On Monday, February 10, 2014, we posted U.S. Signs FATCA Agreements with Canada and Hungary, where we discussed that 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 agreement is of the Model I type…
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The Intergovernmental FATCA Schema Version 1.1 User Guide is Now Available on the FATCA Website
On Thursday, December 19, 2013, we posted FATCA FFI List Resources and FFI List FAQs are Now Available where we discussed that what taxpayers representatives should be paying attention to in these FATCA discussions, among other things, is that the form of the FATCA submissions entitled "Schema" is a uniform computer readable report. This is the…
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President Obama Wants To Eliminate Overseas Tax Avoidance By US Companies!
President Barack Obama released his fiscal year 2015 budget request to Congress on Tuesday March 4, 2014 and lawmakers will promptly ignore it. But the annual ritual highlights his policy priorities for the coming year and serves as a Democratic Party manifesto as Democrats seek to draw a contrast with Republicans ahead of congressional elections…
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Statute of Limitations Remains Open Forever for Any Return Which Fails to File an Associated Information Report!
Taxpayer spend some of their time monitoring when the statute of limitations expires for certain tax return exposure items. This means watching the calendar until you are clear of audit. Unless you skip filing taxes entirely, you might assume your risk of audit eventually passes. Taxpayers with a unreported income from a foreign bank account …
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