1099-news-tax-blog

AICPA asks Senate for more action to enforce international tax evasion laws

March 18, 2015, 3:16 am EDT in 1099-news-tax-blog, International Tax Compliance

U.S. tax scofflaws will be feeling more heat if the Senate approves pending tax treaties that a key lobbying group is pressuring them on.  Already armed with the Foreign Account Tax Compliance Act (FATCA), these treaties would provide additional enforcement muscle to crack down on would-be tax evaders....

UK seeing increased requests for tax information from foreign governments

March 17, 2015, 10:13 am EDT in 1099-news-tax-blog, International Tax Compliance

As time goes by, more governments are seeking to collaborate to facilitate the automatic exchange of tax information (AEOI) to prevent cross-border tax evasion. Moreover, many of these governments are acting solely for this goal and not as a means to pad their revenue with unpaid taxes....

IRS updates ‘General Compliance’ section of FATCA FAQs

March 17, 2015, 3:19 am EDT in 1099-news-tax-blog, International Tax Compliance, IRS Regulation Updates

The IRS is establishing an important precedent that any institution impacted by the Foreign Account Tax Compliance Act (FATCA) must take notice of.  Key guidance updates to the regimes reporting and regulatory requirements are not explicitly announced with attention-getting fanfare, but rather included in updates within the FATCA Frequently Asked...

Bahamas selects Convey and EY to implement its FATCA strategy

March 5, 2015, 6:31 am EDT in 1099-news-tax-blog, International Tax Compliance

The Bahamas Finance Ministry has selected Convey Compliance (now a Sovos Compliance Company) and EY (Ernst & Young) to work in conjunction to put the country's solution for the Foreign Account Tax Compliance Act (FATCA) in place. These two companies will be involved in the many steps of preparing the...

IRS officially opens IDES Gateway

March 4, 2015, 5:13 am EDT in 1099-news-tax-blog, International Tax Compliance

Foreign financial institutions (FFIs) and tax authorities that will report to the IRS under the Foreign Account Tax Compliance Act (FATCA) can now officially access the International Data Exchange Service (IDES) Gateway. Moreover, FFIs and tax administrations will have additional opportunity to test their processes with the new system during a...