FATCA, Intergovernmental Agreements

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

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

¿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

Weekly IRS Roundup September 7 – September 11, 2020

McDermott Will & Emery on 9/15/2020

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of September 7, 2020 – September 11, 2020... September 4, 2020: The IRS published Competent...more

The season of giving – proposed regulations ease FATCA reporting burdens

Eversheds Sutherland (US) LLP on 12/21/2018

On December 13, 2018, proposed regulations (Proposed Regulations) were issued that reduce certain compliance obligations under Sections 1471-1474 (the Foreign Account Tax Compliance Act (FATCA)) of the Internal Revenue Code...more

FATCA: Significant Relief in New Proposed Regulations

Proskauer - Tax Talks on 12/18/2018

On December 13, 2018, the Internal Revenue Service (the “IRS”) and the U.S. Department of the Treasury (the “Treasury”) issued proposed regulations (the “Proposed Regulations”) addressing various aspects of the withholding...more

U.S. Withholding Tax and Reporting Action Items for Investment Funds and Asset Managers (Fall 2018)

Akin Gump Strauss Hauer & Feld LLP on 10/8/2018

• Foreign Investor Forms W-8: An update of Forms W-8 on file for non-U.S. investors is generally recommended by December 31, 2018 to ensure that a date of birth (DOB) and non-U.S. taxpayer identification number (Foreign TIN)...more

FATCA Update: IRS Publishes FAQs As July 31 FFI Agreement Renewal Deadline Looms

Fox Rothschild LLP on 7/7/2017

We have previously written about the Internal Revenue Service’s publication in late 2016 of an updated “FFI Agreement” to be entered into by foreign financial institutions that wish to remain compliant with the Foreign...more

Traps for the Unwary: Are Financial Institution receiving adequate FATCA consulting and training?

Foodman CPAs & Advisors on 5/26/2017

FATCA is Chapter 4 of the Internal Revenue Code (IRC). It conscripts Foreign Financial Institutions (FFIs) to act as reporting and withholding agents for the U.S. Government. To enforce its conscription, it contains a...more

Internal Revenue Service Issues Stern Warning To Non-Compliant Taxpayers With Offshore Holdings

Blank Rome LLP on 10/19/2015

Just one day after the October 15 deadline for filing personal income tax returns on extension, the Internal Revenue Service issued a strongly-worded warning to non-compliant taxpayers: take action now to fix your problem, or...more

Financial Services Quarterly Report - Third Quarter 2015: Developments in the Luxembourg Financial Sector

Dechert LLP on 10/8/2015

The Luxembourg government has brought to Parliament a bill of law transposing UCITS V into Luxembourg’s UCI Law and AIFM Law. Further, the Luxembourg CSSF published a new version of its AIFMD Frequently Asked Questions, among...more

Internal Revenue Service Begins Reciprocal Automatic Exchange of Tax Information Under FATCA IGAs

Blank Rome LLP on 10/5/2015

On October 2, 2015, the Internal Revenue Service announced that it had achieved a key milestone in implementation of the Foreign Account Tax Compliance Act (FATCA), a critical anti-tax evasion law passed by Congress in 2010...more

Treasury, IRS Extend Certain FATCA Transitional Rules

Morgan Lewis on 9/28/2015

IRS Notice postpones several key deadlines and provides other relief. On September 18, the US Internal Revenue Service (IRS) released Notice 2015-66 (the Notice) announcing that the US Department of the Treasury and the...more

IRS Extends FATCA Transition Rules

Eversheds Sutherland (US) LLP on 9/23/2015

On September 18, 2015, the Internal Revenue Service (IRS) issued Notice 2015-66, in which Treasury and the IRS announced that they intend to extend certain transition rules and modify certain other reporting rules under the...more

FATCA Update: Treasury Relaxes September 30 Deadline for Model 1 IGA Jurisdictions to Exchange Tax Information

Blank Rome LLP on 9/21/2015

With less than two weeks remaining until many countries are required to exchange tax information with the U.S. pursuant to the Foreign Account Tax Compliance Act (FATCA), the U.S. has agreed to provide partner jurisdictions...more

FATCA Update: Confidentiality of Information Transmitted to IRS; Announcement of “More Favorable” IGA Terms; and More IGAs

Blank Rome LLP on 7/31/2015

The month of July has seen several significant developments regarding implementation of the Foreign Account Tax Compliance Act (FATCA), which has been fully effective since July 1, 2014. First, the IRS Office of Chief...more

Due Date for FATCA Reporting of US Accounts Is Approaching

Katten Muchin Rosenman LLP on 3/26/2015

The deadline to report US accounts by offshore funds that are organized in Model 2 Intergovernmental Agreement (IGA) jurisdictions, such as Bermuda, as required by Foreign Account Tax Compliance Act (FATCA), is quickly...more

"FATCA Finally Takes Effect, Subject to Transition Rules"

Skadden, Arps, Slate, Meagher & Flom LLP on 2/9/2015

After several years of delays, the Foreign Account Tax Compliance Act (FATCA) finally took effect on July 1, 2014. Congress enacted FATCA as part of the Hiring Incentives to Restore Employment Act in 2010 to stop U.S....more

FATCA Update: More Guidance, IGAs, Forms Announced by Treasury and IRS

Blank Rome LLP on 1/9/2015

1. The United States announced the signing of two more Intergovernmental Agreements (IGAs) to implement FATCA. The latest IGAs were signed by the Netherlands and Curacao, and are dated December 18 and 16, respectively. Both...more

Worldwide Exchange of Tax Information: OECD Expands upon FATCA to Add New Requirements

Dechert LLP on 12/24/2014

While the Foreign Account Tax Compliance Act (FATCA) has focused worldwide attention on U.S. efforts to create a mandatory cross-border exchange of tax information, the enactment of FATCA was not an isolated occurrence. For...more

FATCA Update: Treasury Extends Time for Jurisdictions with Agreed-in-Substance IGAs to be Treated as if They Had an IGA in Effect

Blank Rome LLP on 12/16/2014

On December 1, 2014, Treasury and the IRS issued Announcement 2014-38 which provides relief to those countries which have reached FATCA Intergovernmental Agreements (IGAs) in substance, but have not signed such agreements....more

Foreign Account Tax Compliance Act › Intergovernmental Agreements