The IRS made several changes to the rules for withholding foreign partnerships and trusts under FATCA. WFPs and WFTs were required to renew their status with the IRS by August 2014. The changes align the requirements for WFPs and WFTs more closely with those of qualified intermediaries. Specifically, the changes allow WFPs and WFTs to assume primary withholding responsibilities, use know your customer documentation, and develop internal compliance programs instead of undergoing external audits. All WFP and WFT agreements will need to be periodically renewed to maintain status.
Taxpayers are encouraged to heed the advice of the IRS and file undisclosed assets with the government through the Overseas Voluntary Disclosure Program while it is still available.
This article on your 2016 tax return and tax planning tips for nonqualified deferred compensation plans is reprinted with permission of myNQDC.com, a respected source of information, content, and tools on nonqualified deferred compensation.
IRS Targets Groups of Taxpayers In Connection With Non-ComplianceJeffrey S. Freeman
Tax compliance is a serious issue, and with the recent FATCA updates, the government is more thorough than ever before in identifying non-compliant taxpayers among individuals who live overseas. In past years, taxpayers who were suspected of fraud were primarily targeted for investigation on an individual basis. Now however, the IRS is going after entire groups of people who are suspected of non-compliance.
The IRS offshore disclosure programs were created to bring those with unpaid taxes from their offshore accounts to rectify their errors. Intentional or not, the offshore voluntary disclosure programs (OVDP) still hit individuals with penalties ranging from 27.5-50%, but they are protected from further audit and criminal liability. The OVDP protects taxpayers from possible criminal charges stemming from tax evasion or concealing tax payment, filing false returns, and failing to file income tax returns.
Efficient Multidisiplinary Approach Valued by Freeman Tax Law ClientsJeffrey S. Freeman
Freeman Tax Law is a boutique law firm that helps clients to navigate the ever-changing landscape of tax law in the United States. One of the most significant changes in the past few years is the implementation of the Foreign Accounts Tax Compliance Act. This law requires overseas financial institutions to provide more transparent records regarding accounts and account holders with U.S. ties. Penalties for non-compliance can result in steep fines for individuals and a 30% sanction on foreign banking institutions for all funds transfers originating from the United States. Because of these new laws, many U.S. citizens who live or bank overseas are searching for a reliable law firm to assist them in complying with all the new FATCA disclosure and reporting requirements.
Taxpayers are encouraged to heed the advice of the IRS and file undisclosed assets with the government through the Overseas Voluntary Disclosure Program while it is still available.
This article on your 2016 tax return and tax planning tips for nonqualified deferred compensation plans is reprinted with permission of myNQDC.com, a respected source of information, content, and tools on nonqualified deferred compensation.
IRS Targets Groups of Taxpayers In Connection With Non-ComplianceJeffrey S. Freeman
Tax compliance is a serious issue, and with the recent FATCA updates, the government is more thorough than ever before in identifying non-compliant taxpayers among individuals who live overseas. In past years, taxpayers who were suspected of fraud were primarily targeted for investigation on an individual basis. Now however, the IRS is going after entire groups of people who are suspected of non-compliance.
The IRS offshore disclosure programs were created to bring those with unpaid taxes from their offshore accounts to rectify their errors. Intentional or not, the offshore voluntary disclosure programs (OVDP) still hit individuals with penalties ranging from 27.5-50%, but they are protected from further audit and criminal liability. The OVDP protects taxpayers from possible criminal charges stemming from tax evasion or concealing tax payment, filing false returns, and failing to file income tax returns.
Efficient Multidisiplinary Approach Valued by Freeman Tax Law ClientsJeffrey S. Freeman
Freeman Tax Law is a boutique law firm that helps clients to navigate the ever-changing landscape of tax law in the United States. One of the most significant changes in the past few years is the implementation of the Foreign Accounts Tax Compliance Act. This law requires overseas financial institutions to provide more transparent records regarding accounts and account holders with U.S. ties. Penalties for non-compliance can result in steep fines for individuals and a 30% sanction on foreign banking institutions for all funds transfers originating from the United States. Because of these new laws, many U.S. citizens who live or bank overseas are searching for a reliable law firm to assist them in complying with all the new FATCA disclosure and reporting requirements.
Taxpayers are encouraged to heed the advice of the IRS and file undisclosed assets with the government through the Overseas Voluntary Disclosure Program while it is still available.
Peter and Harriet were invited to speak at an event hosted by Dentons law firm for Belgium investors interested in expanding their business on U.S. soil.
Confidential Registration Statements And Going Public - Securiites Lawyer 101Brenda Hamilton
The Jumpstart Our Business Startups Act (the “JOBS Act”) allows an “emerging growth company” to submit a draft of its registration statement and exhibits to the Securities and Exchange Commission (the “SEC”) on a confidential basis in a going public or ther transaction. As securities and going public attorneys, we are frequently asked about the procedure for submitting registration statements to the SEC on a confidential basis. This Q & A addresses the common questions we receive about confidential registration statements.
California Incentives and Multi-State Tax Issues webinar slidesRoger Royse
An online discussion of various state tax issues for companies and individuals doing business in California. Our panelists cover recent developments in California income and sales tax, tax credits and incentives, multi-state tax issues for technology companies and state residency planning for individuals. Our panel of speakers includes:
Roger Royse, Royse Law Firm
Monika Miles, Miles Consulting Group
David Wittrock, Price, Wittrock CPA LLP
David Spence, Royse Law Firm
The Department of Treasury issued additional guidance on FATCA compliance including final versions of various disclosure forms, statement of specified foreign financial assets, and new regulations for foreign financial institutions - O'Connor Davies - New York CPA Firm, New York City
Not-For-Profit Viewpoint | Substantiation Changes Proposed to Charitable Cont...CBIZ, Inc.
Proposed changes were reported in the Federal Register on September 17, 2015, that relate to the substantiation of charitable donations. Get more detailed information with the following white paper.
While the chances that your return will be chosen for an audit are slim, you never know when you will be one On the IRS hit list. Here are 6 relatively easy ways to steer clear of an audit.
FATCA Puts Pressure On Foreign Financial Institutions & TaxpayersJeffrey S. Freeman
FATCA, the Foreign Account Tax Compliance Act was passed in 2010, and has since gone into effect as of 2014. The law requires all foreign financial institutions to report information to the United States government regarding U.S. account holders. Those institutions that fail to do so face penalties of up to a 30% sanction on funds transfers from the United States. With such steep penalties on the table, many foreign financial institutions have already signed up to comply with the law. In fact, over 100 countries have signed an Intergovernmental Agreement (IGA) to comply with FATCA requirements.
Presented by Jon Kutner, hyperWALLET General Counsel, at the 2014 DSA Global Regulatory Conference.
The Foreign Accounts Tax Compliance Act (FATCA) should be on the radar screen of every DSA member company. This presentation will begin with a background on the legislation and how it is being implemented globally, followed by a summary of how the FATCA rules interact with Section 1441/Non-resident alien withholding rules affecting DSOs paying distributors in foreign countries. The presentation will also cover FATCA issues affecting DSOs with business entities in foreign countries, and provide some suggestions for multinationals to prepare for FATCA due diligence requests from their foreign financial institutions.
Taxpayers are encouraged to heed the advice of the IRS and file undisclosed assets with the government through the Overseas Voluntary Disclosure Program while it is still available.
Peter and Harriet were invited to speak at an event hosted by Dentons law firm for Belgium investors interested in expanding their business on U.S. soil.
Confidential Registration Statements And Going Public - Securiites Lawyer 101Brenda Hamilton
The Jumpstart Our Business Startups Act (the “JOBS Act”) allows an “emerging growth company” to submit a draft of its registration statement and exhibits to the Securities and Exchange Commission (the “SEC”) on a confidential basis in a going public or ther transaction. As securities and going public attorneys, we are frequently asked about the procedure for submitting registration statements to the SEC on a confidential basis. This Q & A addresses the common questions we receive about confidential registration statements.
California Incentives and Multi-State Tax Issues webinar slidesRoger Royse
An online discussion of various state tax issues for companies and individuals doing business in California. Our panelists cover recent developments in California income and sales tax, tax credits and incentives, multi-state tax issues for technology companies and state residency planning for individuals. Our panel of speakers includes:
Roger Royse, Royse Law Firm
Monika Miles, Miles Consulting Group
David Wittrock, Price, Wittrock CPA LLP
David Spence, Royse Law Firm
The Department of Treasury issued additional guidance on FATCA compliance including final versions of various disclosure forms, statement of specified foreign financial assets, and new regulations for foreign financial institutions - O'Connor Davies - New York CPA Firm, New York City
Not-For-Profit Viewpoint | Substantiation Changes Proposed to Charitable Cont...CBIZ, Inc.
Proposed changes were reported in the Federal Register on September 17, 2015, that relate to the substantiation of charitable donations. Get more detailed information with the following white paper.
While the chances that your return will be chosen for an audit are slim, you never know when you will be one On the IRS hit list. Here are 6 relatively easy ways to steer clear of an audit.
FATCA Puts Pressure On Foreign Financial Institutions & TaxpayersJeffrey S. Freeman
FATCA, the Foreign Account Tax Compliance Act was passed in 2010, and has since gone into effect as of 2014. The law requires all foreign financial institutions to report information to the United States government regarding U.S. account holders. Those institutions that fail to do so face penalties of up to a 30% sanction on funds transfers from the United States. With such steep penalties on the table, many foreign financial institutions have already signed up to comply with the law. In fact, over 100 countries have signed an Intergovernmental Agreement (IGA) to comply with FATCA requirements.
Presented by Jon Kutner, hyperWALLET General Counsel, at the 2014 DSA Global Regulatory Conference.
The Foreign Accounts Tax Compliance Act (FATCA) should be on the radar screen of every DSA member company. This presentation will begin with a background on the legislation and how it is being implemented globally, followed by a summary of how the FATCA rules interact with Section 1441/Non-resident alien withholding rules affecting DSOs paying distributors in foreign countries. The presentation will also cover FATCA issues affecting DSOs with business entities in foreign countries, and provide some suggestions for multinationals to prepare for FATCA due diligence requests from their foreign financial institutions.
Do Your Withholding Processes Comply with FATCA?CBIZ, Inc.
The recently enacted Foreign Account Tax Compliance Act (FATCA) added a chapter to the Internal Revenue Code designed to prevent U.S. persons from using offshore accounts and investments to evade U.S. tax. Effective July 1, 2014, any person making a payment of U.S. source income to either a Foreign Financial Institution (FFI) or a Non-Financial Foreign Entity (NFFE) must consider whether it is subject to FATCA.
FATCA Compliance: Riding a Roller Coaster of Regulatory ChangeBroadridge
FATCA will impose new due diligence, withholding, and reporting requirements on financial institutions. This paper outlines the significant regulatory change FATCA brings to provide the IRS with an increased ability to detect U.S. tax evaders—specifically, those among U.S. “persons” (individuals or entities) who maintain foreign accounts and investments either directly or indirectly, through their ownership in foreign entities.
Any US Citizen Green Card Holder, or future resident looking to save as part of their retirement in a tax efficient savings vehicle holding should consider pension planning utilising a Maltese pension plan and these are particularly attractive to individuals aged 50 and over when compared to traditional variable annuity contracts or qualified insurance contracts.
If you are a US Citizen Green Card Holder, or future US resident looking to save as part of your retirement and you would like information regarding this tax deferred pension plan, please email julian.galvin@tyche-group.com and remember to include your name & contact number.
The 440 page LexisNexis® Guide to FATCA Compliance was designed in consultation, via numerous interviews and meetings, with government officials, NGO staff, large financial institution compliance officers, investment fund compliance officers, and trust companies, from North and South America, Europe, South Africa, and Asia, and in consultation with contributors who are leading industry experts. The contributors hail from several countries and an offshore financial center and include attorneys, accountants, information technology engineers, and risk managers from large, medium and small firms and from large financial institutions. Thus, the challenges of the FATCA Compliance Officer are approached from several perspectives and contextual backgrounds. See http://www.lexisnexis.com/store/catalog/booktemplate/productdetail.jsp?pageName=relatedProducts&prodId=prod19190327
This 28 chapter Guide contains three chapters written specifically to guide a financial institution's lead FATCA compliance officer in designing a plan of internal action within the enterprise and interaction with outside FATCA advisors with a view of best leveraging available resources and budget [see Chapters 2, 3, and 4]. Sample chapter available at http://www.lexisnexis.com/store/images/samples/9780769853734.pdf
GEO NECF 2015 - Exploring the Challenges of Tax Compliance and the W-8BENAndrea Huck-Esposito
With the many complex brokerage challenges servicing international participants - foreign jurisdictional restrictions, FATCA compliance, IRS guidelines and many more, having an understanding of the shared ownership between you and your broker can help navigate the difficulties of ensuring your participants’ compliance with tax regulations. In this presentation, Andrea Kagan, Solium, will be joined by Brian Burke of TD Ameritrade and Andrew Gerwirtz of KPMG. The trio will discuss their views on the shared ownership of understanding the in and outs of the W-8 and how it impacts international employees and a mobile workforce.
Current Tax Planning Techniques in U.S. and International TransactionsWinston & Strawn LLP
The Real Deal webinar, “Current Tax Planning Techniques in U.S. & International Transactions,” focused on the tax issues relating to both domestic and cross-border transactions. In the domestic area, we reviewed structuring and other common tax issues in the acquisition of domestic C corporations, S corporations, and partnerships. In the international area, we covered structuring issues relating to acquisitions of foreign targets by U.S. corporations, as well as current developments related to inversions in light of IRS Notice 2014-52 and new IRS Notice 2015-79.
Ayar law-Delinquent business tax collections MICPAVenar Ayar
Case Study of what the IRS will do and how they will collect your tax dollars owed. When the worst happens call Ayar Law. Don't face your tax problems alone we will help.
US Expatriate Tax Presentation given in Puerto Vallarta and Melaque Mexico for Americans living there concerning filing FBAR forms, form 8938 and other required IRS foreign reporting forms by Don D. Nelson, Attorney, CPA. His website at www.taxmeless.com has a wealth of additional information
NATURE, ORIGIN AND DEVELOPMENT OF INTERNATIONAL LAW.pptxanvithaav
These slides helps the student of international law to understand what is the nature of international law? and how international law was originated and developed?.
The slides was well structured along with the highlighted points for better understanding .
In 2020, the Ministry of Home Affairs established a committee led by Prof. (Dr.) Ranbir Singh, former Vice Chancellor of National Law University (NLU), Delhi. This committee was tasked with reviewing the three codes of criminal law. The primary objective of the committee was to propose comprehensive reforms to the country’s criminal laws in a manner that is both principled and effective.
The committee’s focus was on ensuring the safety and security of individuals, communities, and the nation as a whole. Throughout its deliberations, the committee aimed to uphold constitutional values such as justice, dignity, and the intrinsic value of each individual. Their goal was to recommend amendments to the criminal laws that align with these values and priorities.
Subsequently, in February, the committee successfully submitted its recommendations regarding amendments to the criminal law. These recommendations are intended to serve as a foundation for enhancing the current legal framework, promoting safety and security, and upholding the constitutional principles of justice, dignity, and the inherent worth of every individual.
Military Commissions details LtCol Thomas Jasper as Detailed Defense CounselThomas (Tom) Jasper
Military Commissions Trial Judiciary, Guantanamo Bay, Cuba. Notice of the Chief Defense Counsel's detailing of LtCol Thomas F. Jasper, Jr. USMC, as Detailed Defense Counsel for Abd Al Hadi Al-Iraqi on 6 August 2014 in the case of United States v. Hadi al Iraqi (10026)
Car Accident Injury Do I Have a Case....Knowyourright
Every year, thousands of Minnesotans are injured in car accidents. These injuries can be severe – even life-changing. Under Minnesota law, you can pursue compensation through a personal injury lawsuit.
WINDING UP of COMPANY, Modes of DissolutionKHURRAMWALI
Winding up, also known as liquidation, refers to the legal and financial process of dissolving a company. It involves ceasing operations, selling assets, settling debts, and ultimately removing the company from the official business registry.
Here's a breakdown of the key aspects of winding up:
Reasons for Winding Up:
Insolvency: This is the most common reason, where the company cannot pay its debts. Creditors may initiate a compulsory winding up to recover their dues.
Voluntary Closure: The owners may decide to close the company due to reasons like reaching business goals, facing losses, or merging with another company.
Deadlock: If shareholders or directors cannot agree on how to run the company, a court may order a winding up.
Types of Winding Up:
Voluntary Winding Up: This is initiated by the company's shareholders through a resolution passed by a majority vote. There are two main types:
Members' Voluntary Winding Up: The company is solvent (has enough assets to pay off its debts) and shareholders will receive any remaining assets after debts are settled.
Creditors' Voluntary Winding Up: The company is insolvent and creditors will be prioritized in receiving payment from the sale of assets.
Compulsory Winding Up: This is initiated by a court order, typically at the request of creditors, government agencies, or even by the company itself if it's insolvent.
Process of Winding Up:
Appointment of Liquidator: A qualified professional is appointed to oversee the winding-up process. They are responsible for selling assets, paying off debts, and distributing any remaining funds.
Cease Trading: The company stops its regular business operations.
Notification of Creditors: Creditors are informed about the winding up and invited to submit their claims.
Sale of Assets: The company's assets are sold to generate cash to pay off creditors.
Payment of Debts: Creditors are paid according to a set order of priority, with secured creditors receiving payment before unsecured creditors.
Distribution to Shareholders: If there are any remaining funds after all debts are settled, they are distributed to shareholders according to their ownership stake.
Dissolution: Once all claims are settled and distributions made, the company is officially dissolved and removed from the business register.
Impact of Winding Up:
Employees: Employees will likely lose their jobs during the winding-up process.
Creditors: Creditors may not recover their debts in full, especially if the company is insolvent.
Shareholders: Shareholders may not receive any payout if the company's debts exceed its assets.
Winding up is a complex legal and financial process that can have significant consequences for all parties involved. It's important to seek professional legal and financial advice when considering winding up a company.
ALL EYES ON RAFAH BUT WHY Explain more.pdf46adnanshahzad
All eyes on Rafah: But why?. The Rafah border crossing, a crucial point between Egypt and the Gaza Strip, often finds itself at the center of global attention. As we explore the significance of Rafah, we’ll uncover why all eyes are on Rafah and the complexities surrounding this pivotal region.
INTRODUCTION
What makes Rafah so significant that it captures global attention? The phrase ‘All eyes are on Rafah’ resonates not just with those in the region but with people worldwide who recognize its strategic, humanitarian, and political importance. In this guide, we will delve into the factors that make Rafah a focal point for international interest, examining its historical context, humanitarian challenges, and political dimensions.
2. Several Changes
The IRS required all withholding
foreign partnerships (WFPs) and
withholding foreign trusts (WFTs) to
renew their status with the IRS by
the end of August 2014. This is the
first of several changes that effect
WFPs and WFTs under the
commonly referred to FATCA
"Chapter 3" rules.
Freeman Tax Law (855) 935-5945 info@freemantaxlaw.com www.freemantaxlaw.com
3. Existing FATCA Rules
When a US person makes a payment to a non-US
person of US source interest, dividends, or other
income (excluding capital gains) they must withhold
a 30% tax. Exemptions and reduced rates exist, but
would require the beneficial owner to document
on the appropriate Form W-8 their right to the
exemption. Payments must be reported to the IRS
on Form 1042-S even is the payment is exempt
from withholding.
Freeman Tax Law (855) 935-5945 info@freemantaxlaw.com www.freemantaxlaw.com
4. Change is good and the changes that WFP/WFT
are seeing give them more requirements that
line up with those of qualified intermediaries.
Logical and reducing procedural paperwork, the
six changes listed below are positive changes
for WFP and WFT alike.
- Withholding Responsibilities: The WFP or
WFT is responsible for primary FATCA
withholdings just as it was responsible for
primary withholding responsibilities pre-FATCA.
Changes Under New Procedures
Freeman Tax Law (855) 935-5945 info@freemantaxlaw.com www.freemantaxlaw.com
5. Changes Under New
Procedures (continued)
- Account-level reporting:WFP or WFT that
are not US, US-owned, or acting through a US
branch will no longer need to perform
payment-level 1099 reporting or backup
withholding on US partners/beneficiaries
accounts.
- Assuming Primary Withholding
Responsibilities: For a partner or beneficiary
that is a foreign partnership or trust the WFP
or WFT can now assume primary withholding
responsibilities. Previously this was restricted
and the WFP/WFT had to pass withholding tax
documentation for "indirect"
partners/beneficiaries to its withholding
agent. Two limited exceptions existed, but
now WFP/WFT have this ability.
Freeman Tax Law (855) 935-5945 info@freemantaxlaw.com www.freemantaxlaw.com
6. Changes Under New
Procedures (continued)
-Use "Know Your Customer" Rules: WFP/WFT were previously
restricted from using the "know your customer" (KYC)
documentation and were only allowed to use IRS forms to
document their partners or beneficiaries. This restriction has
been lifted, for WFP/WFT located in a jurisdiction approved by
the IRS to utilize KYC documentation to establish the status of
its partners/beneficiaries in the same manner that a "qualified
intermediary" (QI) is able to do so.
- No More Audits: Read that again, WFPs and WFT will not
have to undergo periodic external audits to prove compliance
to their agreements. They will now have to adopt programs
similar to QI where they develop internal compliance
programs. There is a catch, these compliance programs will still
have the requirement in them for periodic external review.
- Renew: Hence the reason for all WFP/WFT renewing their
status with the IRS in August 2014, all WFP/WFT agreements
will expire periodically and will need to be renewed to maintain
their status.
Freeman Tax Law (855) 935-5945 info@freemantaxlaw.com www.freemantaxlaw.com
7. Our Locations
International
Locations:
Basel, Switzerland
Bern, Switzerland
Geneva, Switzerland
Zurich, Swizterland
Atlanta, Georgia
Austin, Texas
Birmingham, Michigan
Boston, Massachusetts
Charlotte, North Carolina
Chicago, Illinois
Cleveland, Ohio
Dallas, Texas
Denver, Colorado
Greenwich, Connecticut
Houston, Texas
Irvine, California
Las Vegas, Nevada
Los Angeles, California
Miami, Florida
New York, New York
Palo Alto, California
Phoenix, Arizona
Pleasanton, California
San Antonio, Texas
San Diego, California
San Francisco, California
San Jose, California
Short Hills, New Jersey
Tampa, Florida
Washington DC
Freeman Tax Law (855) 935-5945 info@freemantaxlaw.com www.freemantaxlaw.com
8. Freeman Tax Law
About Freeman Tax Law
Freeman Tax Law is a boutique tax law firm with national
exposure equipped to handle all domestic and international tax
law matters. At Freeman Tax Law, the attorneys and
professional staff have vast experience with foreign tax
compliance, international tax planning, and resolving tax
controversies involving offshore banking matters. Freeman Tax
Law helps taxpayers and foreign entities become in compliance
with laws such as Foreign Account Tax Compliance Act
(FATCA) and Offshore Voluntary Disclosure Program (OVDP).
In addition to handling complex tax controversies, the Freeman
Tax Law team has extensive expertise in assisting clients with
wealth management and estate planning.
Freeman Tax Law (855) 935-5945 info@freemantaxlaw.com www.freemantaxlaw.com