FACTA: Expect the unexpected (and the worst) in tax treatment and disclosure of offshore assets, particularly for Indian assets
By Parag Patel in NRI Tax From The Economic Times On July 9, 2015, India and the US signed an agreement to implement the Foreign Account Tax Compliance Act (FATCA) that will facilitate exchange of information between the two countries…
CARICOM: A collective bargaining unit for rights
By Sir Ronald Sanders From CARIBBEAN360AUGUST 21, 2015 BRIDGETOWN, Barbados, Friday August 21, 2015 – The Caribbean regional integration project is often described and criticised almost entirely on the uneven benefits of trade to member countries. But, important as it…
IRS applies the §956 indirect investment rule to a partnership loan [Cayman Islands CFC]
By Lowell D. Yoder, Esq. McDermott Will & Emery, Chicago, IL From Newly Enhanced! Premier International Tax Library Monday, October 6, 2014 – The IRS recently issued a Chief Counsel Advice (CCA) applying the §956 indirect investment rule to a…
Cayman Islands investment advisor sentenced in US for money laundering
Washington, DC—(ENEWSPF)—October 3, 2014. Eric St-Cyr, an investment advisor, and Patrick Poulin, an attorney, were sentenced today to serve 14 months in prison and three years of supervised release each for conspiring to launder monetary instruments, the Justice Department and…
US hikes fee to renounce citizenship by 422 Percent to $2,350
By Ronald Kessler From Newsmax The United States plans to hike the fees it charges American citizens to give up their passports as the nation also tries to stem the tide of U.S. businesses moving headquarters overseas. The State Department…
US Justice Dept. investigating missing IRS emails
From Newsmax The Justice Department said Wednesday that it was investigating the circumstances behind the disappearance of emails from a former senior Internal Revenue Service official, part of a broader criminal inquiry into whether the agency had targeted conservative groups…
Obama cracking down on tax cheats
By Jonah Bennett From Daily Caller Arriving 18 months late on the scene, the Foreign Account Tax Compliance Act (FATCA) came into effect this week in an effort to crack down on tax dodgers funneling money outside the country, the…
FATCA and IGAs: What it means for the Cayman Islands financial services industry
Article by Anthony Fantasia and Amanda Kong Posted by Cayman Finance For those in the financial services industry, the US Foreign Account Tax Compliance Act (FATCA) is most certainly not news. The act, which was conceived in 2010 as part…
Last call to dodge the IRS’s crusade against ‘Offshore’ Accounts?
Agents at the IRS have been quietly rubbing their hands together in anticipation of July 1. That’s when a new law requiring foreign banks to report on offshore accounts held by American citizens goes into effect, enabling the IRS much…
Outrage as IRS [USA] admits huge trove of Lerner’s emails is missing
By Todd Beamon From Newsmax Conservatives are outraged at the IRS’ disclosure late Friday [13] that it had lost a trove of former administrator Lois Lerner’s emails on the targeting of tea party groups, with one critic likening it to…
