boniface venture aims at post fatca market
Pensions expert Keith Boniface has come out of a short-lived retirement to launch a joint venture which looks to target US expats in a post-FATCA marketplace.
Pensions expert Keith Boniface has come out of a short-lived retirement to launch a joint venture which looks to target US expats in a post-FATCA marketplace.
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.
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.
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.
The oldest Swiss bank is to close, having been fined $74m by the US authorities, after pleading guilty to charges of assisting US citizens avoid paying tax.
The Internal Revenue Service has announced that it will help American citizens based overseas to catch up on Reports of Foreign Bank and Financial Accounts, in an apparent softening of its stance on the timely filing of US federal income tax returns.
The American tax collection agency, the IRS, has updated and issued new drafts of the W-8BEN and W-8BEN-E forms as it gears up for the implementation of FATCA next year.
Pension planning considerations for US-linked clients was how a seminar held today in London was billed. But it might as well have been entitled be sure to consult an expert if your US-linked client wants advice on his UK pension.
The Internal Revenue Service said it has “reopened” its offshore voluntary disclosure programme (OVDP) in what it said was an effort “to help people hiding offshore accounts get current with their taxes”.
The Internal Revenue Service said that it plans within days to release new forms intended to enable Americans to begin complying with some of the new reporting requirements being brought in by the Foreign Accounts Tax Compliance Act.
Tax experts with American expatriate clients reacted with considerable interest yesterday to a new IRS clarification that appears to suggest more flexibility, with respect to penalties for failing to file tax returns and Foreign Bank Account Reports (FBARs), than previously had been assumed possible.
American Citizens Abroad, a Geneva-based organisation which represents expatriate Americans around the world, is continuing to push publicly for a relaxation of the US tax authorities recent, rigid and punitive treatment of US expats who have failed to report the existence of their overseas bank accounts.