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IRS announces revised FATCA implementation timelines

Lowenstein Sandler PC
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USA
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November 28 2012

The Foreign Account Tax Compliance Act (“FATCA”) was enacted in 2010 as part of an effort to combat tax evasion by U.S. taxpayers holding investments in offshore accounts and through offshore intermediaries

The third time’s the charm IRS announces third opportunity for voluntary disclosure of offshore accounts

Lowenstein Sandler PC
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USA
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January 10 2012

On Monday, January 9, 2012, the Internal Revenue Service announced a third voluntary disclosure initiative for those individuals who previously failed to disclose to the IRS income from offshore accounts

IRS issues new timeline for implementation of FATCA

Lowenstein Sandler PC
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USA
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August 18 2011

The IRS has issued a new timeline for implementing the onerous requirements imposed on foreign financial institutions (including foreign hedge funds and private equity funds) by the Foreign Account Tax Compliance Act (“FATCA”

Estate planning and the enactment of the New York Marriage Equality Act: what you need to know

Lowenstein Sandler PC
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USA
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July 20 2011

With the enactment of the Marriage Equality Act, New York is now the sixth state to permit marriage for same-sex couples

IRS extends filing deadlines for some FBARs

Lowenstein Sandler PC
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USA
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June 20 2011

As we previously reported, federal law requires that any U.S. person or entity with a financial interest in, or signature or comparable authority over, any foreign financial account file an annual Report of Foreign Bank and Financial Accounts, Form TD-F 90-22.1 ("FBAR") if the aggregate value of such accounts exceeds $10,000 at any time during the calendar year

Return of the federal estate tax: now what?

Lowenstein Sandler PC
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USA
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December 17 2010

After a year filled with confusion for taxpayers and tax practitioners, Congress has finally acted

Congress grapples with GRATs

Lowenstein Sandler PC
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USA
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July 12 2010

The Senate is currently considering a bill that would alter the rules governing the creation of grantor retained annuity trusts ("GRATs"), a highly effective estate planning technique

FBARs not currently required for interests in foreign hedge funds or private equity funds

Lowenstein Sandler PC
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USA
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March 2 2010

The Treasury Department has provided some welcome relief concerning Foreign Bank Account Report (FBAR) filing requirements, although many key issues remain unresolved

Federal estate tax repeal: on the verge of reality

Lowenstein Sandler PC
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USA
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December 23 2009

In June 2001, President George W. Bush signed a law that gradually reduced and ultimately repealed the federal estate and generation-skipping transfer ("GST") taxes

IRS extends FBAR filing deadline for certain taxpayers to June 30, 2010

Lowenstein Sandler PC
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USA
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August 10 2009

Federal law requires that any U.S. person or entity with a financial interest in, or signature or comparable authority over, any foreign financial account file an annual Report of Foreign Bank and Financial Accounts ("FBAR") if the aggregate value of such accounts exceeds $10,000 at any time during the calendar year

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