U.S. Treasury Unveils New Model Agreement for FATCA Intergovernmental Data Sharing

The Treasury Department unveiled a long-awaited model agreement July 26 for government-to-government information sharing under the Foreign Account Tax Compliance Act (FATCA)…

U.S. IRS Debuts Alternative FATCA Approach in Compliance Pacts with Switzerland, Japan

The Treasury Department announced agreements with Switzerland and Japan to pursue a new alternative approach to compliance with the Foreign Account Tax Compliance Act, with an official telling BNA the U.S. government does not expect further models to be proposed.

New U.S. Nonresident Alien Bank Reporting Rules Seen Hastening Automatic Information Exchange By Foreign Countries

New rules requiring U.S. banks to report interest on deposits held by nonresident aliens represent a significant advance in global information sharing and may be a factor in getting more countries to sign agreements to automatically exchange information with the United States, practitioners told BNA in recent interviews.

U.S. Government Issues Sweeping Guidance for Foreign Banks under Foreign Account Tax Compliance Act

Banks in foreign jurisdictions and the U.S. received sweeping guidance on the next major phase of implementation of the FATCA in nearly 400 pages of eagerly awaited rules that practitioners said show positive responses to industry concerns…

U.S. Taxpayers Said to Fear Disclosing Assets as Foreign Bank Crackdown Continues

The IRS’s intense effort to get taxpayers to tell the government about their offshore assets may be running into difficulties even as IRS continues its crackdown on foreign banks that help taxpayers hide those assets, numerous practitioners told BNA in a series of recent interviews.

U.S. Treasury, IRS Likely to Seriously Consider E.U. Letter on Foreign Account Tax Compliance Act Concerns, Practitioners Say

The United States is likely to carefully consider the European Union’s letter voicing concerns about the Foreign Account Tax Compliance Act and suggesting “synergies” between the EU Savings Directive and the new U.S. statute…

U.S. IRS Unveils Eagerly Awaited Foreign Account Tax Compliance Act Guidance; Practitioners Say Many Challenges Remain

The Internal Revenue Service April 8 unveiled its eagerly awaited second notice on the Foreign Account Tax Compliance Act, offering what practitioners said is welcome guidance under the new law that requires foreign banks to disclose their U.S.-owned accounts…