US: Legislation to protect taxpayers from inappropriate use of Civil Forfeiture Laws
US congress has passed a bill to protect taxpayers from the inappropriate use of civil forfeiture laws. The bill would allow an affected person to request a court to hold a "probable cause" hearing within fourteen days of receiving a notice of a
See MoreUS: Budget for 2016 Proposes Minimum Tax on Foreign Income and One-Time Tax on Profits Stockpiled Offshore
The US Government has proposed minimum tax on foreign income and one-time tax on profits stockpiled offshore in its 2016 fiscal budget. The minimum tax on foreign earnings is intended to reduce current incentives to trace production overseas and
See MoreUS: IRS Volunteers Offer Free Income Tax Assistance Nationwide
More than 12,000 free tax preparation sites will be open nationwide this year as the Internal Revenue Service continues to expand its partnerships with nonprofit and community organizations. The sites provide vital tax preparation services for low-
See MoreCzech Republic-US: FAQs on application of FATCA agreement published
The General Tax Directorate of Czech Republic has released frequently asked questions (FAQs) about the implementation and application of the US Foreign Account Tax Compliance Act (FATCA) agreement between the Czech Republic and the United States on
See MoreUS: IRS Opens 2015 Tax Filing Season
The Internal Revenue Service (IRS) has announced the opening of the 2015 tax filing season and has highlighted a growing array of online services, including features that help taxpayers understand how the Affordable Care Act (ACA) will affect them
See MoreChina will look to reach agreements with more nations this year
China will step up the pace of its free trade negotiations this year as it seeks to build stronger trade ties with more partners and reduce the dominance of the United States’ currency in the global trading system. Zhang Shaogang, director-general
See MoreUS: IRS Launches International Data Exchange Service For FATCA
The US IRS on January 12 2015 announced that its international data exchange service (IDES) website is open for enrollment. Financial institutions and host country tax authorities will use IDES to securely send their information reports on financial
See MoreUS-Qatar Sign FATCA Agreement
The United States and Qatar signed an Intergovernmental Agreement (IGA), on January 7, 2015, for implementation of the Foreign Account Tax Compliance Act (FATCA). The agreement is based on the Non-reciprocal Model 1B Agreement (No TIEA or DTC).
See MoreUS: IRS Updates Withholding of Tax on Nonresident Aliens And Foreign Entities
The US IRS has updated publication 515 regarding withholding of tax on nonresident aliens and foreign entities. The Publication is for withholding agents who pay income to foreign persons, including nonresident aliens, foreign corporations, foreign
See MoreCzech Republic-US FATCA agreement enters into force
The Foreign Account Tax Compliance Act (FATCA) Model 1A agreement (2014) between Czech Republic and United States has entered into force on 18th December 2014. Further detail of this treaty will be reported
See MoreUS: Issues final regulation TD 9707 to provide guidance on the requirements to file IRS Form 5472
Final regulations TD 9707 provide guidance on the filing requirements for Form 5472 which is the information return for a 25% foreign owned US corporations or a foreign corporation engaged in a US trade or business. Final regulations TD 9707 is
See MoreUS: Tax Filing Season Will Open On Time
Following the passage of the extenders legislation, the Internal Revenue Service announced it anticipates opening the 2015 filing season as scheduled in January. The IRS will begin accepting tax returns electronically on Jan. 20. Paper tax returns
See MoreUS & Mexico finalize agreement on sugar import investigations
The U.S. Department of Commerce announced on December 19, 2014 that it had finalized agreements with the Government of Mexico and Mexican sugar exporters to suspend antidumping (AD) and countervailing duty (CVD) investigations on imports of sugar.
See MoreUS: Senate Passes Tax Extenders Bill
The US Senate approved the “Tax Extenders Bill” on 16 December, 2014. The bill, which extends the life of a number of tax breaks through 2014, passed the Senate 76 to 16. Only 60 votes were needed for approval. Dozens of temporary tax breaks,
See MoreUS and Curaçao Sign FATCA Intergovernmental Agreement
An intergovernmental agreement (IGA) for the implementation of the Foreign Account Tax Compliance Act (FATCA) was signed between Curaçao and the United States, on December 16, 2014. Details of the agreement will be reported when they are
See MoreUS And Bulgaria Sign FATCA Deal
An intergovernmental agreement (IGA) for the implementation of the Foreign Account Tax Compliance Act (FATCA) requirements was signed between Bulgaria and the United States on December 9, 2014. Bulgaria has formally signed up to the US FATCA rules
See MoreUS 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
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