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IRS announcement extends FATCA timelines
- Akerman Senterfitt
- -
- USA
- -
- November 5 2012
On October 24, 2012, the Internal Revenue Service ("IRS") and the Department of Treasury ("Treasury") issued an announcement that extends certain timelines for the implementation of Foreign Account Tax Compliance Act (FATCA
IRS releases draft form to certify status of individuals for withholding under FATCA
- Akerman Senterfitt
- -
- USA
- -
- September 19 2012
On September 11, 2012, the Internal Revenue Service (“IRS”) released a new draft version of Form W-8 BEN, Certificate of Foreign Status of Beneficial Owner for United States Tax Withholding (Individuals
$104 million awarded to UBS whistleblower
- Akerman Senterfitt
- -
- USA
- -
- September 19 2012
On September 11, 2012, the National Whistleblowers Center announced that UBS whistleblower, Bradley Birkenfeld, was awarded $104 Million by the Internal Revenue Service as payment for insider information he provided the U.S. government with respect to the bank’s offshore banking scheme
First bilateral agreement to implement FATCA signed by U.S. & United Kingdom
- Akerman Senterfitt
- -
- United Kingdom, USA
- -
- September 19 2012
On September 14, 2012, the Treasury Department ("Treasury") announced that the United States has signed its first bilateral agreement with the United Kingdom regarding the implementation of the information reporting and withholding tax provisions of the Foreign Account Tax Compliance Act (FATCA
Streamlined compliance procedures for U.S. persons residing outside the U.S.
- Akerman Senterfitt
- -
- USA
- -
- September 6 2012
On August 31, 2012, the Internal Revenue Service ("IRS") released the instructions for their new streamlined filing compliance procedures for non-resident U.S. taxpayers
IRS issues draft withholding forms conforming to FATCA
- Akerman Senterfitt
- -
- USA
- -
- August 16 2012
The Foreign Account Tax Compliance Act (FATCA), passed as part of the Hiring Incentives to Restore Employment (HIRE) Act enacted in March 2010, added a requirement which generally provides that a foreign financial institution ("FFI") will need to be registered with the Internal Revenue Service ("IRS") in order to avoid a 30 withholding tax on certain payments (generally U.S. source passive income and gross proceeds from the sale of U.S. securities) starting in 2013
FATCA intergovernmental model agreement
- Akerman Senterfitt
- -
- USA
- -
- July 30 2012
On July 26, 2012, the U.S. Department of Treasury ("Treasury") published the intergovernmental model agreement for government-to-government information sharing ("model agreement") to implement the information reporting and withholding tax provisions commonly known as the Foreign Account Tax Compliance Act ("FATCA"
UBS client from Miami Beach, Florida sentenced to prison
- Akerman Senterfitt
- -
- USA
- -
- July 30 2012
A former UBS, AG client from Miami Beach, Florida was sentenced to four months in federal prison for willfully failing to file a Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts, for the UBS account the man held with as much as $4,000,0000 in it
Potential compliance relief for U.S. taxpayers living outside the United States
- Akerman Senterfitt
- -
- USA
- -
- June 28 2012
On June 26, 2012, the Internal Revenue Service released IR 2012-65 announcing a proposed new procedure for U.S. citizens living abroad including, but not limited to, dual citizens who have not filed U.S. income tax and informational returns to file their delinquent returns
New guidance on the 2012 voluntary disclosure program
- Akerman Senterfitt
- -
- USA
- -
- June 28 2012
On June 26, 2012, the Internal Revenue Service (“IRS”) released IR 2012-64 (the “Release”) announcing new details and guidelines regarding the 2012 voluntary disclosure program announced in January (“2012 OVDP”), including tightening the eligibility requirements
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