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Tag Archive for FAQs

IRS Offers FATCA Guidance For Trusts & Partnerships

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The IRS posted FAQ’s today on the effective dates of FATCA agreements for entities that apply on or after April 1 to be withholding foreign partnerships or withholding foreign trusts.

Qualified Intermediaries: Withholding Foreign Partnerships/ Withholding Foreign Trusts

Q1. How does a Financial Institution that is not currently a Qualified Intermediary (“QI”), a Withholding Foreign Partnership (“WP”), or a Withholding Foreign Trust (“WT”) register to become one?
Q2. How do FIs that are currently QIs, WPs and WTs renew their agreements?
Q3. I am not currently a QI/WP/WT.  Can I use the LB&I registration portal to register for Read more

The Hunt For Snowbirds Is On – A Summary of The IRS’s FAQ On Amnesty Programs For Non-Compliant Taxpayers

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Since announcing its amnesty programs for non-compliant taxpayers, the IRS has received over 45,000 applications from those who wanted to fulfil tax filing obligations. According to the IRS, this meant $6.5 billion in taxes, interest, and penalties. With FATCA and global bank transparency also in action, the IRS is expecting even more mula from the pockets of expats with foreign accounts.

Why are so many U.S. taxpayers willingly complying? Because the new streamlined program is broader than it was back in 2012. The revamped version even eliminates the necessary risk questionnaire and the rule that taxpayers have $1,500 at most of unpaid taxes per year. Even “better” is the fact that taxpayers can provide a non-willful certification to justify their failure to report their foreign assets in the past. If a taxpayer is found eligible: Read more

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