio Temporario De Informes FATCA

Foodman CPAs & Advisors on 1/12/2023

El 12/30/22, el IRS emitió el Aviso 2023-11 con el propósito de proporcionar alivio de informes FATCA a las FFI Modelo 1 que no han podido obtener los TINs (“Tax ID Numbers”) de los EE. UU. para sus cuentas preexistentes que...more

Model 1 FFIs Get FATCA Temporary Reporting Relief

Foodman CPAs & Advisors on 1/10/2023

On 12/30/22, the IRS issued Notice 2023-11 with the purpose of providing FATCA reporting relief to Model 1 FFIs who have been unable to obtain US TINs for their pre-existing accounts that are US reportable accounts. In turn,...more

Recent Regulatory Developments Affecting BVI Mutual Funds and Private Investment Funds

Conyers on 12/30/2022

Requirement to appoint a Money Laundering Reporting Officer (“MLRO”) - Under the Anti-Money Laundering Regulations (Revised Edition 2020), as amended by the Anti-Money Laundering (Amendment) Regulations, 2022, and the...more

¿Cuáles fiscos de América Latina reciben automáticamente información de USA y cómo funciona?

Holland & Knight LLP on 12/20/2022

El intercambio automático y masivo entre el fisco de Estados Unidos y otros países empezó con la ley de cumplimiento fiscal de cuentas extranjeras (Foreign Account Tax Compliance Act o FATCA). FATCA es parte de una larga...more

Sponsoring Entities Under IRS FATCA Scrutiny

Foodman CPAs & Advisors on 11/4/2022

On 10/11/22, the IRS issued Notice Number 2022-05: FATCA Registrations: Sponsoring Entities with no Registered Sponsored Entities. The IRS has identified Sponsoring Entities that do not appear to have Sponsored Entities...more

Entidades Patrocinadoras Bajo El Escrutinio FATCA Del IRS

Foodman CPAs & Advisors on 11/4/2022

El 11/10/22, el IRS emitió el Noticiero Número 2022-05: Registros FATCA: Entidades Patrocinadoras sin Entidades Patrocinadas Registradas. El IRS ha identificado Entidades Patrocinadoras que no parecen tener Entidades...more

International Tax Withholding | Chapter 3 of the Internal Revenue Code

Freeman Law on 10/19/2022

One of the more confusing areas of international tax law is determining when withholding is required. Getting it wrong can have dire consequences. Currently, U.S. international withholding provisions can be found in...more

Global Developments in the Taxation and Reporting of Digital Assets

Morrison & Foerster LLP on 10/6/2022

Just 10 years ago, only your millennial, techie cousin had ever heard of, let alone purchased, any cryptocurrency. Fast forward to 2021, and the volume of cryptocurrency transactions has grown to $15.8 trillion....more

FATCA Coming To Digital Assets

Foodman CPAs & Advisors on 5/23/2022

The Biden’s Administration’s Fiscal Year 2023 Revenue Proposal includes “Modernize Rules” to address Digital Assets that will require reporting by certain Taxpayers of Foreign Digital Asset Accounts. ...more

TIGTA Report Sheds Light On The Future Of FATCA Enforcement

Foodman CPAs & Advisors on 4/27/2022

The TIGTA Report dated April 7, 2022 details six recommendations for additional actions needed to address Non-Filing and Non-Reporting Compliance Under FATCA. ...more

“Reciprocal FATCA” Bill Will Be A Game Changer

Foodman CPAs & Advisors on 4/27/2022

Under the concept of “Reciprocal FATCA” financial institutions and brokers ought to start preparing to assume greater and expanded reporting responsibilities. As FATCA Stakeholders, financial institutions, and brokers, such...more

Cómo las Administraciones Tributarias Manejan el Incumplimiento de FATCA, CRS

Foodman CPAs & Advisors on 3/4/2022

Las administraciones tributarias pueden utilizar una combinación de medidas de detección, preventivas y correctivas para evaluar y tratar Ley de Cumplimiento Tributario de Cuentas Extranjeras (FATCA) y el incumplimiento del...more

Cómo asegurar la colaboración de las partes interesadas en FATCA y CRS

Foodman CPAs & Advisors on 3/4/2022

Las partes interesadas en la Ley de Cumplimiento Tributario de Cuentas Extranjeras (FATCA) y el Estándar Común de Reporte (CRS) son clave para los esfuerzos exitosos de implementación, cumplimiento y mantenimiento de las...more

Upcoming Virtual Currency FBAR and FATCA Reporting Enforcement

Foodman CPAs & Advisors on 7/8/2021

Under current FinCEN regulations, a foreign account holding virtual currency is not reportable on the FBAR. However, FinCEN in its FinCEN Notice 2020-2, proposes amending reports of foreign financial accounts (FBAR)...more

Warren bill fundamentally changes financial account reporting requirements and substantially increases IRS funding

Eversheds Sutherland (US) LLP on 6/1/2021

On May 24, 2021, Sen. Warren introduced Senate Bill 1788, the “Restoring the IRS Act” (the Proposed Legislation). The Proposed Legislation generally (1) imposes new information reporting obligations on financial institutions...more

Often Overlooked Exception to Withholding and Reporting Requirements under FATCA

Dorsey & Whitney LLP on 2/3/2021

An often overlooked exception to U.S. withholding taxes may result in a lower overall U.S. tax burden. The Foreign Account Tax Compliance Act (“FATCA”) was enacted in an effort to ensure that U.S. taxpayers could not...more

¡Después de Diez Años, FATCA NO SE VA!

Foodman CPAs & Advisors on 1/20/2021

FATCA se convirtió en ley en Marzo del 2010 con el objetivo de combatir el incumplimiento de la declaración del impuesto sobre la renta internacional por parte de ciudadanos estadounidenses y residentes contribuyentes...more

After Ten Years, FATCA is NOT GOING AWAY!

Foodman CPAs & Advisors on 12/16/2020

FATCA was signed into law in March 2010 with the objective of combating international income tax reporting non-compliance by US citizens and U.S. taxpaying residents (US Taxpayers). It requires Foreign Financial Institutions...more

¿Mantiene su Institución Financiera un Cumplimiento Continuo con FATCA?

Foodman CPAs & Advisors on 12/9/2020

La participación en FATCA no es una opción, llegó para quedarse y es parte de una iniciativa global. FATCA es complicado, y para los banqueros, ha implicado aprender nueva terminología y comprender en exceso de un mil de...more

Is your Financial Institution Maintaining Continuous Compliance with FATCA?

Foodman CPAs & Advisors on 12/9/2020

Participation in FATCA is not an option, it is here to stay, and it is part of a global initiative. FATCA is complicated, and for the bankers, it has implied learning new terminology and understanding thousands of pages of a...more

Beware of FATCA Notices of Default After FATCA Certification Deadlines!

Foodman CPAs & Advisors on 10/29/2020

Under FATCA, an Event of Default (EOD) will occur if an Entity fails to perform required material obligations with respect to the due diligence, verification, withholding, or reporting FATCA requirements, or if the IRS...more

¡Tenga cuidado con las notificaciones de incumplimiento de FATCA después de las fechas límite de certificación de FATCA!

Foodman CPAs & Advisors on 10/29/2020

Bajo FATCA, un Evento de Incumplimiento (“Event of Default o EOD”) ocurrirá si una Entidad no cumple con las obligaciones materiales requeridas con respecto a los requisitos de diligencia debida, verificación, retención o...more

Foreign Account Tax Compliance Act › Reporting Requirements

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