IRS

The list below is a collection of articles that refer to, mention or discuss IRS.

IRS issues first FATCA foreign financial institution list

The Internal Revenue Service (IRS) has released the first Foreign Account Tax Compliance Act (FATCA) search and download tool to find foreign financial institutions registered under the new anti-tax evasion law. FATCA is due to start on July 1, 2014, and requires hundreds of thousands of financial institutions to give up financial and personal data … Read more

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Moscow Fears FATCA Sanctions Over Crimea Crisis

Russia’s hard line over sanctions following the annexation of The Crimea from Ukraine seems to be softening over the Foreign Account Tax Compliance Act (FATCA). In on-off negotiations that have inched forward over several months, Russia had pledged to sign up to a FATCA inter-government agreement to make the country’s financial institutions compliant but had … Read more

Categories Tax

FATCA Update – India and South Korea to sign IGAs

Two more big fish have agreed to swim in the Foreign Account Tax Compliance Act (FATCA) pool as the governments of India and South Korea both announce treaty talks have started. In New Delhi, a senior Indian government official confirmed discussions about an inter-governmental agreement were already under way. The Royal Bank of India, the … Read more

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Crimea Dispute Triggers Russian FATCA

The US Foreign Account Tax Compliance Act (FATCA) could be the deciding factor in the tug of war over whether The Crimea is part of Russia or Ukraine. President Barak Obama and his European Union allies – especially Britain – are already threatening savage economic sanctions like booting Russia out of the G8 group of … Read more

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Final FATCA Rules Updated Yet Again

Groundwork for the US Foreign Account Tax Compliance Act (FATCA) is pressing on with another release of updated rules and guidelines for banks and financial institutions. As activity ramps up for the start of FATCA on July 1, the Internal Revenue Service (IRS) published a stack of revisions and new regulations for financial institutions to … Read more

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IRS releases “Dirty Dozen” tax scams to watch out for

Every year, the Internal Revenue Service (IRS) publishes its list of the “Dirty Dozen” tax scams, and reminds nationals to remain vigilant against such practices. The IRS often reports a peak of fraudulent activity during tax season, and with this in mind, here the the most frequent frauds to watch out for: Identity theft Taking … Read more

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US Expats Face Confusion Over Tax Filing Rules

Forgetting to file federal taxes is an expensive mistake for many of the more than 6 million American expats who are scattered among 160 countries around the world. As the tax season rolls into gear, even if expats have no taxes to pay, they must still file a return. But despite the arguing over tax … Read more

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Michael Jackson Estate Hit By $700m Tax Cheating Bill

The value put on singer Michael Jackson’s estate by his executors has hit a wrong note with the Internal Revenue Service (IRS). The IRS suggests the estate’s valuation of $7 million is way out of tune with their estimate of Jackson’s net worth of $1.125 billion. As a result of the dispute, the IRS has … Read more

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America’s Own Onshore Tax Havens

US President Barak Obama needs to look in his back yard to find out where some of those missing millions of cash and investments are sheltered behind a veil of secrecy. Although the United States has pioneered a new world of tax transparency and compliance with the Foreign Account Tax Compliance Act (FATCA), a small … Read more

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Republicans Launch Bid To Repeal FATCA

President Barak Obama’s opponents in the Republican Party are ready to call for the scrapping of Foreign Account Tax Compliance Act (FATCA). The party’s national committee is set to back a call to stop the controversial tax law in a move that is widely seen as a tactic to gather financial support from anti-FATCA campaigners. … Read more

Categories Tax