News & Analysis as of September 20, 2024

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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 +

How Tax Administrations Handle FATCA, CRS Non-Compliance

Foodman CPAs & Advisors on 8/25/2021

Tax administrations can use a combination of detective, preventative and corrective measures to assess and treat Foreign Account Tax Compliance (FATCA) and Common Reporting Standard (CRS) non-compliance, according to the...more

Bankers, Do your US Clients tell you everything that you need to know?

Foodman CPAs & Advisors on 1/4/2017

Given the information publicly revealed by “Panama Papers”, and recent IRS reminders to out-of-compliance US Taxpayers to come into full compliance with their federal tax obligations, it is critical that Bankers and Financial...more

“Spider Webs”, “Panama Papers” and IRS

Foodman CPAs & Advisors on 6/13/2016

IRS has asked involved U.S. taxpayers to come forward before IRS reads and dissects the “Panama Papers”. IRS will “plan how to use the huge trove of leaked documents to catch criminals — and urged Americans to come clean now...more

As Swiss Banking Becomes More Transparent, Americans with Undeclared Swiss Accounts Are Warned

Holland & Knight LLP on 3/17/2014

In a move that was likely celebrated by United States governmental officials, Swiss banking secrecy eroded even further on Thursday, March 6, 2014. This is the day that parliament voted to provide foreign tax authorities with...more

"Financial Institutions Wrestle With FATCA Implementation"

Skadden, Arps, Slate, Meagher & Flom LLP on 1/29/2014

Over the past year, financial institutions have wrestled with the challenges presented by the U.S. Foreign Tax Compliance Act (FATCA). Originally scheduled to take effect in 2013, the U.S. Treasury Department and IRS have...more

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