Tax Law

Recent Posts

FATCA Withholding Compliance
Posted on 22 May 2013 by LexisNexis Tax Law Community Staff

Editor's Note: The following is an excerpt from Chapter 11 of the LexisNexis® Guide to FATCA Compliance * by William Byrnes and Robert Munro. The title is now shipping to customers world-wide. SUMMARY Importance of the Income Source In... 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

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

Reporting Requirements for U.S. Owners and Grantors of Foreign Trusts
Posted on 18 Dec 2012 by Diane L. Mutolo

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... Read More

Final FATCA Regulations Issued 1/17/2013
Posted on 18 Jan 2013 by LexisNexis Tax Law Community Staff

The U.S. Department of the Treasury and the Internal Revenue Service (IRS) today issued TD 9610 Final Regulations implementing the information reporting and withholding tax provisions commonly known as the Foreign Account Tax Compliance Act (FATCA). The... 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

IRS Releases Long-Awaited FATCA FFI Agreement
Posted on 30 Oct 2013 by William H. Byrnes IV

On October 29, 2013, the IRS released the long awaited FFI draft agreement and an accompanying notice incorporating updates to certain due diligence, withholding, and other reporting requirements released earlier this year ( click the FATCA topic on the... Read More

Tags: FATCA

FATCA FFI Registrations as of July 2014
Posted on 9 Jul 2014 by LexisNexis Tax Law Community Staff

* by Prof. William H. Byrnes IV and Haydon Perryman FATCA [the Foreign Account Tax Compliance Act] requires that foreign financial institutions [FFIs] make regular certifications to the IRS, as well as annually disclose taxpayer and account information... Read More

U.S. Treasury Announces Six Month Delay in Implementing FATCA
Posted on 17 Jul 2013 by William H. Byrnes IV

by Denis Kleinfeld * The U.S. Treasury announced on July 12, that due to overwhelming concern from countries around the world, the implementation of FATCA (the Foreign Account Compliance Tax Act) would be deferred from January 1, 2014 to June 30, 2014... 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

Practical Considerations for Developing a FATCA Compliance Program
Posted on 6 May 2013 by LexisNexis Tax Law Community Staff

Editor's Note: The following is an excerpt from Chapter 2 of the LexisNexis® Guide to FATCA Compliance * by William Byrnes and Robert Munro. ... The over-arching requirements for FATCA [the Foreign Account Tax Compliance Act] are three-fold... 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

Payments to Foreign Financial Institutions Under FATCA: Reporting and Withholding Requirements
Posted on 30 Jun 2011 by LexisNexis Tax Center

Editor's Note : The following is an excerpt from 1-17 Tax Controversies: Audits, Investigations, Trials §17.04 (Matthew Bender) ... The Foreign Account Tax Compliance Act, or FATCA, enacted in March 2010 and codified at IRC §§... 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