The chair of the U.S. Senate Committee on Homeland Security & Governmental Affairs and six other Democratic senators have sent a joint letter to the U.S. Secretary of the Treasury Janet Yellen and Commissioner of the Internal Revenue Service (IRS) Daniel Werfel calling on their agencies to “swiftly implement their recently proposed tax reporting requirements… Read More >>
Swiss Bank Fined $22M via Tax Evasion Case
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 >>
Luxembourg Bank Tackles IRS Reporting Regs
BCEE Implements SmartStream’s Corona Banque et Caisse d’Epargne de l’Etat of Luxembourg (BCEE) has implemented a way to help the bank meet reporting and audit trails regulatory requirements of the Internal Revenue Service (IRS) that have a tight turnaround time. In general, banks only have a few weeks to reconcile annual data before the legal… Read More >>
Asia-Pacific Firms Resist FATCA Compliance
Financial institutions across Asia Pacific are trailing behind their Western counterparts in preparations for evolving global tax reporting regulations due to cultural and regulatory issues, according to a new report by compliance software specialist Wolters Kluwer Financial Services and the GRC Institute (GRCI), the association for Asia-Pacific governance, risk management and compliance professionals. Canvassing 40… Read More >>
FATCA System Upgraded to Brighten the Holidays
Perhaps as a present for banks at this festive time of year, the Internal Revenue Service (IRS), a beacon of warmth, generosity and clarity, wants everyone to know that it has upgraded the Foreign Account Tax Compliance Act (FATCA) Online Registration System. With the update complete on November 16, the system offers the following improvements:… Read More >>
2,000 Firms Use BearingPoint FATCA Service
While controversy swirls around the Foreign Account Tax Compliance Act (FATCA), management and technology consultancy BearingPoint reports that between March and August 2015, more than 2,000 financial institutions in 45 countries have been using its FiTAX financial information about U.S. clients to meet reporting requirements for local tax authorities and the Internal Revenue Service (IRS)…. Read More >>
IRS Eases Key Pain Points of FATCA Transitional Rules
The Department of the Treasury and the Internal Revenue Service (IRS) are extending key transitional rules for the controversial Foreign Account Tax Compliance Act (FATCA), in response to concerns from those affected by the effort of the U.S. government to enforce tax compliance for foreign financial assets and offshore accounts held by U.S. citizens overseas…. Read More >>
FATCA Faces Lawsuit, Taxpayer Advocate’s Criticisms
As I expected, the Foreign Account Tax Compliance Act (FATCA) and its related controversies have not gone gently into that good political night. For starters, Republican U.S. Senator Rand Paul from Kentucky is part of a legal battle, filed this month via the federal court in Dayton, Ohio, against the U.S. Treasury Department and the… Read More >>
