Liechtenstein, an Alpine country of 36,000 people, has told American clients of the principality’s oldest bank that U.S. authorities have requested their account data as they widen a tax-evasion probe. Accounts at Liechtensteinische Landesbank AG (LLB) that contained at least $500,000 at any time since the beginning of 2004 are covered by the information request,…
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About: Ronald Marini
Recent Posts by Ronald Marini
Report Foreign Bank and Financial Account Information by June 30
If you or one of your clients has a bank or other financial account in a foreign country, or has signature authority over such an account, that client may be required to report the account using Form TD F 90-22.1 to the Treasury Department by June 30. Reporting of such accounts may be required, even…
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Draft of Form W-8BEN with FATCA Changes
The IRS released modified versions of draft Form W-8BEN, Certificate of Foreign Status of Beneficial Owner for United States Tax Withholding, for individuals and entities. The draft Form, now divided into W-8BEN and W-8BEN-E, is a pre-release, but as expected, it indicates changes to come for foreign financial institutions and withholding agents. The new form…
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US clients turned away by Singapore Banks due to onerous US tax laws
SINGAPORE - Go away, American millionaires That is what some of the world's largest wealth-management firms are saying ahead of Washington's implementation of the Foreign Account Tax Compliance Act, which seeks to prevent tax evasion by Americans with offshore accounts. HSBC, Deutsche Bank, Bank of Singapore and DBS all say they have turned away business.…
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