Tax Law

Recent Posts

FATCA FFI Compliance Extended; FATCA Portal, Other Key Dates Pushed Back
Posted on 15 Jul 2013 by William H. Byrnes IV

In a major U.S. Treasury announcement about FATCA on the morning of July 12, 2013, titled “Engaging with More than 80 Countries to Combat Offshore Tax Evasion and Improve Global Tax Compliance.” Treasury extended by six months the start of... Read More

Pepper Hamilton LLP Tax Update: Cut Unjustified Tax Loopholes Act Would Favor Foreign Fund Managers Over U.S. Managers
Posted on 9 Apr 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

Reporting Obligations of U.S. Beneficiaries of Foreign Trusts and New Form 8938
Posted on 20 Apr 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

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

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

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

Foreign Acoount Tax Compliance Act (FATCA) and Related HIRE Act Provisions
Posted on 18 Jan 2012 by LN Tax Law Staff

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... 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

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

Completing FATCA Forms
Posted on 10 Jul 2014 by William H. Byrnes IV

Modifications have recently been made to the forms that foreign individuals and entities complete in conjunction with FATCA. The 2014 Form W-8BEN is for use solely by foreign individuals , while Form W-8BEN-E is for use by entities . Payment recipients... Read More

Sutherland Legal Alert: It’s Just a Phase: The “Phased Implementation” of FATCA Under Notice 2011-53
Posted on 20 Jul 2011 by Eversheds Sutherland LLP

By Carol Tello , Michael Miles , William Pauls , Robb Chase and Dwaune Dupree On July 14, 2011, Treasury and the Internal Revenue Service (IRS) released Notice 2011-53 (the Notice), which provides transition rules for implementation of 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

Unearthing the Value in FATCA
Posted on 6 Feb 2013 by LexisNexis Tax Law Community Staff

by Micah Willbrand - LexisNexis ®.* ... At the time of its passage in 2010, the Foreign Account Tax Compliance Act (FATCA) appeared to be another reporting requirement for financial institutions (FIs). However, FATCA has long-term benefits for... Read More