A bipartisan group of US lawmakers has introduced legislation aimed at making it harder for criminals to carry out financial crimes in the US, in part by putting an end to the ability to form corporations without disclosing the identities of those behind them.
The US has given non-US financial institutions around the world another six months to prepare to comply with FATCA, pushing the deadline back to 1 July, 2014.
A US congressman has highlighted a potential problem in the complex arrangements under which financial institutions in foreign countries are being persuaded to provide financial information to the American tax authorities, to comply with FATCA.
The majority of asset managers polled in a recent survey have admitted they are still unclear about the requirements of the Foreign Accounts Tax Compliance Act (FATCA) despite the cut off period for compliance now less than six months away.
From today, some forms of tax avoidance will be regarded as money laundering “predicate offences” in Singapore.
The number of ex-pat Americans who are formally renouncing their citizenship, though small relative to the total number who live abroad, has risen steeply in response to the increasing costs and hassles associated with being a US citizen abroad.
First American expatriates were told that their bank accounts weren’t welcome. Now, it seems, Americans’ tax-deferred retirement accounts are also increasingly unwanted by US financial institutions, unless these accounts are of significant size.
A Geneva-based group representing Americans living abroad has taken advantage of a US congressional investigation into the Internal Revenue Service to explain how the IRS has taken to targeting Americans living overseas.
The Swiss government said today that it had reached agreement on proposed legislation that would enable the country’s banks to comply with requests by US authorities for information in connection with their tax evasion investigations.
A US senator has introduced a bill to repeal "anti-privacy" provisions of the controversial Foreign Account Tax Compliance Act, arguing that FATCA "infringes upon basic constitutional rights".
A US state senator and conservative think tank are pushing back against international moves that they say would give foreign governments too ready access to the tax information of US citizens.
With employment and education scattering family members across the globe, lifestyles are becoming increasingly multi-national.
