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As a Minneapolis MN FATCA Tax Lawyer, I often receive questions about what US tax forms precisely are affected by the implementation of the Foreign Account Tax Compliance Act (FATCA). Here is a list of the tax forms most affected by FATCA: 1. Minneapolis MN FATCA Tax Lawyer: IRS Form 1042 and 1042-S Form 1042 […]
On March 20, 2015, the Cayman Islands FATCA Registration Portal was launched by the Department for International Tax Cooperation (which is a department within Cayman Islands Tax Information Authority). Cayman Islands FATCA Background The Cayman Islands FATCA Registration Portal is part of the long process of Cayman Islands FATCA compliance. Cayman Islands FATCA IGA (Model […]
On March 13, 2015, the IRS announced that the underpayment and overpayment interest rates for the calendar quarter beginning April 1, 2015, will remain unchanged. The rates will be: three (3) percent for overpayments [two (2) percent in the case of a corporation];three (3) percent for underpayments;five (5) percent for large corporate underpayments; andone-half (0.5) […]
Various Form 5471 penalties are associated with failure to file Form 5471 or the filing of an incorrect Form 5471. In this article, I will describe the most important of these penalties. IRS Form 5471 The IRS Form 5471 is an extremely complex form that is used to satisfy the reporting requirements of two esoteric […]
One of the key concepts in FATCA compliance is a “financial institution”. The definition of a financial institution (“FATCA Financial Institution”) is contained in the FATCA Model IGAs. In this article, I will explore some of the general concepts central to defining a FATCA Financial Institution. Four Types of FATCA Financial Institutions The concept of […]