Tax & Accounting Blog

IRS Large Business & International Division Issues New Rules Governing Information Document Requests in Examinations

IRS Large Business & International Division Issues New Rules Governing Information Document Requests in Examinations

The IRS Large Business and International Division has announced that all Information Document Requests (lDRs) issued after June 30, 2013, must comply with certain new principles. If the new rules are not followed, IDRs will not have effect. Moreover, any existing Memorandum of Understanding relating to IDR management that does not comply with the … Read More

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Alert: IRS Announces Postponement from January 1 to July 1 for Many Items of FATCA Compliance

Notice 2013-43, an advance copy of which was released today, revises the timeline set by the FATCA final regulations for certain elements of due diligence, tax withholding, and reporting under Chapter 4 of the Internal Revenue Code, the Foreign Account Tax Compliance Act known as FATCA. Notice 2013-43 will be officially published on July … Read More

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Japan signs FATCA Implementation Agreement

The U.S. Department of Treasury has announced a statement of mutual cooperation and understanding for implementation of the U.S. Foreign Account Tax Compliance Act (FATCA). The statements will serve as a FATCA intergovernmental agreement (IGA) following the Treasury Department’s Model 2 structure for direct reporting by Japanese financial institutions to the U.S. Internal Revenue Service. … Read More

FinCEN Electronic Filing of Suspicious Activity Reports and Currency Transaction Reports

FinCEN Electronic Filing of Suspicious Activity Reports and Currency Transaction Reports

The Financial Crimes Enforcement Network (FinCEN) has been alerting institutions that they are now required to use the new FinCEN electronic reports on-line at the BSA E-Filing System. Financial institutions that continue to file Suspicious Activity Reports (SARs) or Currency Transaction Reports (CTRs) on paper will fail to meet current Bank Secrecy Act reporting requirements … Read More

Recent Developments in FATCA Intergovernmental Agreements and Implementation

Recent Developments in FATCA Intergovernmental Agreements and Implementation

The United Kingdom released Guidance Notes and draft regulations covering internal UK administration of rules for identification and certification of financial institutions, classification and reporting of accounts, and reporting of certain accountholder information under the intergovernmental agreement (IGA) with the United States for implementation of the U.S. Foreign Account Tax Compliance Act. Under the … Read More

IRS Releases Drafts of W-9, W-8BEN and W-8BEN-E Forms

IRS Releases Drafts of W-9, W-8BEN and W-8BEN-E Forms

The IRS has released their initial draft of the new Form W-9 as well as the second drafts of the W-8BEN and W8-BEN-E forms. It is helpful to look at these draft forms now and determine how your organization will go about implementing their use when the final versions are issued. There are implementation deadlines … Read More