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

IRS Answers Questions about I.R.C. Section 3402(t)

IRS Answers Questions about I.R.C. Section 3402(t)

IRS Answers Some Questions about Rules for Government Payers to Withhold 3% from Many Payments There’s a new FAQ page on the IRS website with information that federal, state and local government Accounts Payable, Tax, and Procurement offices will want to know about their future obligation to withhold 3% from a wide range of payments.  … 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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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

Revised IRS Guidance: FATCA

Revised IRS Guidance: FATCA

FATCA Tax Withholding Phase-In Applies to Payments to Foreign Entities, in addition to Foreign Financial Institutions IRS Notice 2011-53, originally issued on July 14, was revised and reissued on July 25 to clarify that FATCA withholding will be phased in for payments to foreign entities, following the same extended schedule announced in the original Notice … Read More