IRS issues 'temporary relief' (through 2024) for banks of 'accidental Americans' who lack TINs

The Internal Revenue Service has quietly announced that it is introducing "temporary U.S. Taxpayer Identification Number (TIN) relief" for non-U.S. banks and other "foreign financial institutions" located in certain countries, so that they won't be deemed to be in "significant non-compliance" of their obligations under the U.S. tax evasion-prevention law known as FATCA, because one or more of their apparently American citizen account-holders say they're unable to provide them with their U.S. taxpayer identification number (TIN).

  • News

U.S. and Argentina agree FATCA IGA at last

(...but it's said no more reciprocal than other Model 1 IGAs)

Argentina has at last agreed a FATCA Intergovernmental Agreement (IGA) with the U.S. government, according to a statement on the website of the U.S. Embassy in Argentina, tax industry sources, and news reports in that country.

Until now, Argentina had not participated in the U.S. Foreign Account Tax Compliance Agreement program, which was signed into law in 2010, and came into force in 2014.

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New European Parliament 'update' of 2018 report on FATCA said to acknowledge many FATCA critics' concerns

(..as FATCA critics respond with calls for immediate EU action)                                                                          

A new report by a European Parliamentary think tank that had been commissioned by the Parliament's Committee on Petitions (PETI) to "update" a previous report on the subject of "FATCA Legislation and its Application at the International and EU Level" is being welcomed by FATCA critics in Europe for its acknowledgement of certain  concerns about the way the U.S. Foreign Account Tax Compliance Act is implemented that the original report didn't fully identify.

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Lehagre's Assn of Accidental Americans requests U.S. district court 'expedite' its renunciation fee challenge case

The Association of Accidental Americans, a Paris-based advocacy organization, together with 20 “accidental Americans” (persons deemed to be U.S. citizens because they happened to have been born in the U.S. but who've lived all of the rest of their lives elsewhere, as citizens of other countries), yesterday filed a motion to expedite a legal challenge it filed in 2020, over the legality of the Renunciation Fee.

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UK's tax authority to reach out to 'hundreds' with possible links to bank in non-CRS-compliant Puerto Rico

As the UK's tax collection agency, HM Revenue & Customs, is reported to be preparing to reach out to "hundreds" of customers of a bank located in Puerto Rico over possible tax irregularities, financial services industry observers have been pointing out that the bank in question is located in one of five U.S. territories that, like the United States itself, have not signed up to the OECD's Common Reporting Standard (CRS).

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Ross McGill: ‘FATCA isn’t the problem: CBT is’ 

In the early years of this century, a number of major media exposés reported how Homeland Americans, as well as rich people from other developed and developing countries, were making use of secret overseas bank accounts in order to avoid their tax obligations back home. 
 
Switzerland, where bank secrecy was enshrined in law, was an unsurprising favorite of many such wealthy individuals, but other jurisdictions were also named...

France's National Assembly approves FATCA reciprocity amendment, citing 'accidentels'

France's National Assembly on Tuesday approved an amendment to the government's latest finance bill that would require the U.S. government to ensure that U.S. banks and financial institutions provide the same information to France's government about accounts held by French taxpayers that French financial entities are currently providing annually to the U.S. government, as they're required to do by the U.S. law known as FATCA.

  • News

John Richardson: 'The CRS ≠ FATCA'

When the U.S. Foreign Account Tax Compliance Act finally came into force around the world in 2014 –  four years after it was signed into law by President Obama – the Organisation for Economic Co-operation and Development was preparing its own account information reporting regulations package.

The Common Reporting Standard, as it was to be known as, differed from FATCA in that it was intended to be global, and fully reciprocal – meaning that those countries participating in the collecting and forwarding of information about other countries' resident taxpayer's financial accounts would expect to receive the same data about their taxpayers resident in that country... 

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Opinion

AXFNJ Podcast: Dubai private asset manager for U.S. expats Vince Truong explains why everyone needs ‘a financial roadmap in place’

AXFNJ Podcast: Dubai private asset manager for U.S. expats Vince Truong explains why everyone needs ‘a financial roadmap in place’

Hearing Americans who've been living abroad for 10 or more years, and sometimes for most of their adult lives, describe how they got there is always interesting, I find. Many...

Dec-15-2022