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Results: 1-7 of 7

Treasury publishes highly anticipated “withholdable payment” FATCA regulations and outlines international cooperation alternative

  • Morrison & Foerster LLP
  • -
  • USA
  • -
  • April 30 2012

After months of waiting, the Treasury released proposed Foreign Account Tax Compliance Act (“FATCA”) “withholdable payment” regulations on February 8, 2012

IRS announces phased implementation of FACTA

  • Morrison & Foerster LLP
  • -
  • USA
  • -
  • July 19 2011

On July 14, 2011, the Internal Revenue Service (“IRS”) and Treasury Department (“Treasury”) announced a phase-in schedule which effectively delays implementation of the Foreign Account Tax Compliance Act (“FATCA”) for one year and, in some cases, until 2015

California adopts tax amnesty covering, among other things, income from previously unreported foreign bank accounts

  • Morrison & Foerster LLP
  • -
  • USA
  • -
  • March 30 2011

On March 24, 2011, Governor Jerry Brown signed SB 86 into law

IRS unveils 2011 Offshore Voluntary Disclosure Initiative

  • Morrison & Foerster LLP
  • -
  • USA
  • -
  • February 14 2011

On February 8, 2011, the IRS unveiled the 2011 Offshore Voluntary Disclosure Initiative ("OVDI"), pursuant to which taxpayers may come forward, through August 31, 2011, to report previously undisclosed foreign accounts, assets, and income

Press corner

  • Morrison & Foerster LLP
  • -
  • USA
  • -
  • March 31 2010

The US tax authorities will soon launch another prosecution against a foreign bank for facilitating offshore tax evasion, a la the case against Swiss bank UBS AG, according to an IRS agent speaking with Reuters

FinCEN and IRS provide timely FBAR guidance regarding key definitions

  • Morrison & Foerster LLP
  • -
  • USA
  • -
  • March 5 2010

Last week the Department of Treasury issued proposed regulations addressing key definitions related to the Report of Foreign Bank and Financial Accounts, commonly referred to as the "FBAR."

New year’s resolution: disclosing your foreign bank account?

  • Morrison & Foerster LLP
  • -
  • USA
  • -
  • January 4 2010

The IRS reported in November of 2009 that over 14,000 taxpayers entered the special voluntary disclosure program for offshore accounts

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