Tax Law

Recent Posts

FATCA in Canada: Constitutional Challenge Mounting
Posted on 28 Feb 2014 by Allison Christians

A group of Canadians has put together a campaign to explore the constitutional violations posed by FATCA in Canada. Some of these issues were raised by pre-eminent constitutional scholar Peter Hogg, in this letter to Finance . Others arise because of... Read More

FATCA - FI Account Remediation
Posted on 25 Feb 2014 by William H. Byrnes IV

by Prof. William H. Byrnes IV and Dr. Robert J. Munro * Editor's Note: The following excerpts are from Chapter 4 of the forthcoming 2014 edition of LexisNexis® Guide to FATCA Compliance by William Byrnes and Robert Munro, scheduled for publication... 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

U.S., 5 European Nations Reach Deal to Combat International Tax Evasion
Posted on 9 Feb 2012 by David T. Soborski

In a joint statement, the governments of the United States, France, Germany, Italy, Spain and Britain stated they wished to increase cooperation in fighting international tax evasion. This would work in both directions-the European nations providing information... Read More

Analysis of New 2014 Form W-8IMY and W8-BEN-E
Posted on 5 May 2014 by William H. Byrnes IV

On April 30, 2014 the IRS released the new Form W-8IMY (“ Form W-8IMY ”), formally replacing its 2006 predecessor W-8IMY. This new Form W-8IMY has 28 parts, whereas the previous August 2013 FATCA draft W-8IMY only contained 26. The new 2014... Read More

"You First, No You First" - Norway's FATCA Agreement with U.S. Treasury
Posted on 22 Apr 2013 by Allison Christians

Norway signed an IGA with the US Treasury on April 15. I blacklined the Norway agreement against the Model 1 FATCA, (you can download the comparison here ) and note that some of the regular features appear, including deemed-compliance status for pension... Read More

2014 Expanded EU Savings Directive Adoption Announced
Posted on 25 Mar 2014 by William H. Byrnes IV

On Saturday, March 22, 2014 the EU Council’s General Secretariat announced that it will adopt major amendments to the EU Directive on taxation of savings income at its next meeting. The amendments will address the current loopholes, such as application... Read More

What You Should Know About FBAR Penalty Mitigation
Posted on 18 Dec 2012 by Karen Yip

By Karen Yip, LexisNexis Federal & International Tax Analyst The IRS requires the Report of Foreign Bank and Financial Accounts, TD F 90-22.1 (commonly known as the Foreign Bank Account Report, or "FBAR"), when a U.S. person has a financial... Read More

Treasury Notice 2014-33
Posted on 6 May 2014 by William H. Byrnes IV

Treasury released Notice 2014-33 on May 2. Notice 2014-33 provides aspects of temporary relief for five areas of FATCA compliance: 1. 6 month extension (from July 1, 2014 until December 31, 2014) for characterizing as “pre-existing” the... 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

Political Pushback on FATCA
Posted on 3 Feb 2014 by William H. Byrnes IV

By Prof. William H. Byrnes IV and Dr. Robert J. Munro * ...The Joint Statement between the U.S., France, Germany, Italy, Spain and the United Kingdom regarding an intergovernmental approach to improving international tax compliance and implementing... Read More

  • Blog Post: U.S., 5 European Nations Reach Deal to Combat International Tax Evasion

    In a joint statement, the governments of the United States, France, Germany, Italy, Spain and Britain stated they wished to increase cooperation in fighting international tax evasion. This would work in both directions-the European nations providing information about US resident accounts on their soil...
  • Blog Post: What You Should Know About FBAR Penalty Mitigation

    By Karen Yip, LexisNexis Federal & International Tax Analyst The IRS requires the Report of Foreign Bank and Financial Accounts, TD F 90-22.1 (commonly known as the Foreign Bank Account Report, or "FBAR"), when a U.S. person has a financial interest in, or signature authority over, one...
  • Blog Post: "You First, No You First" - Norway's FATCA Agreement with U.S. Treasury

    Norway signed an IGA with the US Treasury on April 15. I blacklined the Norway agreement against the Model 1 FATCA, (you can download the comparison here ) and note that some of the regular features appear, including deemed-compliance status for pension funds and "local" banks* but want to...
  • Blog Post: Strengthening Procedures Against Tax Evasion

    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 between the U.S. Department of Justice, the Swiss...
  • Blog Post: Political Pushback on FATCA

    By Prof. William H. Byrnes IV and Dr. Robert J. Munro * ...The Joint Statement between the U.S., France, Germany, Italy, Spain and the United Kingdom regarding an intergovernmental approach to improving international tax compliance and implementing FATCA laid the foundation for the U.S. commitment...
  • Blog Post: FATCA - FI Account Remediation

    by Prof. William H. Byrnes IV and Dr. Robert J. Munro * Editor's Note: The following excerpts are from Chapter 4 of the forthcoming 2014 edition of LexisNexis® Guide to FATCA Compliance by William Byrnes and Robert Munro, scheduled for publication in March 2014. Chapter 4 contributors: Jason...
  • Blog Post: FATCA in Canada: Constitutional Challenge Mounting

    A group of Canadians has put together a campaign to explore the constitutional violations posed by FATCA in Canada. Some of these issues were raised by pre-eminent constitutional scholar Peter Hogg, in this letter to Finance . Others arise because of the adoption of the intergovernmental agreement (IGA...
  • Blog Post: FATCA Compliance Programs

    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 2014. Chapter 2 contributors: Jeffrey Locke...
  • Blog Post: 2014 Expanded EU Savings Directive Adoption Announced

    On Saturday, March 22, 2014 the EU Council’s General Secretariat announced that it will adopt major amendments to the EU Directive on taxation of savings income at its next meeting. The amendments will address the current loopholes, such as application to trusts, to foundations, and to investment...
  • Blog Post: Analysis of New 2014 Form W-8IMY and W8-BEN-E

    On April 30, 2014 the IRS released the new Form W-8IMY (“ Form W-8IMY ”), formally replacing its 2006 predecessor W-8IMY. This new Form W-8IMY has 28 parts, whereas the previous August 2013 FATCA draft W-8IMY only contained 26. The new 2014 Form W-8IMY is vastly different from the seven-part...
  • Blog Post: Treasury Notice 2014-33

    Treasury released Notice 2014-33 on May 2. Notice 2014-33 provides aspects of temporary relief for five areas of FATCA compliance: 1. 6 month extension (from July 1, 2014 until December 31, 2014) for characterizing as “pre-existing” the obligations (including accounts) held by an entity;...