Due Diligence
Posts Tagged FATCA regulations
FATCA Repealed? Not Yet!
Posted by admin in Legal Malpractice on May 10, 2013
Senator Rand Paul of Kentucky introduced a bill to repeal key provisions of FATCA. Passed as part of President Obama’s economic stimulus package, FATCA stands for the Foreign Account Tax Compliance Act. Beginning next year, the law requires foreign banks and hedge funds to identify accounts with ties to U.S. taxpayers. The IRS and Department [...]
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Caymans No Longer Bank Secrecy Jurisdiction (FATCA / FBAR Post)
by Brian Mahany As the implementation deadline for the Foreign Account Tax Compliance Act (FATCA) nears, more and more jurisdictions are becoming “transparent.” That means an end to the financial privacy that many wealthy Americans have come to expect. The Cayman Islands are no exception. Once known for its strict bank secrecy laws, the Caymans [...]
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FATCA Showdown In The Philippines?
by Brian Mahany FATCA is short for the Foreign Account Tax Compliance Act – the Obama administration’s push to end tax secrecy around the world. Under the new FATCA law, foreign banks and other financial institutions will be required to review and report accounts with ties to the United States. Although the Bank Secrecy Act [...]
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New FATCA Treaty With Switzerland Contains Important Carve Outs For Preexisting Accounts
by Brian Mahany Earlier today we published a story on the new bilateral agreement between the United States and Switzerland regarding the framework to institute FATCA (the Foreign Account Tax Compliance Act). That article was general in nature and was posted to alert folks with unreported Swiss accounts that the day of reckoning will soon [...]
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Switzerland Inks Disclosure Agreement With IRS – FATCA Post
by Brian Mahany Ever since the Department of Justice brought criminal charges against Swiss banking giant UBS, we have speculated on when Switzerland’s reputation for banking secrecy would finally fall. Over the last few years, the IRS and DOJ have teamed up to prosecute several Swiss bankers and their clients – Americans with unreported foreign [...]
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Is FATCA In Trouble? Unfortunately, NO
by Brian Mahany Although we are not fans of Foreign Account Tax Compliance Act (or FATCA for short), we begrudgingly acknowledge that the law is probably here to stay. More importantly, with so many independent tax exchange agreements signed, the chances of keeping an unreported foreign bank account secret from Uncle Sam are not good. [...]
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Anti FATCA Posts On You Tube
by Brian Mahany Our goal in this blog is to educate clients and readers. Obviously, we can’t dispense legal advise by blog post but we do try to get information out to as many people as possible. As tax lawyers, we help people and foreign financial institutions comply with American tax laws. This includes the [...]
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Hong Kong Resists FATCA Law
by Brian Mahany According to an article in the IFC Review, the CEO of the Hong Kong Securities and Futures Commission is lobbying against compliance with the new FATCA legislation. (FATCA is the acronym for the Foreign Account Tax Compliance Act). Under the new FATCA law, foreign banks and financial institutions will have to determine [...]
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