American Taxpayer Relief Act 2012

Changes to tax rates, exemptions, credits and deductions recently occurred in the newly-enacted American Taxpayer Relief Act of 2012. Some of these are indexed for inflation. Of note, one of these being the recently topical exemption for Alternative Minimum Tax...
ITIN applications take time

ITIN applications take time

Individuals doing business with the United States requiring an ITIN (Individual Taxpayer Identification Number) should be aware that it can be several months before the Internal Revenue Service (IRS) will respond to their application. It is therefore important to...

FATCA update – Reporting Domestic Entities

FATCA update: Today the Internal Revenue Service issued advice that reporting by specified domestic United States entities of specified foreign financial assets will not be required for taxable years beginning any earlier than 31 December 2012. A ‘specified...

FATCA update – Final Regulations Released

In a significant move today the US Department of the Treasury and the Internal Revenue Service have set down the final regulations for the Foreign Account Tax Compliance Act (FATCA). The proposed regulations were issued in February 2012 and after almost a year of...
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