News & Analysis as of

Foreign Account Tax Compliance Act

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 +
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 by capturing tax revenue related to foreign assets and off-shore accounts.  less -
Conyers

Guide: BVI Approved Managers for Separately Managed Accounts (SMAs)

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This guide provides a brief overview of the British Virgin Islands (the “BVI”) Approved Investment Manager regime and its suitability and attractiveness for use with Separately Managed Account structures (“SMAs”). Separately...more

Friling Law

Selling Property in Iran and Transferring Proceeds to the United States: Comprehensive Legal, Sanctions, and Compliance Guide

Friling Law on

I. Executive Overview - In recent years, many Iranian-Americans have faced growing uncertainty when trying to manage property or financial ties in Iran. One of the most sensitive issues is what happens when someone sells...more

Foodman CPAs & Advisors

CRS, FATCA y AML: Riesgos de Convergencia para Líderes Legales y de Cumplimiento

Foodman CPAs & Advisors on

La transparencia fiscal y la fiscalización de delitos financieros ya no operan en pistas separadas. Los regímenes de CRS, FATCA y AML están convergiendo en un solo marco de escrutinio. Para los equipos legales, asesores...more

Foodman CPAs & Advisors

CRS, FATCA, and AML: Convergence Risks for Legal and Compliance Leaders

Foodman CPAs & Advisors on

Tax transparency and financial crime enforcement are no longer operating in parallel tracks. CRS, FATCA, and AML regimes are converging into a single framework of scrutiny. For legal teams, tax advisors, and financial...more

Foodman CPAs & Advisors

Reforma de Extradición en Costa Rica: Una Señal Precedente para Riesgos AML y FATCA

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En mayo de 2025, Costa Rica reformó el Artículo 32 de su Constitución para permitir la extradición de ciudadanos costarricenses en casos de narcotráfico internacional y terrorismo. Este cambio histórico pone fin a una...more

Foodman CPAs & Advisors

Costa Rica Extradition Reform: What It Signals for AML, FATCA, and CRS Compliance

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In May 2025, Costa Rica amended Article 32 of its constitution to allow the extradition of Costa Rican nationals in cases of international drug trafficking and terrorism. For decades, nationals were constitutionally shielded...more

Conyers

Guide: BVI Approved Managers

Conyers on

This guide provides a brief overview of the Approved Investment Manager regime established under the Investment Business (Approved Managers) Regulations (the “Approved Manager Regulations”) enacted under the Securities and...more

Foodman CPAs & Advisors

Estructuras Transfronterizas de Fin de Año: Exposición Fiscal y de Cumplimiento en el Cuarto Trimestre

Foodman CPAs & Advisors on

Con el inicio del último trimestre del año, las instituciones financieras y las oficinas familiares enfrentan una ventana limitada para reducir la exposición fiscal y de cumplimiento en estructuras transfronterizas. Los...more

Foodman CPAs & Advisors

Year-End Cross-Border Structures: Tax and Compliance Exposure in Q4

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As the year’s final quarter begins, financial institutions and family offices face a narrow window to reduce cross-border tax and compliance exposure. Enforcement cycles are accelerating across jurisdictions, with regulators...more

Foodman CPAs & Advisors

Reforma Fiscal de EE. UU. 2025: Cerrando Brechas de Cumplimiento en Fideicomisos Offshore y Estructuras Transfronterizas

Foodman CPAs & Advisors on

La legislación fiscal de EE. UU., promulgada el 4 de julio, amplía las obligaciones de reporte para fideicomisos extranjeros y entidades con traspaso de ingresos, al tiempo que consolida disposiciones clave de la reforma de...more

Foodman CPAs & Advisors

U.S. Tax Reform 2025: Closing Compliance Gaps in Offshore Trusts and Cross-Border Structures

Foodman CPAs & Advisors on

The July 4 U.S. tax legislation expands reporting obligations for foreign trusts and pass-through entities while locking in key provisions from the 2017 reform. For attorneys and advisors to high-net-worth individuals, this...more

Hone Maxwell

Understanding FATCA and Its Impact on Foreign Financial Institutions: Why Finding Financial Services as an American Abroad Can Be...

Hone Maxwell on

As an American living abroad, you may have experienced firsthand the challenges of finding a financial institution willing to work with you. Whether it’s for opening a bank account, investing in local markets, securing a...more

Allen Barron, Inc.

Serious Challenges for Expats and Those Considering Moving Abroad

Allen Barron, Inc. on

The world is an ever-changing, ever-evolving crucible of financial and other serious challenges for expats and those considering moving abroad, as well as foreign nationals living and working in the United States. Oversight,...more

Katten Muchin Rosenman LLP

Tax Transparency and Data Privacy — Which Wins?

Katten Muchin Rosenman LLP on

As tax authorities embrace new digital technologies, the issue of safeguarding citizens' data privacy rights steps to the fore. Since the implementation of the EU General Data Protection Regulation (GDPR) in 2018, there has...more

Allen Barron, Inc.

International Business and Offshore Investment and Banking Create Genuine IRS Risk

Allen Barron, Inc. on

International business and offshore investment and banking create genuine risk and exposure with the IRS. This extends to real estate ownership outside of the U.S. and other offshore-related financial activities, which raise...more

Foodman CPAs & Advisors

FATCA Responsible Officer Certifications due 7/1/25

Foodman CPAs & Advisors on

On 1/21/25, the IRS issued Bulletin Issue Number: 2025-02 to remind the FATCA Responsible Officer that Certifications are due 7/1/25 for the Certification period ending December 31, 2024. The Bulletin also provided a...more

Foodman CPAs & Advisors

NTA Addresses Overlap Reporting

Foodman CPAs & Advisors on

On 1/8/25, the National Taxpayer Advocate (NTA) published its 2024 Annual Report to Congress and identified taxpayers’ problems and provided suggestions to further protect taxpayer rights and ease taxpayer burden. “By law,...more

Carey Olsen

GLI British Virgin Islands blockchain and cryptocurrency regulation 2025, seventh edition

Carey Olsen on

Regulatory clarity in the digital assets and crypto space continues to be a moving target. Yet, the interest among policymakers and regulators worldwide has never been more pronounced. In the United States, 2024 was a pivotal...more

Jackson Lewis P.C.

Breaking Up: Why U.S. Citizens Living Abroad Renounce Citizenship

Jackson Lewis P.C. on

Approximately nine million U.S. citizens live or work abroad, and some want to renounce their U.S. citizenship. Many do so with regret but renounce to avoid various financial issues. Others consider themselves “accidental...more

Foodman CPAs & Advisors

Model 1 FFI’s Obtain Extension of Relief

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IRS issued Notice 2024-78 on 10/28/24 providing the extension of temporary relief for FATCA Model 1 Financial Institutions (FFI’s) regarding the reporting of U.S. Taxpayer Identification Numbers. This means that the temporary...more

Carey Olsen

British Virgin Islands comparison of open-ended funds

Carey Olsen on

In this guide we compare the five types of open-ended funds in the British Virgin Islands (the “BVI”), being private funds, professional funds, public funds, incubator funds and approved funds (this guide does not cover...more

Eversheds Sutherland (US) LLP

Relief arrives for certain Model 1 FFIs that do not transmit US TINs to IRS

Eversheds Sutherland (US) LLP on

Notice 2023-11, issued in December 2023, provided limited relief to certain foreign financial institutions (FFIs) that were not fully in compliance with the terms of their Model 1 FATCA Intergovernmental Agreement (IGA)....more

Foodman CPAs & Advisors

Taxpayers Abroad are Underserved and Challenged

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The National Taxpayer Advocate 2023 Annual Report to Congress highlights how Taxpayers abroad are underserved and continue to face challenges in meeting their U.S. tax obligations. As a result, the National Taxpayer Advocate...more

McDermott Will & Schulte

Weekly IRS Roundup July 15 – July 19, 2024

McDermott Will & Schulte on

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of July 15, 2024 – July 19, 2024. ...more

Conyers

Regulatory & Risk Advisory Review: Cayman Islands - April to June 2024

Conyers on

Welcome to the second instalment of 2024 of the Regulatory & Risk Advisory Review. In this edition we cover several Cayman Islands regulatory updates including updates to the Beneficial Ownership Transparency Act, the...more

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