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Today is the final day for foreign financial institutions (FFIs) registered under the Foreign Accounts Tax Compliance Act to renew their agreements under the scheme. The Internal Revenue Service (IRS) has updated the FATCA Foreign Financial Institution (FFI) Registration system to allow for FFIs to renew their FFI agreements with the IRS. Unless an entity […]
Once again, the US National Taxpayer Advocate’s annual report to Congress has criticised the way America’s tax agency handles American expatriates. Among Nina Olson’s recommendations is that the US adopt something many expats have advocated, which is a “Same Country Exemption” to the Foreign Account Tax Compliance Act. This would exempt expatriates from their FATCA […]
Final regulations that will require foreign owners of single-member US limited liability corporations, or LLCs, to report the fact of their interest to the US tax authority have been issued. Such owners – until now known as “disregarded entities”, or DREs – are now obliged to file a report with the IRS, beginning on 1 […]
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Globaleye, deVere, Holborn and AES Int’l speak out
