New Jobs Bill's Tax Provisons Favor Employers

Hiring Incentives to Restore Employment Act ("HIRE" Act) tax provisions include a payroll tax holiday for employees hired in 2010, along with an employer tax credit if those employees are retained for a year. HIRE also increases business assets that may be expensed for 2010, expands the Build...

New Jobs Bill's Tax Provisons Favor Employers

Hiring Incentives to Restore Employment Act ("HIRE" Act) tax provisions include a payroll tax holiday for employees hired in 2010, along with an employer tax credit if those employees are retained for a year. HIRE also increases business assets that may be expensed for 2010, expands the Build...

Hiring Incentives to Restore Employment Act - An Analysis

This article discusses the tax provisons of H.R. 2847, which was signed into law by President Barack H. Obama on March 18, 2010 and enrolled as Public Law 111-147. Although a key focal point of the legislation was extending jobs, there were numerous tax provisions. Throughout the article, the legislation...

HIRE Act: FATCA Provisions Affect Rules Governing Foreign Trusts and Reporting Requirements

On March 18, 2010, President Obama signed into law H.R. 2847, the Hiring Incentives to Restore Employment Act (HIRE). HIRE targets job creation by providing tax incentives, such as business credits to companies for newly hired employees. The offset provisions included to raise revenue for...

HIRE Act: FATCA Provisions Affect Rules Governing Foreign Trusts and Reporting Requirements

On March 18, 2010, President Obama signed into law H.R. 2847, the Hiring Incentives to Restore Employment Act (HIRE). HIRE targets job creation by providing tax incentives, such as business credits to companies for newly hired employees. The offset provisions included to raise revenue for such...

HIRE Act Focuses on Disclosure and Reporting by Foreign Financial Institutions

H.R. 2847, the Hiring Incentives to Restore Employment Act (HIRE), was signed into law on March 18. This law contains provisions previously included in proposed legislation in the Foreign Account Tax Compliance Act of 2009 (H.R. 3933, S. 1934), known as FATCA. FATCA FATCA is intended to create...

HIRE Act Focuses on Disclosure and Reporting by Foreign Financial Institutions

H.R. 2847, the Hiring Incentives to Restore Employment Act (HIRE), was signed into law on March 18. This law contains provisions previously included in proposed legislation in the Foreign Account Tax Compliance Act of 2009 (H.R. 3933, S. 1934), known as FATCA. FATCA FATCA is intended to create transparency...

New Reporting Requirements for U.S. Owners and Grantors of Foreign Trusts

By Diane L. Mutolo, J.D., LL.M. * The Hiring Incentives to Restore Employment Act ("the HIRE Act"), signed into law by President Obama on March 18, 2010, amended and added provisions of the Internal Revenue Code with the aim of increasing foreign account tax compliance. The provisions of...

Foreign Acoount Tax Compliance Act (FATCA) and Related HIRE Act Provisions

The Foreign Account Tax Compliance Act (FATCA) was enacted in 2010 as part of the Hiring Incentives to Restore Employment Act (HIRE) [111 P.L. 147] in order to help fight tax evasion by U.S. taxpayers with foreign accounts. FATCA generally applies to payments by foreign financial institutions (F.F.I...

Reporting Obligations of U.S. Beneficiaries of Foreign Trusts and New Form 8938

In 2010, Congress enacted the Foreign Account Tax Compliance Act (FATCA) as part of the Hiring Incentives to Restore Employment Act ("the HIRE Act"), and the legislation amended the Internal Revenue Code with the goal of increasing foreign account tax reporting and compliance. [The Hiring Incentives...

Reporting Obligations of U.S. Beneficiaries of Foreign Trusts and New Form 8938

In 2010, Congress enacted the Foreign Account Tax Compliance Act (FATCA) as part of the Hiring Incentives to Restore Employment Act ("the HIRE Act"), and the legislation amended the Internal Revenue Code with the goal of increasing foreign account tax reporting and compliance. [The Hiring Incentives...

U.S. FATCA Information Reporting: Fishing for Forsaken Tax Revenues

* by Lawrence A. Kogan, Esq. FATCA's Objective The Foreign Account Tax Compliance Act ("FATCA"), which added new Chapter 4 to Subtitle A of the Internal Revenue Code (comprising Sections 1471 , 1472 , 1473 , and 1474 ) was signed into law on March 18, 2010 by President Obama as part...

U.S. FATCA Information Reporting: Fishing for Forsaken Tax Revenues

* by Lawrence A. Kogan, Esq. FATCA's Objective The Foreign Account Tax Compliance Act ("FATCA"), which added new Chapter 4 to Subtitle A of the Internal Revenue Code (comprising Sections 1471 , 1472 , 1473 , and 1474 ) was signed into law on March 18, 2010 by President Obama as part...