The Internal Revenue Service (IRS) has recently released new versions of three critical forms to help financial institutions and withholding agents meet the requirements of the Foreign Account Tax Compliance Act, including draft versions of the Form 8966 and Form 1042-S, and a final version of Form 1042. All three forms are posted to the [...]
The U.S. Department of the Treasury and the IRS have issued what is expected to be their final significant package of regulations implementing the Foreign Account Tax Compliance Act (FATCA). FATCA requires foreign financial institutions (FFIs) — including foreign banks, brokers, insurance companies and investment funds — to disclose to the IRS certain information about [...]
In mid-January, 2014, the FASB (Financial Accounting Standards Board) issued an ASU (Accounting Standards Update) to U.S. GAAP (Generally Accepted Accounting Principles) that provide private companies with alternatives related to accounting for goodwill. The goal is to create simplification in accounting and a reduction in application cost for private companies. Intangibles-Goodwill and Other relates to [...]
As we enter a new year, there are several items in the International Tax world that I will be keeping a close eye on. It is a very interesting time in the field. Below are four International Tax topics to look out for: Get the Facts on FATCA! What You Need to Know About the [...]
