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Forget FATCA Relief: The US DOJ Is On The Hunt For Tax Dodgers Now

Forget FATCA Relief: The US DOJ Is On The Hunt For Tax Dodgers Now | FATCA | Scoop.it
Although the U.S. Treasury has announced that it will go easy on Foreign Account Tax Compliance Act (FATCA) enforcement this year, the U.S. Department of Justice (DOJ) isn’t waiting to get serious about hunting down tax-dodgers.
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Australia – State Signs FATCA Intergovernmental Agreement With US. | Conventus Law

Australia – State Signs FATCA Intergovernmental Agreement With US. | Conventus Law | FATCA | Scoop.it
At Conventus Law, we value in quality and integrity. We believe we are able to use these values to assist investors doing business in Asia. Everything we do at Conventus Law is about helping investors turn legal challenges into business advantages. We have designed an online platform that is easy to use and provides easy access to specialist advisors. Our platform allows readers to have complete control on how they access the latest business legal analysis and advisors. Conventus Law is an online media platform partnering with only the very best and most respected law firms in the Asia Pacific to provide up to date legal analysis to lawyers doing business in Asia. Our readers can access Conventus Law to read white papers, view video analysis, listen to topical legal podcasts, attend in person to our roundtables and connect with the expert advisors.
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Steven J. Mopsick: ANOTHER FATCA DELAY: Good for the Banks but Nothing for Americans Abroad

Steven J. Mopsick: ANOTHER FATCA DELAY: Good for the Banks but Nothing for Americans Abroad | FATCA | Scoop.it
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Explanatory_Memorandum_FATCA.ashx

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Explanatory memo about FATCA 

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Superannuation excluded from financial accounts

Excluded from definition of financial accounts means they are not reportable accounts.

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Quoted from US/OZ IGA signed 28apr14

"Accounts Excluded from Financial Accounts. The following accounts are excluded from the definition of Financial Accounts and therefore are not treated as U.S. Reportable Accounts.

A. CertainSavingsAccounts.

Retirement and Pension Accounts.

a)  A complying superannuation/FHSA life insurance policy as defined in the Income Tax Assessment Act 1997.

b)  An exempt life insurance policy as defined in the Income Tax Assessment Act 1997, other than a policy referred to in subparagraphs (e)(i) or (iii) of subsection 320-246(1) of that Act.

c)  A retirement savings account as defined in the Retirement Savings Accounts Act 1997. "

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Treatment of OZ superannuation

It appears that OZ super will be deemed compliant!! Meaning we can expect minimal issues in relation to our super and continued employability.

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Quoted from the IGA signed yesterday..."

Specific Treatment of Australian Retirement Plans. The United States shall treat as deemed-compliant FFIs or exempt beneficial owners, as appropriate, for purposes of sections 1471 and 1472 of the U.S. Internal Revenue Code, Australian retirement plans described in Annex II. For this purpose, an Australian retirement plan includes an Entity established or located in, and regulated by, Australia, or a predetermined contractual or legal arrangement, operated to provide pension or retirement benefits or earn income for providing such benefits under the laws of Australia and regulated with respect to contributions, distributions, reporting, sponsorship, and taxation"

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Why Were Americans Denied Bank Accounts Overseas?

Why Were Americans Denied Bank Accounts Overseas? | FATCA | Scoop.it
It’s unclear whether the problem is isolated or systemic.
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NSA unwarranted spying on Americans - FATCA will complement spying abroad?

NSA unwarranted spying on Americans -  FATCA will complement spying abroad? | FATCA | Scoop.it
NSA performed warrantless searches on Americans’ calls and emails – Clapper
US intelligence chiefs have confirmed that the National Security Agency has used a “back door” in surveillance law to...

Via Investors Europe Stock Brokers
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Obamas Paid IRS 20.4% Tax Rate on 2013 Gross Income of $481,098

Obamas Paid IRS 20.4% Tax Rate on 2013 Gross Income of $481,098 | FATCA | Scoop.it
President Barack Obama and his wife, Michelle, reported adjusted gross income of $481,098 for 2013, down 21 percent from last year, according to tax returns released yesterday by the White House.
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Obama’s income peaked in 2009, his first year as president, when he reported adjusted gross income of $5.5 million. His $1.8 million tax bill that year is more than three times his income this year.

“Apparently, the books are not selling like they once were,” said Dorothy Brown, a law professor at Emory University in Atlanta who has written about the Obamas’ tax returns.

Before 2004, even with high incomes, the Obamas were one financial emergency away from serious problems, Brown said.

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Intergovernmental agreement with US over the controversial FATCA tax act secured | interest.co.nz

Intergovernmental agreement with US over the controversial FATCA tax act secured | interest.co.nz | FATCA | Scoop.it
New Zealand's most popular independent financial site, interest.co.nz Helping you make financial decisions.
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US-NZ FATCA deal significantly complete

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US signs FATCA intergovernmental agreements with Chile and Finland @investorseurope offshore stock brokers

US signs FATCA intergovernmental agreements with Chile and Finland @investorseurope offshore stock brokers | FATCA | Scoop.it
Chile and Finland have become the 23rd and 24th jurisdictions to sign bilateral intergovernmental agreements (IGA) to implement the Foreign Account Tax Compliance Act (FATCA) as the US moves slowly towards signing more than 50 with jurisdictions around the world.

Via Investors Europe Stock Brokers
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How to Prepare for FATCA If You Are a Nonfinancial U.S. Company

How to Prepare for FATCA If You Are a Nonfinancial U.S. Company | FATCA | Scoop.it
The Foreign Account Tax Compliance Act is a complex reporting and withholding regime that was enacted to shed light on offshore accounts investments and income of U.S. people who may not have been rigorously reporting those holdings in the past. At a high level FATCA imposes a 30 withholding tax on what are classified as withholdable payments made to a foreign person unless that person identifies its U.S. interest holders or owners and discloses required U.S. tax information. FATCA further requires those withholdable payments to be reported annually to the Internal Revenue Service regardless
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FATCA for non-financial businesses

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Confused About the Differences Between FBAR and FATCA? - Greenback

Confused About the Differences Between FBAR and FATCA? - Greenback | FATCA | Scoop.it
If you are confused about filing FATCA and FBAR, you aren't alone! Millions of Americans are unclear on the differences between the filing requirements.
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Florida Man Owes Record 150% IRS Penalty on Swiss Account

A federal jury found an 87-year-old Florida man owes the U.S. government civil penalties amounting to 150 percent of the value of his Swiss bank account, the biggest such penalty by percentage on record, his lawyers said.
Marilyn Williams's insight:

FBARs are dur 30 June

 

make sure you file now!!

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US - Australia FATCA Agreement

US - Australia FATCA Agreement | FATCA | Scoop.it
On April 28, in Canberra, the United States and Australia signed an intergovernmental agreement (IGA) to implement the Foreign Account Tax Compliance Act (FATCA). FATCA, enacted by the US Congress ...
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Saved by the IGA? Australia and the US sign FATCA intergovernmental agreement | Lexology

Saved by the IGA? Australia and the US sign FATCA intergovernmental agreement | Lexology | FATCA | Scoop.it
Five benefits of the IGA for Australian financial institutions You will not: generally be subject to FATCA withholding; have to enter into individual…
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Exposure_draft_FATCA.ashx

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Exposure draft of laws needed to pass in Australian parliament in order to implement FATCA IGA signed by OZ and US authorities 28apr14

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Superfunds to be non-reporting entities

OZ superfunds defined as "exempt beneficial owners" and are treated as non-reporting entities.

Marilyn Williams's insight:

Quoted from US/OZ IGA signed 28apr14

"

Funds that Qualify as Exempt Beneficial Owners. The following Entities are treated as Non-Reporting Australian Financial Institutions and as exempt beneficial owners for purposes of sections 1471 and 1472 of the U.S. Internal Revenue Code.

A. Australian Retirement Funds.

Any plan, scheme, fund, trust, or other arrangement operated principally to administer or provide pension, retirement, superannuation, or death benefits that is a superannuation entity or public sector superannuation scheme (including an exempt public sector superannuation scheme) as defined in the Superannuation Industry (Supervision) Act 1993, or a constitutionally protected fund as defined in the Income Tax Assessment Act 1997.

A pooled superannuation trust as defined in the Income Tax Assessment Act 1997.

Any Entity that is wholly owned by, and conducts investment activities, accepts deposits from, or holds financial assets exclusively for or on behalf of, one or more plans, schemes, funds, trusts, or other arrangements referred to in subparagraphs (1) or (2) of this paragraph. "

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International Adviser: Boniface venture aims at post-FATCA market

International Adviser: Boniface venture aims at post-FATCA market | FATCA | Scoop.it
Boniface venture aims at post-FATCA market
Marilyn Williams's insight:

I hope someone creates an OZ equivalent or we could be in SERIOUS trouble!!

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Swiss Banks Tell American Expats to Empty Their Accounts | TIME.com

Swiss Banks Tell American Expats to Empty Their Accounts | TIME.com | FATCA | Scoop.it
“My U.S. passport has been such a liability,” complains one Zurich resident, as Swiss banks crack down on U.S.-owned accounts following new, strict American legislation coming into effect next year
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Foreign housing expense limitations issued for 2014

The IRS posted the annual inflation-adjusted limits on foreign housing expenses. The notice includes the list of foreign cities for which an increased limitation is allowed. Hong Kong tops the list as this year's most expensive foreign city.
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Is America About To Stumble Into A Credit Default?

Is America About To Stumble Into A Credit Default? | FATCA | Scoop.it
Markets everywhere breathed a sigh of relief in February when the GOP-controlled House of Representatives allowed the debt ceiling to be suspended without another tussle with the White House over spending.The relief may have been premature. In less than three months the Department of the Treasury will start trimming payments on portions of the $17.3 trillion-plus national debt, with unpredictable – and unstudied – consequences.
Marilyn Williams's insight:

The answer is yes.

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More Countries Agree to Help U.S. Crack Down on Tax Dodgers - Washington Wire - WSJ

More Countries Agree to Help U.S. Crack Down on Tax Dodgers - Washington Wire - WSJ | FATCA | Scoop.it
The Treasury Department reaches agreements with 19 more countries to carry out a far-reaching law aimed at preventing offshore tax dodging by American citizens.
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FATCA Educational Seminar: Introductory Session 1

FATCA Educational Seminar: Introductory Session 1 | FATCA | Scoop.it
Following the guidance notes issued earlier this year and general feedback from industry on the scale of the change, we feel that industry would welcome more assistance in achieving compliance.
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