FATCA, Offshore Funds, Tax Planning

How to Ensure FATCA and CRS Stakeholder Collaboration

Foodman CPAs & Advisors on 9/13/2021

OECD Report suggests compliance regime elements for FIs and Stakeholders - Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standards (CRS) stakeholders are key to financial institutions’ (FIs) successful...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

The DITC Issues Timely Compliance Reminders

Conyers on 4/22/2021

The Cayman Islands Department for International Tax Cooperation (DITC) recently issued reminders to industry of compliance obligations in accordance with Common Reporting Standard (CRS) requirements and for the purposes of...more

Often Overlooked Exception to Withholding and Reporting Requirements under FATCA

Dorsey & Whitney LLP on 2/3/2021

An often overlooked exception to U.S. withholding taxes may result in a lower overall U.S. tax burden. The Foreign Account Tax Compliance Act (“FATCA”) was enacted in an effort to ensure that U.S. taxpayers could not...more

¡Después de Diez Años, FATCA NO SE VA!

Foodman CPAs & Advisors on 1/20/2021

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

¿Mantiene su Institución Financiera un Cumplimiento Continuo con FATCA?

Foodman CPAs & Advisors on 12/9/2020

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

Is your Financial Institution Maintaining Continuous Compliance with FATCA?

Foodman CPAs & Advisors on 12/9/2020

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

Beware of FATCA Notices of Default After FATCA Certification Deadlines!

Foodman CPAs & Advisors on 10/29/2020

Under FATCA, an Event of Default (EOD) will occur if an Entity fails to perform required material obligations with respect to the due diligence, verification, withholding, or reporting FATCA requirements, or if the IRS...more

¡Tenga cuidado con las notificaciones de incumplimiento de FATCA después de las fechas límite de certificación de FATCA!

Foodman CPAs & Advisors on 10/29/2020

Bajo FATCA, un Evento de Incumplimiento (“Event of Default o EOD”) ocurrirá si una Entidad no cumple con las obligaciones materiales requeridas con respecto a los requisitos de diligencia debida, verificación, retención o...more

¿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 9/22/2020

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

U.S. Financial Institutions and FATCA

Foodman CPAs & Advisors on 8/7/2020

Little is written regarding FATCA and U.S. Financial Institutions (FI). That said, U.S. FIs have FATCA responsibilities. In the absence of permitted exceptions, FATCA requires U.S. FIs that make payments of most types of...more

IRS Continues to Cross-Reference Foreign Financial Accounts and Assets

Foodman CPAs & Advisors on 4/1/2019

IRS holds information that is sourced from the FATCA reports submitted by Foreign Financial Institutions (FFI) (on Form 8966 - FATCA Report) and by Individual US Taxpayers that have reporting obligations via Form 8938...more

Is it time for Foreign Financial Institutions to hire IRS Representation?

Foodman CPAs & Advisors on 1/14/2019

The Responsible Officer (RO) of a Participating Foreign Financial Institution (PFFI) or Reporting Model 2 FFI is required to file the FFI’s FATCA certification of an Entity’s preexisting accounts (COPA) and its Periodic...more

Offshore Accounts Today Equal Transparency

Foodman CPAs & Advisors on 12/17/2018

The days of avoiding taxes through hiding money or assets in unreported offshore accounts are gone. Nonetheless, there are still taxpayers with undeclared offshore accounts, as well as the banks and bankers that are...more

Banquero Irá a la Cárcel por FATCA

Foodman CPAs & Advisors on 11/2/2018

El 11 de Noviembre del 2018, el Departamento de Justicia de los EE. UU. (“DOJ”) informó que el banquero Adrian Baron, el ex Director de Negocios y ex Director Ejecutivo de Loyal Bank Ltd, un banco “off-shore” con oficinas en...more

Banker will go to jail over FATCA

Foodman CPAs & Advisors on 11/2/2018

On September 11, 2018, the US Department of Justice (DOJ) reported that banker Adrian Baron, the former Chief Business Officer and former Chief Executive Officer of Loyal Bank Ltd, an off-shore bank with offices in Budapest,...more

Despite Closure Of OVDP, Offshore Tax Evasion Crackdown Marches On

Fox Rothschild LLP on 11/1/2018

On September 29, 2018, the Internal Revenue Service closed for good the long-running Offshore Voluntary Disclosure Program (OVDP), its hugely successful tax amnesty program for undisclosed offshore financial assets. Since...more

Certificaciones FATCA Son Debidas El 15 De Diciembre Y Es Mejor Certificar

Foodman CPAs & Advisors on 10/1/2018

Una certificación FATCA consiste en respuestas a una o más serie de preguntas que los Oficiales Responsables (RO) de ciertas entidades deben responder y enviar al IRS para confirmar el cumplimiento de las entidades con los...more

FATCA certifications due December 15 and it is best to certify

Foodman CPAs & Advisors on 10/1/2018

A FATCA certification consists of answers to one or more series of questions that the Responsible Officers (RO) of certain entities must answer and submit to the IRS to confirm the entities’ compliance with the requirements...more

IRS ENDS OVDP right when some Taxpayers GET IT!

Foodman CPAs & Advisors on 9/17/2018

On March 13, 2018, IRS announced the termination of the Offshore Voluntary Disclosure Program (OVDP) as of September 28, 2018 (Notice IR-2018-52). ...more

¡FATCA Se Está Enforzando A Pesar De Hipos Y Reporte De TIGTA!

Foodman CPAs & Advisors on 8/27/2018

El 5 de Julio del 2018, el Inspector General del Tesoro para la Administración Tributaria (TIGTA) emitió un informe: https://www.treasury.gov/tigta/auditreports/2018reports/201830040fr.pdf titulado: "A pesar de gastar casi...more

FATCA Is Being Enforced Despite Hicups And TIGTA Report!

Foodman CPAs & Advisors on 8/27/2018

On July 5, 2018, the Treasury Inspector General for Tax Administration (TIGTA) issued a report https://www.treasury.gov/tigta/auditreports/2018reports/201830040fr.pdf titled: “Despite Spending Nearly $380 Million, the...more

FATCA is still Standing!

Foodman CPAs & Advisors on 5/17/2018

Tax Reform came and went and FATCA is still standing. While U.S. Corporations are now moving to a Territorial tax system, Individual U.S. Taxpayers living abroad ARE STILL REQUIRED to REPORT their worldwide income. ...more

At any time during 2017, did you have a financial interest in or signature authority over a financial account (such as a bank...

Foodman CPAs & Advisors on 4/13/2018

On April 9, 2018, IRS released Notice (IR-2018-87) to remind Taxpayers that hold foreign assets of their U.S. tax obligations which could include a filing requirement and a U.S. tax liability. This Notice applies to all U.S....more

IRS To Terminate The Offshore Voluntary Disclosure Program

Orrick, Herrington & Sutcliffe LLP on 3/23/2018

On March 13th, the Internal Revenue Service ("IRS") announced that the offshore voluntary disclosure program ("OVDP"), which was first launched in 2009 and modified several times, will close to new taxpayers after September...more

Foreign Account Tax Compliance Act › Offshore Funds › Tax Planning

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