The final FATCA regulations: applications to foreign investment vehicles *

USA - January 31 2013
On January 17, 2013, the Internal Revenue Service issued final regulations that provide guidance on the “Foreign Account Tax Compliance Act” (“FATCA”)…

Co-authors: Jason D. Schwartz , Jean Marie Bertrand, David Miller, Shlomo Boehm, Mark P. Howe .

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Announcement 2012-42 provides transitional FATCA relief for foreign financial institutions *

USA - November 6 2012
On October 24, the Internal Revenue Service issued Announcement 2012-42, which (i) delays gross proceeds withholding under the “Foreign Account Tax Compliance Act” provisions contained in sections 1471-1474 of the Internal Revenue Code (“FATCA”), (ii) grandfathers (i.e., exempts from FATCA withholding) obligations that give rise only to foreign-source income or will give rise to U.S.-source dividend-equivalent payments under future section 871(m) regulations, and collateral arrangements that relate only to grandfathered swaps and other grandfathered “notional principal contracts,” and (iii) extends the deadlines under FATCA for completing due diligence with respect to counterparties and financial account holders.

Co-authors: Jason D. Schwartz , Jean Marie Bertrand, David Miller, Shlomo Boehm, Mark P. Howe .

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FATCA may open a Pandora's box of civil and criminal tax liability for U.S. persons who have not timely paid their U.S. taxes or filed returns—now is a critical time to consider voluntary disclosure *

USA - October 22 2012
The Foreign Account Tax Compliance Act (“FATCA”), signed into law on March 18, 2010, was enacted to combat tax evasion by United States citizens and residents who have offshore accounts and assets.

Co-authors: Dean C. Berry, Adam S. Lurie, Mark P. Howe .

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Proposed regulations relax the Circular 230 rules for tax practitioners *

USA - October 4 2012
On September 17, 2012, the Department of Treasury (“Treasury”) and the Internal Revenue Service (“IRS”) proposed regulations that would significantly relax Circular 230, which governs the conduct of tax practitioners and accountants.

Co-authors: Jason D. Schwartz , Jean Marie Bertrand, David Miller, Shlomo Boehm, Mark P. Howe .

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United States and United Kingdom sign intergovernmental agreement under FATCA *

United Kingdom, USA - September 20 2012
On September 14, the United States and the United Kingdom entered into an intergovernmental agreement that, if ratified by the U.K. parliament, would provide financial institutions that are resident in the United Kingdom, and branches of financial institutions that are located in the United Kingdom, with an alternative withholding regime to that imposed under the “Foreign Account Tax Compliance Act” provisions contained in sections 1471 through 1474 of the Internal Revenue Code.

Co-authors: Jean Marie Bertrand, David Miller, Adam Blakemore, Shlomo Boehm, Mark P. Howe .

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