Tax & Accounting Blog

Banks “Starting to Panic” over FATCA

Banks “Starting to Panic” over FATCA

Risk.net recently released an article stating that banks are now starting to panic over FATCA. According to the European Banking Federation (EBF) and the Institute of International Bankers (IIB), it has been estimated that large banks will have to spend in the region of $250 million each to contact clients and overhaul computer systems … Read More

FATCA Survey – Expected Cost Increases and Challenges

FATCA Survey – Expected Cost Increases and Challenges

Finance and tax executives in the banking industry expect compliance costs to increase significantly as a result of the Foreign Account Tax Compliance Act (FATCA) and say they will face numerous challenges trying to comply with the legislation given its broad scope and expanded reporting and monitoring requirements, according to a survey from KPMG LLP. … Read More

Do You Understand the Latest Changes in Regulations?

Do You Understand the Latest Changes in Regulations?

Information reporting (1099) is becoming more complicated and the risks relating to non-compliance or inaccurate reporting are very high.  The recent changes to FATCA, 1099 reporting, 1042 and 1042-S, foreign reporting and cost-basis reporting will affect your business, whether it’s a corporation, bank, trust department or wealth management firm. The Small Business Jobs Act of 2010 enacted … Read More

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New Schedule D for Cost Basis Reporting

There has been much discussion about Form 1099-B reporting of cost basis information for covered securities since the initial IRS draft was released in October 2010. However, not until recently has the impact of the changes to Schedule D been discussed. In April, the IRS released draft versions for both Schedule D and a new … Read More

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Understanding W-8BENs – A Foreign Perspective

W-8BENs have been around for just over 10 years and it has taken the select few that currently use them years of cumbersome administration – and some painful audit procedures – to truly understand how they need to be completed correctly. Now that we’ve finally grasped them, we are soon to be faced with not just one … Read More

New FATCA Notice Released – Notice 2011-53

New FATCA Notice Released – Notice 2011-53

On July 17, 2011,  the IRS released a new notice, 2011-53, which provides a ‘workable timeline for FFIs and U.S. Withholding Agents to implement the various requirements of FATCA’. Specifically: • An FFI must enter an agreement with the IRS by June 30, 2013, to ensure that it will be identified as a participating FFI … Read More