Tax & Accounting Blog

New French Law on the Taxation of Trusts

New French Law on the Taxation of Trusts

On July 29, 2011, France enacted a new law on the taxation of trusts. Under the new law, a trustee must disclose certain information about the trust if the trust has a French settlor, beneficiary or French assets. The trustee must file the disclosure by June 15. The government was to provide further details on how to … Read More

Medicare Surtax on Net Investment Income Goes into Effect on January 1, 2013

Medicare Surtax on Net Investment Income Goes into Effect on January 1, 2013

Under the 2010 Health Care reform legislation, a Medicare tax will, for the first time, be applied to investment income beginning in 2013. A new 3.8% tax will be imposed on net investment income of single taxpayers with AGI above $200,000 and joint filers over $250,000. Net investment income is interest, dividends, royalties, rents, gross … Read More

Kentucky Offers Tax Amnesty, Cutting Interest in Half and Waiving Penalties

Kentucky Offers Tax Amnesty, Cutting Interest in Half and Waiving Penalties

The new Kentucky Tax Amnesty Act authorizes a tax amnesty program, which will be run by the state Department of Revenue for a period of no less than 60 days and no more than 120 days beginning on a date yet to be set in the fiscal year July 1, 2012 to June 30, 2013. … Read More

FATCA Conference in New York Highlights Industry Concerns

FATCA Conference in New York Highlights Industry Concerns

At the EEI 24th Annual Forum on International Tax Withholding and Information Reporting in New York on June 5-6, members of the U.S. and foreign financial industries met with key representatives of the IRS to explore the latest on FATCA regulations and implementation. Requirements from the USFI perspective were examined along with those from the FFI … Read More

New W-8BEN and W-8BEN-E Forms: Drafts Released by the IRS

New W-8BEN and W-8BEN-E Forms: Drafts Released by the IRS

Take a look at the future of Form W-8 documentation: the new draft Form W-8BEN, Certificate of Foreign Status of Beneficial Owner for United States Tax Withholding (Individual), is on display at http://www.irs.gov/pub/irs-utl/formw8benindividualexecirculation2.pdf, and a draft of the all-new Form W-8BEN-E, Certificate of Foreign Status of Beneficial Owner for United States Tax Withholding (Entities), is posted … Read More

FATCA Public Hearing: Requests for Postponement of Effective Dates but No Immediate IRS Response

FATCA Public Hearing: Requests for Postponement of Effective Dates but No Immediate IRS Response

The IRS public hearing on the proposed regulations for FATCA (Foreign Account Tax Compliance Act), REG-121647-10, was held on May 15, 2012. More than 20 speakers were on the agenda, and 199 comment letters received by the IRS were posted online at http://www.regulations.gov/#!docketDetail;dct=O%252BSR%252BPS;rpp=25;po=0;D=IRS-2012-0009 (or see http://www.regulations.gov/ for Docket ID IRS-2012-0009). FATCA law established a new Chapter … Read More