That's what some of the world's largest wealth-management firms are saying ahead of Washington's implementation of the Foreign Account Tax Compliance Act, known as Fatca, which seeks to prevent tax evasion by Americans with offshore accounts. HSBC Holdings, Deutsche Bank, Bank of Singapore and DBS Group Holdings all say they have turned away business. "I…
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It may be better to take a hit on FATCA?
The Association of Investment Companies (AIC) has suggested to members with modest investments in US securities that they may be better off not signing up to controversial tax initiative FATCA and taking the penalty charge. FATCA, or the Foreign Account Tax Compliance Act, is a set of measures designed to fight offshore tax evasion by…
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10 Strategies Used by the Rich to Pay No Taxes!
If you have lots of money, Tuesday, April 17, was one of the best tax days since the early 1930s: Top tax rates on ordinary income, dividends, estates, and gifts remain at or near historically low levels. That’s thanks, in part, to legislation passed in December 2010 by the 111th Congress and signed by President…
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FinCEN – Extra Customer Due Diligence burden on Banks
The US Treasury Department has published new and more stringent rules for financial institutions to follow when verifying beneficial ownership of their accountholders. The proposal is open to public comment until 4th May 2012. US Federal Register Read more at: Tax Times blog
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