In a move sure to send shock waves through the offshore banking community, the Justice Department yesterday announced its first criminal conviction for violating the Foreign Account Tax Compliance Act
Continue Reading Offshore Bankers Beware: Justice Department Secures First-Ever Criminal Conviction for Violating FATCA
Fox Rothschild LLP Partner Matthew D. Lee recently authored an updated version of the Foreign Account Tax Compliance Act Answer Book, published by Practising Law Institute. Lee’s book provides a
Continue Reading Matthew D. Lee Authors 2018 Update to Foreign Account Tax Compliance Act Answer Book
The Internal Revenue Service has issued its annual reminder to taxpayers that they report their foreign assets on their individual tax returns due on April 17, 2018. Individuals with offshore
Continue Reading Internal Revenue Service Reminds Taxpayers to Report Offshore Bank Accounts on FBAR Form
The Foreign Account Tax Compliance Act (FATCA) requires a foreign financial institution to appoint a “Responsible Officer” who is obligated to submit periodic compliance certifications to the Internal Revenue Service
Continue Reading IRS Releases Draft FATCA Compliance Certification Forms, Indicates July 1 Deadline May Be Extended by 90 Days
In the midst of the tax reform debate currently embroiling Congress, Senator Rand Paul (R-Kentucky) has introduced an amendment seeking to repeal the Foreign Account Tax Compliance Act (FATCA), an
Continue Reading Senator Rand Paul Once Again Takes Aim at FATCA
Tomorrow morning (November 17) the International Consortium of Investigative Journalists (ICIJ) is set to release publicly the first set of comprehensive data from the recent “Paradise Papers” leak. The initial
Continue Reading On Eve of “Paradise Papers” Release, At-Risk Individuals Should Consider Immediate Action to Mitigate Potential for Criminal Prosecution
With tax reform a hot topic in Washington, key Republican lawmakers in Congress are considering a major change to the U.S. tax system: eliminating citizenship-based taxation and moving to a
Continue Reading Could U.S. Tax Reform Include An End to Citizenship-Based Taxation?
In a report to the President recommending actions to eliminate or mitigate burdens imposed on taxpayers by eight specific tax regulations, the Treasury Department indicated that it is considering possible
Continue Reading Treasury Hints That Regulatory Review May Target FATCA Regulations
The Internal Revenue Service has issued a reminder to foreign financial institutions to renew their Foreign Financial Institution (FFI) agreement if required. These FFIs have until October 24, 2017 to
Continue Reading IRS Urges Foreign Financial Institutions to Renew Their FATCA Registrations
The Internal Revenue Service has extended the deadline for foreign financial institutions (FFIs) to renew their FFI Agreements to October 24, 2017. We previously wrote about the IRS’ publication in
Continue Reading FATCA Update: FFI Agreement Renewal Deadline Extended to October 24, 2017