The US IRS on January 12 announced that its international data exchange service (IDES) website is open for enrollment. Financial institutions and host country tax authorities use IDES to electronically send information reports on financial accounts held by US persons to the IRS under the FATCA or pursuant. . .
The US IRS on December 17 released a draft version of the FATCA International Data Exchange Services (IDES) user guide. The draft discusses data preparation procedures and reporting. A final version of the guide will be available January 2015. See, IDES user guide
The UK’s HM Revenue and Customs on October 13 launched an online FATCA guide to assist UK financial institutions in registering and reporting financial information on behalf of their US customers in accordance with UK-US legislation. HMRC
The Seychelles Revenue Commission has released a circular that provides guidance to financial institutions subject to FATCA reporting obligations. The guidance describes the information . . .
New frequently asked questions (FAQs) were posted to the US IRS’s FATCA website on March 24 concerning reporting deadlines and nil reporting. . .
Uganda on November 4 became the 90th signatory to the Multilateral Convention on Mutual Administrative Assistance in Tax Matters, the OECD has . . .
The British Virgin Islands International Tax Authority on March 20 released guidance notes designed to provide practical assistance entities and their directors, officers, and advisers in complying with obligations under FATCA. See, FATCA Guidance, Version 2.0
The Isle of Man on December 15 published revised Guidance Notes relating to intergovernmental agreements to improve international tax compliance signed in 2013 with the UK and US. Release.
The US IRS on October 27 released new questions and answers on the FATCA International Data Exchange Services (IDES) system on its website and listed approved certificate authorities.
The new Q&As are as . . .
The US Treasury Department has updated its FATCA website, reporting that Brazil has signed a Model 1 intergovernmental agreement (IGA) with the United States as of Sept. 23. Agreement
The US Treasury Department has updated its FATCA website, reporting that Montserrat has signed a Model 1 intergovernmental . . .
Australia on September 18 released draft legislation to implement the OECD’s Common Reporting Standard for the automatic exchange of financial account . . .
The US IRS on April 20 announced it has updated the FATCA International Data Exchange Service (IDES) user guide to include enhancements for reporting. . .
The US Treasury Department has updated its FATCA website, reporting that Qatar has signed a Model 1 intergovernmental agreement (IGA) with the United States as of January 7. The text of the agreement is available. See, agreement.
A new FAQ was posted on the US IRS’s FATCA website on October 27 in the Branch/Disregarded Entity category. The FAQ . . .
US Treasury Department has updated its FATCA website, reporting that Latvia has signed a Model 1 intergovernmental agreement (IGA) with the United States as of June 27. Agreement
Irish Revenue on June 17 released guidance on the treatment of holding companies and treasury companies for purposes of FATCA reporting, in light of updated US IRS guidance . . .
The US IRS on December 11 added new information on its website on the FATCA International Data Exchange Service (IDES). The IRS describes the IDES enrollment process, lists compatible web browsers . . .
Ireland’s Revenue Commissioners, on June 30, released guidance on compliance by Irish entities with their obligations under U.S. FATCA provisions. See, Financial Accounts Reporting (United States of America) regulations 2014 (PDF, 179KB).
A Russian law, signed June 30, gives financial institutions the right to pass information about U.S. taxpayers to the IRS to satisfy FATCA requirements, but only after first sending the information to Russian authorities and only if the taxpayer gives permission for the information transfer, reports Delphine d’Amora of The Moscow Times.
The US Treasury Department has updated its FATCA website, reporting that Curacao has signed a Model 1 intergovernmental agreement (IGA) with the United States as of December 16, 2014. The text of the agreement is available. See, agreement.
The US IRS on October 10 released an advance copy of Notice 2014-59, expanding transition relief provided in Notice 2014-33 to withholding agents, foreign financial institutions, and payors that have withholding or information reporting requirements respect to accounts and obligations they open or enter into before January 1, 2015. See, Notice 2014-59
Two Canadian-U.S. dual citizens, on August 11, filed suit in the Federal Court of Canada challenging the constitutionality of the intergovernmental agreement signed by the U.S. and Canada that implements FATCA.
The lawsuit, funded by the Alliance for the Defense of Canadian Sovereignty (ADCS), alleges that the intergovernmental agreement violates provisions of the Canadian Charter of Rights and Freedoms . . .
U.S. Treasury Department has updated its FATCA website, reporting that Haiti has reached an “agreement in substance” on a Model 1 intergovernmental agreement (IGA) with the United States and consented to this status as of June 30.
An Australian law to give effect to the FATCA intergovernmental agreement between Australia and the United States received royal assent on June 30. For the text and history of the law, see: Tax Laws Amendment (Implementation of the FATCA Agreement) Bill 2014. For more analysis, see King & Wood Mallesons
Andorra and the EU on October 4 agreed to automatically exchange information on the financial accounts of each . . .
The UK’s HM Revenue and Customs on May 21 issued guidance on the treatment of holding companies and treasury companies under FATCA, the multilateral competent authority agreement implementing the common reporting standard, and the . . .
The United Arab Emirates will complete and sign a Model 1 FATCA IGA this month and will send the agreement electronically to the US IRS in September 2015, UAE HE Younis Haji Al Khoori, Undersecretary of the Ministry of Finance told reporters February 15. The UAE had reached an agreement . . .
Singapore and the US on December 9 signed a FATCA Model 1 Intergovernmental Agreement (IGA), following the initialing of the agreement May 5, the Inland Revenue Authority of Singapore has announced. The IGA is designed to simplify FATCA information reporting for Singapore financial institutions. See, Singapore release.
The US IRS on October 15 posted a “recent development” to the TY2014 Instructions for Form 1042-S, as follows:
“The 2014 Form 1042-S posted to IRS.gov on 04/02/2014 supersedes the 2014 Form 1042-S posted to IRS.gov on 03/12/2014. We are re-posting this form to correct the formatting of the recipient’s address in order to facilitate the mailing of this form to taxpayers.” See, FATCA website.
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