Due Diligence
Posts Tagged US tax lawyer
Lebanon Reluctantly Moves Towards FATCA Compliance
by Brian Mahany To say FATCA isn’t popular is an understatement. Foreign banks hate the new law because it is expensive to implement and because in many circumstances, it violates local bank secrecy laws. U.S. banks hate it because several other nations are now calling for the United States to reciprocate and provide information to [...]
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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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Switzerland Agrees To FATCA
by Brian Mahany Some are probably looking at the title and thinking that I must have missed a word or, perhaps, lost my mind. No, you read the title correctly; Switzerland Agrees To FATCA. Although no formal agreement has been signed, the U.S. Treasury Department issued a press release indicating both nations had initialed an [...]
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Mexico, U.S. Sign FATCA Accord
by Brian Mahany The United States Treasury Department has negotiated or is close to signing deals with over 50 foreign countries. Congress enacted the Foreign Account Tax Compliance Act (FATCA) two years ago. That law already requires individuals to report interests in foreign financial assets. (Don’t forget that U.S. taxpayers also have an independent obligation [...]
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Charges Against US Lawyer Proceeding – Red Flag For CPAs and Lawyers That Have Clients With Offshore Accounts
Posted by admin in Tax, White Collar Criminal on November 23, 2012
by Brian Mahany Back in February, we reported on California attorney Christopher Rusch after he was indicted and arrested for helping two clients establish unreported foreign accounts. Rusch initially denied the charges but court documents released this month suggest he may have cut a plea deal with prosecutors. The case is being closely watched by [...]
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FATCA Impacts on U.S. Real Estate Projects
[Ed. Note: Most of our FATCA articles are aimed at individuals. We do represent businesses, however, and those articles tend to be more technical. This is one such article.] FATCA Impacts On U.S. Real Estate Projects by Brian Mahany As most readers already know, the Foreign Account Tax Compliance Act is directed at U.S. taxpayers [...]
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IRS Scores Big Court Victory In Quest To Ferret Out Offshore Accounts
by Brian Mahany The 5th Circuit of Appeals recently handed the IRS and Department of Justice a major victory in their quest to ferret out unreported foreign financial accounts. The court ruled that notwithstanding the 5th Amendment privilege against self-incrimination, a Grand Jury could compel a person to turn over records of their foreign accounts. [...]
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IRS Delays Key FATCA Deadlines
by Brian Mahany The IRS released new dates for FATCA compliance. The new timeline delays critical reporting and compliance dates for foreign financial institutions. That’s good news for both foreign banks and U.S. taxpayers with unreported offshore accounts. FATCA stands for the Foreign Account Tax Compliance Act. Passed in 2010 as part of Obama’s HIRE [...]
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FATCA Law Will Change Know Your Customer (KYC) Practices
by Brian Mahany Although we help many individuals with offshore reporting and compliance, we also work with banks, hedge funds and financial professionals. This post takes a brief look at some of the issues facing foreign financial institutions under the new FATCA rules. FATCA is the acronym for the Foreign Account Tax Compliance Act passed [...]
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