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Monthly Archives: September 2014

FATCA Reporting of US Source Insurance Premiums?

PwC posted FATCA reporting of US source insurance premiums not required in certain circumstances.   Recently released instructions to the 2014 Form 1042-S clarify FATCA reporting requirements for US premiums. According to the instructions, US premiums subject to the Federal Excise Tax are not reportable so long as FATCA withholding is not applied or required…
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1st FATCA Indictment Against Foreign Company

The US authorities have charged six Belize business executives with organizing a scheme to help American citizens evade USD500 million of taxes and escape their reporting obligations under the Foreign Account Tax Compliance Act. The alleged conspiracy was investigated by using undercover law enforcement agents posing as dishonest clients. A multi-count indictment was unsealed on…
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FATCA Update!

  Why there may not be any new FATCA Agreements since Tuesday, August 5, 2014 when we posted "Life With FATCA - Effective SinceJuly 1, 2014 - 101 FATCA Agreements & Growing!", there are new FAQs that have been posted with regards to registration for non-reporting financial institutions in Model 1 IGA jurisdictions, and with regards to…
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Changes To the Streamlined Version of OVDP To Be Announced Soon?

According to the BNA the IRS will soon announce several changes to the streamlined version of the Offshore Voluntary Disclosure Program, but won't change the policies behind eligibility for the program, two agency officials said September 20, 2014.    For domestic participants the IRS will consider only the taxpayer's personal financial interests in determining eligibility, not…
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