Managers of Wealth Americas

Butterfield meets FATCA deadline

FATCA will provide an effective framework for our institutions and regulators

US offshore tax evaders beware: FATCA starts July 1

The US Treasury has spent much of the past several years pressing the issue on some of the world's most powerful and secret banking centers with threats of punitive action if they do not join in.

Offshore Crackdown Kicks Off With 30 Percent Penalties for Banks

The Internal Revenue Service is about to get an unprecedented look at bank accounts and investments U.S. citizens hold abroad, through a law that is making it harder to hide assets from the tax collector.

U.S. Prosecutions of Foreign Financial Institutions Create Extreme Risk of Disclosure for Offshore Account Holders by Greenberg Traurig

As shown by recent headlines, the pressure is mounting on individuals who have yet to come into compliance with their reporting obligations concerning undisclosed offshore accounts.

IRS Makes Offshore Voluntary Disclosure Program More Open for Non-willful Tax Evasion, Advises Sigma Tax Pro

The Offshore Voluntary Disclosure Program was launched by the IRS in 2012

Russian lawmakers approve bill allowing compliance with US tax law

The bill now passes from the upper house of parliament to President Vladimir Putin

A Resurgence in Charitable Trusts?

This boom in charitable gift planning began shortly after the passage of the Tax Reform Act of 1986—legislation that ushered in historically high capital gains rates, along with ordinary tax rates of 33 percent or more.

IRS Names Names - Taxpayers with Foreign Accounts at These Banks Only Have Days to Avoid Huge Penalties

The IRS and Justice Department are cracking down on unreported foreign bank accounts

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.

Tax inversions: why Britain's companies are being pursued by US rivals

UK firms are targets for American giants hoping to escape punitive rates, writes Ben Marlow

US announces changes to the Offshore Voluntary Disclosures Programs

On 18 June the US Internal Revenue Service (IRS) announced major changes to its offshore voluntary compliance programs, resulting in new guidance for both taxpayers overseas and those residing in the US.

IRS Increases Offshore 'Amnesty' Penalty From 27.5% To 50%

Americans living abroad and certain others who can now come within the IRS Streamlined Program.

US tax case deal to trigger Swiss bank consolidation

An expected resolution to the US tax evasion probe into Swiss banks will likely be a catalyst for consolidation in the country's private banking industry.

The banks in Romania present the US IRS information about the Americans’ accounts

The Romanian authorities accepted the inclusion on the list of countries with agreement of 2 April 2014, according to the American Treasury.

US Congress to deny federal contracts to Bermuda-based offshore companies — plan

Bermuda has again been singled out and labelled “a tax haven” by US legislators as they last week attached an amendment to US federal funding measures, seeking to block federal contracts to former American companies involved in corporate inver

Companies that use offshore tax havens are big Capito donors

These subsidiaries are often shell companies with few employees and no real business activity

New deadline for Swiss Bank Disclosures - 31 July 2014

On 5th June, the United States Department of Justice (DOJ) extended some information reporting deadlines for Swiss credit institutions that have sought to participate in its tax regularisation programme to secure a non-prosecution agreement.

Most of Fortune 500 Used Offshore Tax Havens

The most profits officially booked offshore, and the most success in avoiding paying corporate income taxes to any government at all. They include prominent corporate titans such as American Express, Apple, Bank of America and Nike.

Offshore Bank Letters, FATCA, & IRS Penalties---Are Any Choices Left?

Failing to respond in any way is likely to mean the bank will close your account

South Africa, US sign tax agreement

An intergovernmental agreement to improve international tax compliance was signed by South Africa and the United States on Monday.