And FATCA, the Foreign Account Tax Compliance Act, is changing the world even more.
FORBES: Why Every American Should Worry About Bank Record Subpoenas
It expatriates the cost of FATCA back home, and Congress certainly never intended that.
When FATCA reporting commences in early 2012 the scrutiny can be expected to be much higher.
Whether you agree with it or not, the FATCA freight train is gaining momentum.
The Isle of Man became the first jurisdiction to commit to UK FATCA on 7 December 2012.
Last week, Guernsey's chief minster Deputy Peter Harwood said the FATCA-style deal was close to being finalised.
The agreement followed the introduction of the Foreign Account Tax Compliance Act (FATCA) in the United States.
Among other claims, ACA says FATCA causes dual-nationals to renounce U.S. citizenship, exacerbates our competitive disadvantages viz.
The Brits even want to drum up support from other European nations to join the FATCA bandwagon.
Another example of how criminals change tax codes is the 2010 Foreign Account Tax Compliance Act (FATCA) initiative.
In fact, one could be required to make a FATCA disclosure, but not have an FBAR filing obligation.
Officials have met members of the UK government to talk about the Foreign Account Tax Compliance Act (FATCA).
BBC: Jersey and Guernsey say tax regulation should be global
Announcement 2012-42, the IRS set out more timelines about FATCA implementation, modifying proposed regulations issued earlier this year.
Furthermore, the IRS will be permitted, under FATCA, to prosecute cases up to six years after the initial noncompliance.
Firms are being asked if Jersey should sign a Fatca agreement with the UK Government or explore other options.
Second, even government estimates predict FATCA will bring in meaningless sums of revenue.
FORBES: Coerced Foreign Tax Compliance Is Killing American Jobs
The U.S., for its part, should relax its FATCA regulations and might think about cutting its corporate tax rate.
Now FATCA has a new fan base from an unlikely source: the Brits.
Similarly, foreign financial institutions must comply with FATCA or face serious U.S. actions.
Please stay tuned for more changes to come as the IRS issues guidance on FATCA this year and in 2012.
Firms are being asked what they think of the UK plans to introduce a Foreign Account Tax Compliance Act (Fatca) law.
The 2010 law, known as Fatca, targets foreign banks to make sure U.S. taxpayers are paying the IRS what they owe.
Also, you have the FATCA Compliance Complex (FCC) that are co-enablers in this process to market FATCA as a fait accompli.
An agreement with the UK would allow the principles of FATCA to be applied to its relationship with the Crown Dependencies.
The agreement with the UK government follows the introduction of the Foreign Account Tax Compliance Act (FATCA) in the Unites States.
Switzerland agreed to play ball with FATCA, the once controversial U.S. law that obligates foreign banks to report on American account holders.
FORBES: After FATCA, Swiss Government Tackles Money Laundering too
Jersey and Guernsey's chief ministers have announced negotiations with the United States on a Foreign Account Tax Compliance Act (FATCA) are "advanced".
But the UK wants to adopt the new FATCA regulation, used in the US, which would make this automatic for the islands.
BBC: Jersey and Guernsey say tax regulation should be global
Besides, ACA argues, IRS and Justice Department victories against UBS and others makes FATCA no longer necessary for disclosure or tax compliance.
Enacted in 2010, FATCA targets non-compliance by U.S. taxpayers using foreign accounts.
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