The Right to Be Informed – Taxpayers have the right to know what they need to do to comply with the tax laws. They are entitled to clear explanations of the laws and IRS procedures in all tax forms, instructions, publications, notices, and correspondence. They have the right to be informed of IRS decisions about […]
Taxpayer Bill of Rights Read More »
Generally speaking, U.S. taxpayers who live abroad qualify for an automatic two-month extension to file (not pay) their 2013 federal income tax returns. That means that those returns are due in just a few days, on Monday, June 16, 2014 (there’s an extra day to file since June 15 falls on a Sunday). Note that
Chasing the June 16th Tax Deadline Read More »
Every day I see people coming down on FATCA. I take the view that it helps to view FATCA as part of a larger movement. It’s so much more than just the USA – even if the USA is playing a leadership role. Consider this. BEPS (Base Erosion and Profit Shifting) now has more political-will,
FATCA and the Drive to Tax Transparency Read More »
One of the consequences of FATCA is that financial institutions and their (overseas) clients are struggling to come to terms with evolving form requirements. One of the main purposes of the W-8 forms is to show financial institutions (e.g. brokers and mutual fund companies) and certain other US entities, that the foreign investor / payment
FATCA & the W-8 Minefield Read More »
http://www.pbwt.com/files/Uploads/Documents/Who%20is%20a%20U.S.%20Tax%20Person_Bloomberg%20BNA.pdf?utm_source=Mondaq&utm_medium=syndication&utm_campaign=inter-article-link Note: The above reference link was live on May 2014, but it has since been taken down. Henry P. Bubel, Jenny Longman, Lisa M. Koenig, Nikki Dryden, and Michelle Mun˜oz-Machen Patterson Belknap Webb & Tyler LLP, Fragomen, Del Rey, Bernsen & Loewy LLP This article is intended to provide an overview of the intersection of
Who is a U.S. Person? Disparities between U.S. tax and immigration law Read More »
Extract of Commentary from Deloitte – http://www.fsitaxposts.com/2014/05/03/notice-2014-33-limited-transition-relief-fatca-u-s-withholding-coordination-rules/ Note: The above reference link was live in May 2014, but it has since been taken down. On May 2, the U.S. Treasury and Internal Revenue Service released Notice 2014-33. Basically, the Notice provides for a so-called “soft open’, new entity accounts are given another 6 months,
Further Guidance on the Implementation of FATCA and Related Withholding Provisions Read More »
FATCA is a term that must be familiar to anyone who deals with US institutions or US persons. Few of us in the International Business Structuring space however, truly grasp the implications. It is hoped that this brief article not only helps in further our understanding of FATCA in general, but also our understanding of
FATCAs Impact on Singapore Read More »
I began thinking of FATCA compliance on the part of money managers after last month’s report that 2 Canadian money managers resident in the Caymans and the Turks and Caicos islands were arrested when they visited Miami. Among other things, a statement from the DOJ noted that the accused “represented that the funds would not be
FATCA and Singapore Read More »
If it’s one thing I have been getting questions about, it’s the new Net Investment Income Tax as calculated on Form 8960. Here’s something from the IRSon it… Starting in 2013, some taxpayers may be subject to the Net Investment Income Tax. You may owe this tax if you have income from investments and your
Four Things to Know about Net Investment Income Tax Read More »
