On Monday, January 13, 2014 the District Court in the District of Columbia dismissed a challenge filed by the Florida Bankers Association and Texas Bankers Association challenging 2012 amendments to the Department of the Treasury’s interest-reporting regulations. The regulations require U.S. banks to report to the Internal Revenue Service (IRS) information about accounts earning…
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OECD Releases Draft of Radical Country-by-Country Reporting Template
The OECD has just published its draft of “A Model Template of Country-by-Country Reporting” that would require companies for the first time to provide tax administrations with exhaustive details of how they allocate their income, taxes, and business activities on a country-by-country basis. On the 19 July 2013 BEPS Action Plan, the OECD was directed…
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US Expatriation Increases By 221%
A record number of U.S. taxpayers renounced their citizenship or green cards in 2013, according to new data. Each quarter the U.S. Treasury publishes the names of the Americans who officially expatriated during that period. In the last quarter of 2013, 630 people renounced their citizenship or relinquished their green cards, added to the previous…
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U.S. Signs FATCA Agreements with Canada and Hungary
The Treasury Department announced February 5, 2014 Canada and Hungary to implement the Foreign Account Tax Compliance Act, or FATCA, in an effort to discourage offshore tax evasion.The Republican National Committee recently voted to call for the repeal of FATCA and plans to make it a campaign issue this year (see FATCA Implementation Unimpeded by…
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