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Check the CRS: How Investment Funds Can Prepare for Common Reporting Standards
Posted by Tracy Dalpe on Tue, Nov 14, 2017 @ 07:28 AM

Across the world, countries are trying to combat potential tax evasion practices by increasing reporting requirements and tax transparency for cross-border business activities. One of the primary ways the U.S. addresses the tax evasion issue is through the Foreign Account Tax Compliance Act (FATCA). The Organisation for Economic Co-Operation and Development (OECD) has also taken an interest in worldwide tax transparency and used the FATCA as a model for its global tax transparency program, the Common Reporting Standard (CRS). CRS creates an information exchange among participating countries. To date, more than 100 countries have adopted CRS, including the United Kingdom, Italy, Spain, Luxembourg, Portugal, France, and the Cayman Islands.

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Topics: FATCA, Tracy Dalpe, Common Reporting Standards, CRS, Investment Funds, Foreign Account Tax Compliance Act, OECD, Passive Non-Financial Entity

Do Your Withholding Processes Comply with FATCA?
Posted by Robert Kerr on Thu, Dec 11, 2014 @ 09:17 AM

FATCA Targets Tax Evasion

The recently enacted Foreign Account Tax Compliance Act (FATCA) added a chapter to the Internal Revenue Code designed to prevent U.S. persons from using offshore accounts and investments to evade U.S. tax. Effective July 1, 2014, any person making a payment of U.S. source income to either a Foreign Financial Institution (FFI) or a Non-Financial Foreign Entity (NFFE) must consider whether it is subject to FATCA.  

U.S. entities, both financial and non-financial, that make payments of U.S. source income to non-U.S. persons will be affected. There is a potential 30% U.S. withholding tax imposed on U.S. source "withholdable payments" made to a non-U.S. entity under FATCA. The U.S. payor will need to understand the entity classification of its non-U.S. payees under FATCA and will be required to maintain documentation on these non-US persons.

Since the new FATCA requirements did not replace the existing withholding rules on payments of certain U.S. source income to non-U.S. persons, businesses are currently reviewing their processes to ensure proper compliance with the existing withholding rules as well as the new FATCA provisions.

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Topics: FATCA, Robert Kerr

Important Update on FATCA Withholding Requirements
Posted by Robert Kerr on Wed, Jul 31, 2013 @ 09:04 AM

As discussed in previous blog posts, the Foreign Account Tax Compliance Act (FATCA) requires foreign financial institutions (FFIs) to report information about financial accounts held by U.S. taxpayers, as well as accounts held by foreign entities in which U.S. taxpayers hold a substantial ownership interest.

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Topics: Foreign Account Compliance, FATCA, Robert Kerr

FATCA Non-Compliance Triggers Harsh Penalties for Withholding Agents
Posted by Robert Kerr on Mon, May 13, 2013 @ 09:18 AM

Little Time Left for Withholding Agents to Prepare for Complicated FATCA Compliance Requirements

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Topics: FATCA, Robert Kerr, tax planning, tax, compliance, tax compliance

Increased Scrutiny of Foreign Accounts is Fast Becoming a Reality
Posted by Kristen Shepley on Wed, Oct 3, 2012 @ 09:13 AM

U.S. Department of Treasury Releases Model Intergovernmental Agreement on Foreign Asset Reporting

Agreement Works to Prevent Tax Evasion

The U.S. Department of the Treasury has issued a model intergovernmental agreement to implement the information reporting and withholding tax provisions of the Foreign Account Tax Compliance Act (FATCA). The provisions are intended to combat offshore tax evasion, and they require foreign financial institutions (FFIs) to report to the IRS information about certain financial accounts.  

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Topics: FATCA, Kristen Shepley, tax, tax-exempt, IRS, FSA Assessment, Foreign asset reporting

Latest Guidance on Tax Issues
Posted by Kristen Shepley on Mon, Apr 23, 2012 @ 10:00 AM

Foreign Account Compliance, Tangible Property Regulations, and Amazon Laws

The CBIZ Tofias Tax Team is pleased to present this summary of recent developments in tax planning and compliance.

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Topics: Tangible Property Regulations, Foreign Account Compliance, FATCA, Sales Tax, sales tax compliance, Amazon Laws

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