The United States Internal Revenue Service is a bureau of the United States Department of the Treasury. The IRS is charged with collecting revenue and enforcing the Internal Revenue Code.
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Hot Topics for Waste-to-Energy Investors and Developers
CAYMAN ISLANDS AND US SIGN FATCA AGREEMENT -
The United States and the Cayman Islands have signed a so-called Model 1 intergovernmental agreement.
The IGA is the first step in bring the Cayman fund industry...more
Cayman Islands signed a "Model 1" intergovernmental agreement on FATCA ("IGA"). The United States considers this IGA already to be in effect, despite the need for implementing measures in the Cayman Islands. This IGA is the...more
On November 29, 2013, the Cayman Islands and the U.S. Signed a FATCA IGA. The Cayman Islands IGA is a Model 1B agreement, meaning that FFIs in the Cayman Islands will be required to report tax information about U.S. account...more
The IRS recently released a revised Form W-9 Request for Taxpayer Identification Number and Certification and its instructions. Although the IRS did not provide a time period for implementing the new Form W-9, financial...more
Tax Legislative Activity -
Senate Finance Chairman Announces Drafts to be in Legislative Langauge -
Senate Finance Committee Chairman Max Baucus (D-MT) announced last week that tax reform discussion drafts to be...more
The IRS has released Notice 2013-69, including a draft FFI Agreement and several intended updates to the existing Treasury Regulations implementing the Foreign Account Tax Compliance Act (FATCA).
On October 29, 2013, the IRS issued Notice 2013-69 as the next step in implementing far-reaching legislation commonly known as the Foreign Account Tax Compliance Act (FATCA).
Congress enacted FATCA in 2010 as part of...more
Tina Turner, a longtime resident of Zurich, Switzerland is switching her citizenship stripes from the United States to Switzerland. She is not alone. In 2011, nearly 1,800 Americans handed in their passports. In the last...more
On October 29, the Internal Revenue Service (IRS) issued Notice 2013-69, which includes guidance to foreign financial institutions (FFIs) entering into FFI agreements with the IRS and a draft FFI agreement. The Notice also...more
The IRS has issued Notice 2013-69, which provides guidance to foreign financial institutions (FFIs) entering into a FATCA compliance agreement with IRS.
The 50-page Notice also provides guidance to FFIs and their...more
In This Issue:
A Primer on the Medical Device Excise Tax; FATCA Registration Begins; In re Downey Financial Corp. (U.S. Bankr. Court Dist. of Delaware 10/8/2013); In re NetBank (11th Cir. 9/10/2013); and In re...more
Denis Kleinfeld, Of Counsel to Fuerst Ittleman David & Joseph, is one of the nation”s most prolific writers in the field of International Tax Planning, and in recent years has focused his attention on the Foreign Account Tax...more
Bloomberg BNA reports that Switzerland's parliament approved a six-month delay to enforce a bilateral Swiss-U.S. agreement on implementation of the U.S. Foreign Account Tax Compliance Act. The two chambers of the Swiss...more
Continuing its mission to eradicate offshore tax evasion, on August 29, 2013, the United States Department of Justice Tax Division (the “DOJ”) and the Swiss Federal Department of Finance issued a Joint Statement regarding the...more
The IRS today issued a set of corrections to its final regulations under the US Foreign Account Tax Compliance Act (FATCA).
The regulations include several corrections, clarifications, changed citations and cross...more
On July 12, 2013, insurance companies, banks and other financial institutions, received a reprieve from the Internal Revenue Service (“IRS”). The agency delayed, by six months, withholding and other requirements mandated by...more
As we reported to you last week, the US Internal Revenue Service has opened the FATCA Registration Website as of August 19, 2013. This web-based system enables financial institutions to register themselves and their branches,...more
On August 19, 2013, the IRS began to accept applications for registration under FATCA, the new U.S. tax regime designed to combat offshore tax evasion by U.S. taxpayers, by requiring foreign financial institutions (“FFIs”),...more
On August 19, 2013 the Internal Revenue Service officially introduced its new registration portal (available here) to assist Foreign Financial Institutions (“FFI”) as they attempt to comply with the Foreign Account Tax...more
On August 19, 2013, the Internal Revenue Service (“IRS”) announced the opening of the Foreign Account Tax Compliance Act (“FATCA”) registration website (the “Portal”). The Portal, which was originally slated to open July 15,...more
On August 19, the IRS announced an on-line registration system for entities that need to register under the Foreign Account Tax Compliance Act (FATCA). "Financial institutions will also be able to provide required information...more
As foreshadowed in Notice 2013-43, the IRS has opened the FATCA Registration Website.
The Website is a secure, web-based system that enables financial institutions (FIs) to register themselves and their branches, if...more
On July 12, 2013, the Internal Revenue Service (IRS) issued Notice 2013-43, which extended the implementation of certain provisions of the Foreign Account Tax Compliance Act (FATCA) by six months and eliminated reporting on...more
On 12 July, just one working day before the secure portal to be used by FFIs to register their status was due to go live, the US Internal Revenue Service ("IRS") issued Notice 2013-43 ("the Notice") announcing the delay to...more
Notice 2013-43, released on July 12, 2013, announces the Internal Revenue Service’s (the IRS) and the Department of the Treasury’s intent to amend final Treasury regulations implementing the U.S. Foreign Account Tax...more