The Bahamas has enjoyed an “influx” of private wealth management business due to a change in Swiss banking laws, a senior accountant warning the Bahamas that as a result, it would continue to face external pressures for greater regulation and transparency. Michelle Thompson, managing partner at Ernst & Young (Bahamas), said We’re seeing an influx…Read more
U.S. & Italy Sign FATCA Agreement.
The U.S. and Italy have signed an intergovernmental Agreement between the Government of the United States of America and the Government of the Republic of Italy to Improve International Tax Compliance and to Implement FATCA. The U.S. Treasury Department on January10, 2014 said it signed an anti-tax evasion pact with Italy, which became the 13th…Read more
FATCA – IRS Says No More Delays!
The US Foreign Account Tax Compliance Act (FATCA) will definitely come into effect on 1 July this year with no possibility of further delay, according to officials of the US Internal Revenue Service (IRS). The difficulties include negotiations with foreign governments and problems in setting up the necessary administrative systems, for example a website where…Read more
Simplified Method for Estate Tax Portability Provided in Rev. Proc. 2014-18.
The Internal Revenue Service has released a revenue procedure this week allowing taxpayers who fall below the threshold for having to file an estate tax return, but who want to claim the portability exclusion, a simplified method for getting an automatic extension of time to file Revenue Procedure 2014-18 provides an automatic extension of time for…Read more