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Global Enforcement of FATCA: Something to Worry About

- By : Parag Patel

authorities of the FATCA partner information on the U.S. accounts of residents of the FATCA partner.” With the Joint Statement, then, FATCA will become an instrument for U.S. bilateral automatic…

U.S. Signs FATCA Pacts with Malta, Netherlands, Bermuda, Jersey, Guernsey and Isle of Man

- By : Parag Patel

updating information recently on FATCA. On Wednesday, the IRS posted the FATCA FFI List Resources and Support Information Web page to its FATCA Web site. In addition, the FATCA FFI…

India Expected to Sign FATCA Agreement Tomorrow

- By : Parag Patel

India is expected to sign an inter-governmental agreement (IGA) for the US tax compliance law Foreign Account Tax Compliance Act (FATCA) tomorrow. FATCA is aimed at combating possible tax evasion…

FATCA Enforcement Softens

- By : Parag Patel

Realizing the large administrative burden of FATCA, the IRS has announced a “soft opening” of FATCA and enforcement at the IRS’ discretion for an initial transitional period. FATCA, which was…

What is a “FATCA Compliance Certificate”?

- By : Parag Patel

of the US government’s effort to address tax evasion. FATCA is rapidly becoming the global standard in the effort to curtail offshore tax evasion. FATCA REQUIREMENTS Put simply, under FATCA,…

Beware: India to sign FATCA agreement with US for sharing of information

- By : Parag Patel

…IRS in the U.S. While the threshold limit for reporting will be specified by the regulators in India based on FATCA regulations, institutions will have reporting requirements under FATCA, in…

India and US signed FATCA Agreement Today

- By : Parag Patel

1, 2015. FATCA was signed by Revenue Secretary Shaktikanta Das and US Ambassador Richard Verma in New Delhi. “FATCA is a mutual effort to combat tax evasion and it would…

Make Sure You have Filed FATCA Compliance Certifications

- By : Parag Patel

complete a “FATCA Compliance Certificate”. The reason for the request is that India and the US signed an agreement to implement the Foreign Account Tax Compliance Act (FATCA), which allows…

The Teeth of the Foreign Account Tax Compliance Act (FATCA)

- By : Parag Patel

The Foreign Account Tax Compliance Act (FATCA) is about disclosure and transparency, but in part is to catch Americans trying to stash money overseas. Controversially, FATCA orders every foreign bank…

New FATCA Enforcement Expected

- By : Parag Patel

The IRS has tightened its enforcement of the Foreign Account Tax Compliance Act (“FATCA”). FATCA was enacted in 2010 by Congress to target non-compliance by U.S. taxpayers using foreign accounts….

FATCA Repeal Fails

- By : Parag Patel

Last month US Senator Roger Wicker (R-Miss.) introduced a budget amendment SA 621 to repeal the Foreign Account Tax Compliance Act (FATCA) FATCA requires foreign financial institutions to disclose to…

What FATCA Means to You and Your Investments

- By : Parag Patel

…effort to address tax evasion. FATCA is rapidly becoming the global standard in the effort to curtail offshore tax evasion. FATCA REQUIREMENTS Put simply, under FATCA, financial institutions will have…

Beware of FATCA Letters

- By : Parag Patel

of these letters? It’s important not to ignore the letter, which usually arrives with a Form W-9 or W-8. To grossly simplify the impact of FATCA, FATCA has pushed the…

Received a FATCA Letter from Your Foreign Bank?

- By : Parag Patel

…compliance problems. Below are some Frequently Asked Questions received from our clients: Why did I receive a FATCA letter? If you have received a FATCA letter, you may already be…

Form 8938, FATCA, FBAR and penalties for all (including bankers)

- By : Parag Patel

…assets, which puts both at a disadvantage. Many foreign banks are lobbying the US Congress to change FATCA or FATCA regulations. In the meantime, beware that FATCA is the law…

First Indictment for FATCA Violation Announced

- By : Parag Patel

…a full six months before the initial FATCA reporting deadline, sends a strong message of aggressive FATCA global enforcement. Over 100 countries have now signed or consented to sign FATCA

Foreign Account Tax Compliance Act (FATCA) online registration program is launched

- By : Parag Patel

…to take before the Foreign Account Tax Compliance Act (FATCA), enacted in 2010, takes effect in July 2014 with steep penalties for firms that do not comply. FATCA requires foreign…

FATCA Deadlines Extended

- By : Parag Patel

Many of our tax-noncompliant clients are fearful of being involuntary discovered through the impending FATCA disclosures of their foreign accounts by their foreign banks. The Internal Revenue Service has issued…

Foreign Account Tax Compliance Act (FATCA): More Information Sharing Agreements Expected

- By : Parag Patel

FATCA was enacted in 2010 by Congress to target non-compliance by U.S. taxpayers using foreign accounts. FATCA requires foreign financial institutions (FFIs) to report to the IRS information about financial…

FATCA-Compliant Institutions List Goes Online

- By : Parag Patel

check on whether a foreign financial institution has registered for FATCA. FATCA was included as part of the US HIRE Act of 2010 and requires foreign financial institutions to provide…

India Signs FATCA Model Intergovernmental Agreement to Share Account Information with the US

- By : Parag Patel

on FATCA regulation, institutions will have reporting requirements under FATCA, in terms of threshold limits. As per FATCA, US persons need to report to IRS in the following scenarios: •…

Republican Party Rallies Against FATCA: Success Unlikely

- By : Parag Patel

…Republican Senator Rand Paul last year introduced legislation to repeal parts of FATCA, citing privacy concerns. Defending the law, US Treasury Department spokeswoman Erin Donar said in a statement: “FATCA

No More Delays for FATCA: Get Ready for Disclosure

- By : Parag Patel

The US Foreign Account Tax Compliance Act (FATCA) will definitely come into effect on 1 July this year with no possibility of further delay, according to officials of the US…

IRS Announces Key Milestone in FATCA Implementation; U.S. Begins Reciprocal Automatic Exchange of Tax Information under Intergovernmental Agreements

- By : Parag Patel

…is a major milestone in IRS efforts to combat offshore tax evasion through FATCA and the intergovernmental agreements,” said IRS Commissioner John Koskinen. “FATCA is an important tool against offshore…

India issues FATCA Self-certifications and KYC Warnings

- By : Parag Patel

…Foreign Account Tax Compliance Act (FATCA). FATCA is part of the U.S.’s answer to tracking money hidden in offshore accounts so it can be brought into the US tax net….

Vatican Signs FATCA Agreement

- By : Parag Patel

Praying may not be enough for non-compliant taxpayers (or evaders) under the Foreign Account Tax Compliance Act (FATCA). The Vatican has become the latest FATCA signatory to share bank information…

FATCA Noncompliant Accounts may be Frozen or Blocked

- By : Parag Patel

Many of our clients with foreign accounts have received FATCA letters. The letters seek personal information regarding the account holder in order to comply with the US FATCA law. In…

FATCAts

- By : Parag Patel

…first phases of FATCA implementation beginning in January 2013, FATCA will require all non-US ‘foreign financial institutions’, including banks, brokerage houses, hedge and private equity funds, trust companies and perhaps…

Canada and US sign FATCA tax deal where banks to share information with IRS

- By : Parag Patel

…signed an intergovernmental agreement (“IGA”) with the US regarding the US Foreign Account Tax Compliance Act (“FATCA”). FATCA requires U.S. financial institutions to impose a 30 percent withholding tax on…

HSBC Payment of Largest Penalty and FATCA Encourages Taxpayers to Disclose

- By : Parag Patel

…be seen through bilateral agreements such as the adoption of the Foreign Account Tax Compliance Act (FATCA) between the United States and the UK, Denmark, Mexico, and many other nations….