Search Results for: Internal Revenue Service (IRS)
Accountants To See IRS In Court Over Tax Preparer Program
July 18th, 2014
The American Institute of Certified Public Accountants (AICPA) has filed a federal lawsuit calling for the voluntary tax return preparer regulatory program planned by the United States Internal Revenue Service (IRS) to be declared unlawful. AICPA President and CEO ...
IRS Issues Final Regs On Truncated TINs
July 16th, 2014
As part of efforts to combat identity theft and tax refund fraud, the United States Treasury Department has released, in the Federal Registry, final regulations applicable to the use of Internal Revenue Service (IRS) truncated taxpayer identification numbers (TTINs). ...
10 IGAs Join ‘In Substance’ FATCA List Just Before July 1
July 7th, 2014
Ten further foreign jurisdictions were included by the United States Treasury in its latest monthly list, issued on July 1, 2014, as having reached agreements in substance on June 30, 2014, on the terms of intergovernmental agreements (IGAs) under ...
Hong Kong, US Wrapping Up FATCA Agreement
May 13th, 2014
Hong Kong and the United States have substantially concluded discussions on an inter-governmental agreement (IGA) to simplify Hong Kong financial institutions’ compliance with the Foreign Account Tax Compliance Act. The Financial Services and the Treasury Bureau (FSTB) said that ...
UBS investigated for tax fraud and money laundering in Belgium
February 29th, 2016
Swiss bank giant UBS is being investigated over money laundering and serious organised tax fraud in Belgium. A statement from prosecutors said: “The Swiss bank is suspected of having directly, and not via its Belgian subsidiary, approached Belgian clients ...
IRS Extends FATCA IGA Compliance Deadline
October 26th, 2015
Within its Notice 2015-66, the Internal Revenue Service (IRS) has provided for a delay to the provision of information under Model 1 Foreign Account Tax Compliance Act (FATCA) intergovernmental agreements (IGAs) signed by other jurisdictions with the United States. ...
Cyprus Banks Move to Comply With FATCA
January 15th, 2015
Cyprus’ banks are exerting all efforts to comply with the Foreign Account Tax Compliance Act (FATCA) agreement signed between Cyprus and the USA, the Association of Cyprus Banks revealed yesterday. Cyprus and the US signed an agreement for the ...
Bank Pays $400m Fine For Aiding US Tax Evasion
January 5th, 2015
A leading Israeli bank has agreed to pay the US government $400 million compensation for helping US customers evade tax. Bank Leumi confessed to advising 1,500 wealthy Americans how to evade taxes over several years. The bank ran secret ...
US Foreign Account Tax Compliance Act Takes Force
July 3rd, 2014
In what the United States Administration has called an “effort to crack down on tax evasion and reduce the tax gap,” the Foreign Account Tax Compliance Act came into effect on July 1. Enacted in March 2010, FATCA adds ...
