The IRS released modified versions of draft Form W-8IMY, Certificate of Foreign Intermediary, Foreign Flow-Through Entity, or Certain U.S. Branches for United States Tax Withholding., on August 13, 2012. The new form reveals a foreign financial institution employment identification number (FFI-EIN) and a FATCA ID for participating FFIs and deemed-compliant FFIs. In order to protect…
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Swiss Bank Advising Clients to Move Their Funds to Singapore
Swiss banks denied it is helping wealthy Germans dodge taxes by telling them to move funds to Singapore and other money centres ahead of a Swiss tax deal due to come into force in January. "We do not help clients to evade taxes and we clearly don't support clients in circumventing bilateral tax agreements, including the…
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Guide to IRS International Penalties
Taxpayer -These are applied to each tax year with no statue of limitation Filing Requirement Form IRC Penalty section U.S. person with interest in: Foreign Corporation (FC) Form 5471 IRC 6038(b) Foreign Partnership (FP) Form 8865 FC or FP with Foreign Disregarded Entity Form 8858 Penalty reducing Foreign Tax Credit: Foreign Corporation (FC) Form 5471…
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Where's My Multimillion-Dollar Refund?
An Overview of the IRS Joint Committee Review Process By SusanStanley and Janice Flood In the current economic environment, many corporate taxpayers are faced with losses that when carried back will result in an overpayment of tax in excess of $2 million; any refund in excess of $2 million, whether claimed on IRS Form…
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