The US Treasury Department and Internal Revenue Service on Thursday issued the long-awaited final tranche of regulations spelling out how foreign financial institutions are to comply with the Foreign Account Tax Compliance Act, which takes effect on 1 July.
More than three times as many Americans gave up their US citizenship last year as in 2012, the latest US Treasury Department data shows, setting a new record, and prompting questions about what is driving the trend.
Canada has become the latest country to agree to implement the US Foreign Account Tax Compliance Act‚ in spite of what some of its politicians have said has been its southern neighbour’s occasionally heavy-handed efforts in recent years to extract unpaid taxes and penalties from Canadians.
Following up on the Republican National Committee's approval last month of a resolution calling for the repeal of FATCA‚ an independent overseas Republican organisation has posted an online petition‚ to give opponents of the act a chance to tell Congress how they feel about it.
The Republican Party has formally approved a resolution that calls for the repeal of the Foreign Account Tax Compliance Act.
The Republican Party is expected to approve a resolution this week that will call for the repeal of the Foreign Account Tax Compliance Act‚ according to a report published by the Reuters news agency.
In what is being seen as a major blow to US opponents of FATCA‚ a federal court judge has ruled that US banks must provide information to foreign governments on the accounts they hold of these countries' citizens‚ in the same way the US expects foreign institutions to furnish details of the overseas accounts of…
The Internal Revenue Service has been too hard on those Americans who have come forward in recent years to disclose their unreported overseas bank accounts‚ according to a Congressionally-appointed watchdog.
A former UBS bank executive pleaded not guilty in a federal court in Florida yesterday to fraud conspiracy charges in connection with a landmark US tax evasion case.
The Internal Revenue Service has published a key document aimed at helping foreign financial institutions to report to the US on the overseas accounts of US individuals, as is being required of them by the Foreign Account Tax Compliance Act, which comes fully into force on 1 July.
Ricardo V, a well-to-do Brazilian executive travels frequently between São Paulo and New York. He does not take one of the many non-stop flights, however. Rather he books a trip with a Miami stop-over. The Miami stop is not about company business, shopping or visiting relatives.
Malta has become the latest country to sign a FATCA intergovernmental agreement with the US.
