Posts tagged "international tax law"

Bilateral India-US Advance Pricing Agreement Requests Open Feb. 16

The US Internal Revenue Service announced that their Advance Pricing and Mutual Agreement office will begin accepting requests for bilateral advance pricing agrements between the United States and India starting February 16, 2016.

New IRS Videos Help International Taxpayers With Their U.S. Tax Filing Questions

Paying U.S. taxes while overseas doesn't have to be difficult with this year's improved IRS.gov help guides. In addition to the standard International Taxpayer page, U.S. citizens and other international taxpayers living outside the U.S. can now watch videos to learn about the following topics:

IRS issues first list of approved Foreign Financial Institutions that are in compliance with FATCA regulations.

As promised, the IRS has released the first list of financial institutions that have obtained their Global Intermediary Identification Numbers (GIINs) and have met the other requirements of FATCA. Taxpayers may now search financial institutions by name, country or GIIN to determine whether the financial institution is in compliance. This list will be updated by the IRS each month.

The Countdown Begins as the IRS prepares to Release the First List of Approved Foreign Financial Institutions in Compliance with FATCA

The IRS recently issued Announcement 2014-17, providing an update on jurisdictions treated as having intergovernmental agreements (IGAs) with the United States in order to implement the Foreign Account Tax Compliance Act (FATCA). As of the date of the announcement, the United States had signed IGAs with 26 jurisdictions and was close to obtaining agreements with many others.

OECD Recommends Steps to G8 to End Offshore Tax Evasion

The Organization for Economic Cooperation and Development (OECD) has identified four steps necessary for transparency and the automatic exchange of information regarding financial accounts through a cost effective and secure system, in an effort to end offshore tax evasion. On June 18, 2013, the OECD issued a report regarding the need to create a more equitable and transparent global tax system to the Group of Eight (G8), a forum for the governments of eight of the world's eleven largest national economies.

GAO Recommends Changes to Catch Tax Evasion by Offshore Account Quiet Disclosures

Early this year, the United States Government Accountability Office (GAO) identified an area of tax evasion the IRS may have missed. Specifically, taxpayers with undisclosed offshore accounts who have attempted to come into compliance quietly, and not through one of the IRS' voluntary disclosure programs, may be getting away with paying lower tax, interest and penalties than the taxpayers would pay by participating in one of the offshore compliance programs.

Supreme Court Holds that Taxpayer Entitled to Foreign Tax Credit in PPL v. Commissioner

On May 20, 2013, the Supreme Court decided PPL Corp. v. Commissioner, holding that a British "windfall tax" imposed on privatized British companies has the predominant character of an excess profits tax and is therefore creditable under Internal Revenue Code (IRC) Section 901.

IRS Reminds Those with Foreign Assets of U.S. Tax Obligations

Remember that FBAR reports are due for clients on June 28th, since there are no filing extensions on FBARs and the due date of June 30th falls on a Sunday this year. The filing deadline of June 15th for U.S. citizens and resident aliens living overseas or serving in the military outside the U.S. on the regular due date of their tax return, also falls on a weekend this year, however unlike the FBAR, the filing deadline is extended to Monday, Jun 17th for those tax payers. 

Husband and Wife Indicted for Hiding Millions at UBS and Other Offshore Banks

A federal grand jury has indicted Drs. David Leon Fredrick and Patricia Lynn Hough alleging that they conspired to defraud the Internal Revenue Service (IRS) through a series of offshore accounts, using the funds buy homes in Florida, North Carolina and an airplane among other things.

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