Zurich, Switzerland’s oldest private bank has admitted that it helped United States taxpayers hide offshore accounts from the Internal Revenue Service. The bank, Rahn+Bodmer, will pay $22 million in fines and penalties. It also has reached a deferred prosecution agreement with the U.S. Department of Justice. Of the entire $22 million in penalties, $4.9 million,… Read More >>
G.O.P. Legislators Push for FATCA Repeal
The effort to repeal Obama-era legislation is extending beyond the Affordable Care Act as Republican Congressman Mark Meadows and U.S Senator Rand Paul are taking steps to undo the Foreign Account Tax Compliance Act (FATCA), legislation that requires American citizens living abroad to pay taxes to the U.S. Meadows, who is a member of the… Read More >>
FATCA’s Foes Take Aim Again
After being mostly ignored during the U.S. presidential race last year, the repeal of Foreign Account Tax Compliance Act (FATCA) is being pushed again by the law’s most vocal opponent Nigel Green, founder and CEO of deVere Group. The far-reaching FATCA legislation, passed in 2010 under the Obama administration, requires Americans living overseas to pay… Read More >>
G2 FinTech Teams with Advent to Target CBR
G2 FinTech, provider of the TaxGopher tax analysis and compliance software, and Advent Software, maker of Geneva portfolio management system, are joining forces to help prime brokers comply with Phase 3 of the cost-basis reporting (CBR) tax requirements of the Internal Revenue Service. New CBR rules have been taking effect over the past two years… Read More >>
IRS Extends Registration Deadline for FATCA
The Internal Revenue Service has extended the deadline for foreign financial institution (FFI) registration under the Foreign Account Tax Compliance Act (FATCA) until May 5, and also has announced that more than 40 jurisdictions so far have reached agreements in substance with the United States on the terms of intergovernmental agreements (IGAs) under the Act…. Read More >>
Canada Gets on the FATCA Train
Canada has finally signed an intergovernmental agreement with the U.S. over the Foreign Account Tax Compliance Act and is pursuing the approval of Parliament for the deal. This is a significant step because so many citizens and financial services firms have multiple ties to the U.S. and Canada. They also have major unresolved concerns. The… Read More >>
Time to Repeal FATCA?
FATCA opponent Nigel Green, CEO and founder of the deVere Group, a global financial advisory firm, fully supports a new Republican initiative to repeal the Foreign Account Tax Compliance Act, passed by the U.S. Congress in 2010. The Republican National Committee during its winter meetings late last month vowed to stop the controversial law, which… Read More >>
