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Foreign Account Tax Compliance Act › Foreign Financial Institutions (FFI)

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 -
Eversheds Sutherland (US) LLP

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

Eversheds Sutherland (US) LLP on

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

Foodman CPAs & Advisors

Estrategias Y Esquemas Tributarios Para Evitar Impuestos A La Vanguardia Del IRS

Foodman CPAs & Advisors on

El 11/04/24, el IRS concluyó su Lista de la Docena Sucia de 2024 con una “advertencia a los contribuyentes sobre los promotores que venden estrategias fiscales falsas y esquemas extraterritoriales fraudulentos diseñados para...more

Foodman CPAs & Advisors

Tax Strategies And Schemes To Avoid Taxes At IRS Forefront

Foodman CPAs & Advisors on

On 4/11/24, the IRS wrapped up its 2024 Dirty Dozen List with a “warning to taxpayers regarding promoters selling bogus tax strategies and fraudulent offshore schemes designed to reduce or avoid taxes altogether”. Tax...more

Allen Barron, Inc.

How Does the IRS Use AI to Identify Tax Cheats?

Allen Barron, Inc. on

Could Artificial Intelligence (AI) increase the likelihood of an IRS audit in your future? How does the IRS use AI to identify US taxpayers who attempt to hide assets, under-report income or otherwise cheat the IRS? In...more

Holland & Knight LLP

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

Holland & Knight LLP on

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

Morrison & Foerster LLP

Global Developments in the Taxation and Reporting of Digital Assets

Morrison & Foerster LLP on

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

Foodman CPAs & Advisors

El Proyecto De Ley “FATCA Recíproca” Cambiará Las Reglas Del Juego

Foodman CPAs & Advisors on

Bajo el concepto de “FATCA recíproca”, las instituciones financieras y los corredores deben comenzar a prepararse para asumir mayores y más amplias responsabilidades de reportaje. Como partes interesadas de FATCA, las...more

Foodman CPAs & Advisors

Informe De TIGTA Arroja Luz Sobre El Futuro De La Ejecución De FATCA

Foodman CPAs & Advisors on

El Informe de TIGTA (“Treasury Inspector General for Tax Administration”) del 7 de abril de 2022 detalla seis recomendaciones de acciones adicionales necesarias para abordar el cumplimiento de la falta de presentación y...more

Foodman CPAs & Advisors

Tenga Cautela Con Las Certificaciones De FATCA En Revisión De La OFAC

Foodman CPAs & Advisors on

En un comunicado de prensa discreto entregado el 23/3/22 en relación a las Certificaciones de FATCA, el IRS actualizó las preguntas frecuentes (“FAQ”) de FATCA (P. 22) para informar a las partes interesadas de FATCA que el...more

Foodman CPAs & Advisors

TIGTA Report Sheds Light On The Future Of FATCA Enforcement

Foodman CPAs & Advisors on

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

Foodman CPAs & Advisors

Beware Of FATCA Certifications Being Under OFAC Review

Foodman CPAs & Advisors on

In a quiet news release delivered on 3/23/22, the IRS updated the FATCA FAQ’s (Q. 22) to inform FATCA Stakeholders that a registration status could be changed to under review with a message indicating “For more information...more

Foodman CPAs & Advisors

Questions FIs Should Ask External FATCA and CRS Service Providers

Foodman CPAs & Advisors on

OECD Guide Offers Financial Institutions Advice on Hiring External Service Organizations to Handle Compliance - While financial institutions (FIs) have final responsibility for compliance with the Foreign Account Tax...more

Foodman CPAs & Advisors

Upcoming Virtual Currency FBAR and FATCA Reporting Enforcement

Foodman CPAs & Advisors on

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

Foodman CPAs & Advisors

¡Después de Diez Años, FATCA NO SE VA!

Foodman CPAs & Advisors on

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

Foodman CPAs & Advisors

¿Mantiene su Institución Financiera un Cumplimiento Continuo con FATCA?

Foodman CPAs & Advisors on

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

Foodman CPAs & Advisors

Is your Financial Institution Maintaining Continuous Compliance with FATCA?

Foodman CPAs & Advisors on

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

Foodman CPAs & Advisors

Erroneous FACTA Withholding?

Foodman CPAs & Advisors on

What if a U.S. Withholding Agent  of a Foreign financial Institution (FFI) erroneously applies a 30% Internal Revenue Code (IRC) Chapter 4 FATCA Withholding to a payment to the FFI? What can be done to recover the funds?     ...more

Foodman CPAs & Advisors

¿Qué se está haciendo para mejorar la comunicación con los Usuarios de los Sistemas de FATCA y QI que NO Son Estadounidenses?

Foodman CPAs & Advisors on

En noviembre de 2019, el Consejo Asesor del Servicio de Impuestos Internos (“IRSAC”) publicó su Informe Público. El propósito de IRSAC es servir como un cuerpo asesor del Comisionado del IRS y organizar un foro público entre...more

Foodman CPAs & Advisors

What is being done to improve the Communication with Non-U.S. Users of FATCA and QI Systems?

Foodman CPAs & Advisors on

On November, 2019, the Internal Revenue Service Advisory Council (IRSAC) published its Public Report.  The purpose of IRSAC is to serve as an advisory body to the Commissioner of the IRS and to organize a public forum between...more

Foodman CPAs & Advisors

Does your Third-Party FATCA Consultant have the experience to interpret the complex US Tax Code?

Foodman CPAs & Advisors on

Foreign Financial Institutions (FFIs) have multiple FATCA reporting compliance responsibilities and face the possibility of penalties for not complying. ...more

Foodman CPAs & Advisors

¿Qué sucede si una FFI pierde su GIIN?

Foodman CPAs & Advisors on

Para estar registrado en FATCA y exento de retención por parte de los agentes de retención de los Estados Unidos, una institución financiera extranjera (“FFI”) debe de tener un número de identificación de intermediario global...more

Foodman CPAs & Advisors

What happens if an FFI loses its GIIN?

Foodman CPAs & Advisors on

In order to be FATCA registered and exempt from withholding by U.S. withholding agents, a Foreign Financial Institution (FFI) must have a Global Intermediary Identification Number (GIIN). ...more

Orrick - On the Chain

IRS Hints at Form 8938 Requirements for Reporting Crypto Assets Held at a Foreign Exchange

Orrick - On the Chain on

With the emergence of digital assets, the question has arisen whether digital assets held in “wallets” in foreign exchanges need to be reported on Internal Revenue Service (IRS) Form 8938, Statement of Specified Foreign...more

Foodman CPAs & Advisors

IRS using Data Analytics to Uncover Criminal Arrangements

Foodman CPAs & Advisors on

IRS-Criminal Investigation (IRS-CI) is a federal agency department specifically authorized to investigate and prosecute federal income tax crimes.  IRS-CI uses data analytics such as models, algorithms, and the millions of...more

Foodman CPAs & Advisors

Taxpayers that have VIRTUAL CURRENCY held in a Centralized Virtual Currency Exchange outside the U.S must file an FBAR and FORM...

Foodman CPAs & Advisors on

On May 30, 2018, the AICPA (American Institute of Certified Public Accountants) wrote a letter to the IRS to obtain further definition and clarity regarding Virtual Currency (VC) FATCA and FBAR reporting requirements....more

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