Tax Law

Recent Posts

Stop Tax Haven Abuse Act of 2011 Introduced
Posted on 12 Jul 2011 by David T. Soborski

Editor's Note: The following was derived from the U.S. Senate web site page of Carl Levin (D - MI) ... On July 12th, Sen. Carl Levin, D-Mich., together with cosponsors Senators Conrad, Bill Nelson, Sanders, Shaheen, and Whitehouse, introduced... Read More

Strengthening Procedures Against Tax Evasion
Posted on 20 Nov 2013 by Henry (Terry) Christensen III, Esq.

by Henry Christensen III * The events involving Union Bank of Switzerland ("UBS") have resulted in federal criminal prosecutions, a deferred prosecution agreement between the U.S. Department of Justice and UBS and a separate global settlement... Read More

FATCA Imposes Burdens on NFFEs
Posted on 22 Jan 2013 by LexisNexis Tax Law Community Staff

by Lawrence A. Kogan* The Foreign Account Tax Compliance Act of 2010 (FATCA) and its regs impose certain information gathering, reporting and withholding requirements on nonfinancial foreign entities (NFEEs) operated by U.S. taxpayers overseas. In part... Read More

IGA Flurry Shows U.S. Is Locking Down on FATCA
Posted on 12 Dec 2012 by Allison Christians

A recent flurry of signed IGAs and press releases on ongoing negotiations suggests the US is acting tremendously quickly and even brazenly on FATCA. Almost as if they are trying to get this all nailed down before anyone outside the US government has time... Read More

Reporting Obligations of U.S. Beneficiaries of Foreign Trusts and New Form 8938
Posted on 18 Dec 2012 by Diane L. Mutolo

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... Read More

Reporting Specified Financial Assets and Form 8938
Posted on 18 Dec 2012 by Neil Aragones

U.S. taxpayers with assets overseas and their advisers should be mindful of new Form 8938, Statement of Specified Foreign Financial Assets , as they prepare the taxpayers' federal income tax returns for 2011. Temporary Regulations issued in December... Read More

IRS, Treasury Release Proposed Regs to Implement FATCA
Posted on 9 Feb 2012 by David T. Soborski

The proposed regulations were released as a 388-page document, now available on the IRS website: http://www.irs.gov/pub/newsroom/reg-121647-10.pdf . From IRS.gov : The regulations lay out a step-by-step process for U.S. account identification, information... Read More

Year in Review: The 2009 Person of the Year
Posted on 7 Jan 2010 by TaxAnalysts®

Sudden changes are seldom witnessed in the tax world. History teaches that for every brilliant tax reform proposal, there is a well-organized lobby seeking to preserve the status quo. Consider offshore tax evasion. For decades policymakers have decried... Read More

Pepper Hamilton LLP Tax Update: Cut Unjustified Tax Loopholes Act Would Favor Foreign Fund Managers Over U.S. Managers
Posted on 18 Dec 2012 by Pepper Hamilton LLP

By Steven D. Bortnick and Timothy J. Leska , Attorneys, Pepper Hamilton LLP In March 2009, Sen. Carl Levin (D-Mich.) introduced the Stop Tax Haven Abuse Act (S. 506) (the 2009 Act) to "stop tax cheats" and target "off-shore tax abuses... Read More

U.K., U.S. Agree on Compliance, Information Reporting, Withholding Provisions (FATCA)
Posted on 18 Dec 2012 by Karen Yip

According to Treasury Department News Release TDNR TG-1711 (September 14, 2012), the United Kingdom and the United States have entered into an agreement to implement the information reporting and withholding tax provisions known as the Foreign Account... Read More

Definition Added to FATCA Requirements Landscape
Posted on 27 Feb 2012 by Neil Aragones

Proposed Regs Revise FATCA's Due Diligence Procedures: Pre-existing Individual Accounts and Electronic Searches The much-anticipated proposed regulations under the Foreign Account Tax Compliance Act (FATCA) have been issued by the Treasury, and... Read More

FATCA/Extenders Bill Would Increase Reporting, Withholding and Penalties
Posted on 15 Dec 2009 by Steven D. Bortnick & Timothy J. Leska

The Foreign Account Tax Compliance Act of 2009 (FATCA), introduced on October 27, 2009 and supported by many, including President Obama and Treasury Secretary Timothy Geithner, seeks to combat tax evasion through the use of offshore intermediaries by... Read More

FATCA Compliance Programs
Posted on 24 Mar 2014 by William H. Byrnes IV

By Prof. William H. Byrnes and Dr. Robert J. Munro * Editor's Note: The following is an excerpt from Chapter 2 of the 2014 edition of LexisNexis Guide to LexisNexis® Guide to FATCA Compliance by William Byrnes and Robert Munro, published February... Read More

Reporting and Withholding Guidance: Payments to FFIs Under FATCA
Posted on 2 Apr 2012 by LexisNexis Tax Law Community Staff

Editor's Note : This narrative is derived from Tax Controversies: Audits, Investigations, Trials § 17.04 (Matthew Bender) by Robert S. Fink, J.D., LL.M., Kostelanetz & Fink, LLP, New York, N.Y. ... The Foreign Account Tax Compliance Act... Read More