US And Singapore Sign FATCA Intergovernmental Agreement
An intergovernmental agreement (IGA) for the implementation of the Foreign Account Tax Compliance Act (FATCA) has signed between Singapore and the United States, on December 9, 2014. FATCA was enacted by the US Congress in 2010 and took effect on
See MoreUS And Cyprus Sign FATCA Intergovernmental Agreement
An intergovernmental agreement (IGA) for the implementation of the Foreign Account Tax Compliance Act (FATCA) has signed between Cyprus and the United States, on December 2, 2014. Under the agreement, Foreign Financial Institutions (FFIs) in Cyprus
See MoreUAE: Complying with the United States FATCA
The Dubai Financial Services Authority (DFSA) dispensed a letter to Dubai International Financial Center (DIFC), on 1 May 2014, regarding a program to collaborate with the United States on Foreign Account Tax Compliance Act (“FATCA”) compliance.
See MoreEstonian government approves FATCA with US
On November 27, 2014, the finance ministry declared, Estonian government approved the tax information exchange bill with USA. The Foreign Account Tax Compliance Act (FATCA) agreement is based on the U.S. FATCA, which aims to collect information
See MoreUS Imposes Preliminary Anti-Subsidy Duties On Chinese Tires
The U.S. Commerce Department has set preliminary anti-dumping duties ranging from 12.5 percent to 81.29 percent on tires imported from China. Five years ago, following a previous USW complaint, the US imposed AD and CVD tariffs on similar Chinese
See MoreFATCA Agreement Sign Between Barbados And United States
The Government of Barbados and the United States have signed an inter-governmental agreement (IGA), on 17 November 2014, to facilitate compliance with the US Foreign Account Tax Compliance Act (FATCA). Under the agreement, Foreign Financial
See MoreU.S. Chamber of Commerce Strengthens Commitment to U.S.-Brazil Relationship
The United States Chamber of Chamber (USCC)-affiliated Brazil-US Business Council (BUSBC) signed a Cooperation Agreement with the Brazilian National Confederation of Industry (CNI) to conduct studies on a potential trade agreement and report back
See MoreUS: IRS Issues Guideline On Individual Retirement Arrangement (IRA) Rollover Rule
The Internal Revenue Service (IRS) has issued guidance regarding clarification of the impact of a rollover from one Individual Retirement Arrangement (IRA) to another on the one-per-year limit on tax-free rollovers. This reflects a policy change
See MoreUS and Hong Kong Sign Model 2 Intergovernmental agreement (IGA)
The United States and Hong Kong signed a Model 2 IGA, on 13 November 2014, to implement the US Foreign Account Tax Compliance Act (FATCA). Under the agreement, Foreign Financial Institutions (FFIs) in Hong Kong will report the information required
See MoreUS: IRS Warns Congress To Decide On Tax Extenders
Severe delays and inconvenience for millions of taxpayers could result in 2015 if the “lame duck” U.S. Congress fails to deal soon with a list of temporary tax laws that expired at the end of 2013, the Internal Revenue Service and a key senator
See MoreUS and Bahamas Sign Agreement To Implement Foreign Account Tax Compliance Act (FATCA)
The United States and The Government of Bahamas signed FATCA Model 1B agreement on 3 November 2014. The US-Bahamas IGA is based on the non-reciprocal Model 1B agreement. Under the agreement, Foreign Financial Institutions (FFIs) in Bahamas will
See MoreUS: Saver Urged To Plan Now To Take Tax Credit
Low and moderate-income workers have advised to take steps now to save for retirement and earn a special tax credit in 2014 and years ahead, according to the Internal Revenue Service (IRS). The saver’s credit helps offset part of the first $2,000
See MoreUS Signed Draft Agreement With Mexico On Sugar Trade Dispute
The draft agreement has signed between US and Mexico which aims to suspend US anti-dumping and anti-subsidy duties on Mexican sugar. The US Department of Commerce (DOC) had announced on October 27, 2014, preliminary anti-dumping duties ranging from
See MoreUS: IRS Reminds To US Tax Preparers For PTIN Renewals
The Internal Revenue Service has reminded the nation’s more than 690,000 federal tax return preparers that they must renew their Preparer Tax Identification Numbers (PTINs) for 2015, since the current PTINs will expire December 31, 2014. IRS
See MoreUS: Inland Revenue Service (IRS) Announces 2015 Pension Plan Limitations
The Internal Revenue Service announced the cost‑of‑living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2015. Many of the pension plan limitations will change for 2015 because the
See MoreCanada: Relief for US persons with Canadian retirement plans
The Internal Revenue Service (IRS) has issued direction announcing that it is removing the official requirements that U.S. taxpayers had to abide by every year by the time of filing their U.S. tax returns. This return uses to claim a deferral of
See MoreUS: IRS redefines its small business compliance operations
Starting Oct. 20, the United States Internal Revenue Service (IRS) is realigning its tax compliance organizations serving individual and small business taxpayers. The goal of the restructure is to primarily focus Small Business/Self-Employed on
See MoreUS signed Intergovernmental Agreement (IGA) with Poland
The US Treasury Department has posted the official text of the intergovernmental agreement (IGA) that the United States signed with Poland on 7 October 2014 for implementation of the Foreign Account Tax Compliance Act (FATCA). Both the Government
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