We are now watching the developments in respect of the United States Foreign Account Tax Compliance Act (FATCA) very closely. Awareness of the ramifications of this legislation is rising rapidly as another year draws to a close and the date of effect moves closer....
In a move that is of no surprise, the United States government has announced a delay to the due date for compliance with FATCA until 2014. This comes as a result of pressure to allow affected parties, namely foreign financial institutions, more time to implement the...
As a practitioner in United States taxation, I am already fielding calls from concerned citizens of the United States residing in New Zealand. One of the most significant calls I have had is concerning a United States citizen allegedly being denied access to...
Just as a footnote to the delay in the FATCA effective due date, I note no word from the IRS about an extension to the Offshore Voluntary Disclosure Initiative (OVDI). This is currently set to expire on August 31, 2011. If you are unsure about what this means for you,...
One of the new additions to the reporting requirements for United States taxpayers with financial assets located outside the United States is a new form 8938. It is currently being developed by IRS and is effective for taxable years beginning on or after January 1,...
