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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Swiss bank Pictet gave data to U.S. in tax probe
ZURICH (Reuters) - Swiss bank Pictet said on Sunday it handed over bank account details to U.S. authorities probing cases of tax evasion, as a newspaper reported it had accepted funds from two former UBS clients suspected of having cheated on taxes. Pictet said in a statement the data handover took place in November 2010…
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FATCA timelines and release dates
On May 7th, at the 26th Annual Tax Reporting & Withholding Conference in Arlington, VA, IRS representatives discussed timelines and release dates pertaining to Chapter 4 (FATCA) implementation. § Final regulations are still expected to be released at the end of this summer. § Draft FFI Agreements should be available by the end of June.…
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