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Results: 1-10 of 27

A two-minute self-examination concerning your estate planning
  • Alston & Bird LLP
  • USA
  • December 16 2014

Well-drafted estate plans are essential for managing your wealth while you are alive and distributing it after your death. Such an impactful set of


New IRS guidance on FACTA: more positive than initial IRS guidance
  • Alston & Bird LLP
  • USA
  • April 15 2011

Account Tax Compliance Act provisions designed to detect U.S. persons who may be evading U.S. tax by holding income-producing assets through accounts at foreign financial institutions (FFIs) or other foreign entities


Timeline extended for implementation of FATCA “stop tax haven abuse” legislation reintroduced
  • Alston & Bird LLP
  • USA
  • August 15 2011

The Foreign Account Tax Compliance Act (FATCA), the government’s tool against offshore tax evasion, was scheduled to become effective on January 1, 2013


IRS provides guidance on reporting of specified foreign financial assets
  • Alston & Bird LLP
  • USA
  • January 15 2012

The Internal Revenue Service published temporary regulations (T.D. 9567) on December 19, 2011, implementing Section 6038D, which provides that “specified individuals” who have an interest in “specified foreign financial assets” with a value of more than the applicable reporting threshold must attach new Form 8938, Statement of Specified Foreign Financial Assets, to their tax returns for tax years beginning after March 18, 2010


Taking advantage of tax exemptions before they may expire on December 31, 2012
  • Alston & Bird LLP
  • USA
  • September 21 2012

The 2010 federal estate and gift tax law provided good news for wealthy taxpayers: a lower maximum tax rate of 35; estate, gift, and generation-skipping transfer tax exemptions of $5 million ($10 million for a married couple); and estate and gift tax “exemption portability,” which allows a surviving spouse to increase his or her own lifetime exemption by the exemption a predeceased spouse never used


IRS chart clarifies separate Form 8938 and FBAR reporting requirements
  • Alston & Bird LLP
  • USA
  • April 16 2012

As part of the Hiring Incentives to Restore Employment (HIRE) Act, the Foreign Account Tax Compliance Act established a new and distinct foreign asset disclosure regime under Section 6038D requiring specified persons that hold interests in “specified foreign financial assets” to attach Form 8938, the “Statement of Specified Foreign Financial Assets,” to the person’s annual federal tax or information return reporting certain information if the aggregate value of those assets exceeds certain threshold amounts


Additional deadline for voluntary disclosure program
  • Alston & Bird LLP
  • USA
  • November 16 2009

The IRS is considering imposing a deadline on information reports filed by individuals who have sought to voluntarily disclose assets held in offshore accounts before the special program deadline


U.S. lawmakers introduce Foreign Account Tax Compliance Act of 2009
  • Alston & Bird LLP
  • USA
  • November 16 2009

On October 27, 2009, Senator Max Baucus (D-MT) and Representative Charles Rangel (D-NY) introduced the Foreign Account Tax Compliance Act of 2009 (H.R. 3933, S. 1934) (the “Bill”) in the U.S. Congress


Stop Tax Haven Abuse Act: if enacted, would have broad implications
  • Alston & Bird LLP
  • USA
  • April 15 2009

On March 2, 2009, Senator Carl Levin (D-MI) introduced the Stop Tax Haven Abuse Act


IRS deadline for FBAR filings and voluntary disclosure for taxpayers with offshore accountsentities is rapidly approaching
  • Alston & Bird LLP
  • USA
  • June 15 2009

On May 6, 2009, the Internal Revenue Service published guidance, in the form of answers to 30 "frequently asked questions," about its recently announced voluntary disclosure settlement initiative for U.S. citizens and residents maintaining undeclared offshore bank accounts andor entities