First prosecution under FATCA – Landmark Case

Eight years after the Foreign Account Tax Compliance Act (FATCA) was enacted as part of the 2010 Hire Act, the Eastern District of New York has prosecuted an executive of Loyal Bank for wilfully circumventing the reporting requirements of FATCA.   The executive,...

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...

Financing the 2010 HIRE Act

We are receiving inquiries in relation to the increased reporting and disclosure requirements financing the 2010 HIRE Act. Financial institutions outside the United States face either having to disclose the name, address and taxpayer identification number of affected...
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