Posted by William Byrnes on March 17, 2015
The Global Forum on Transparency and Exchange of Information for Tax Purposes released 9 peer review reports, including a Phase 1 Supplementary Report for Switzerland, demonstrating continuing progress toward implementation of the international standard for exchange of information on request. read them at International Financial Law Prof Blog.
Posted in OECD | Tagged: BEPS, FATCA, information exchange, OECD | Leave a Comment »
Posted by William Byrnes on March 17, 2015
“If for whatever reason CB New York inquires why our turnover has increase[d] so dramatically, under no circumstances may anyone mention that there is a connection to the clearing of Iranian banks!!!!!!!!!!!!!.” Why did Commerzbank get off with only $1.45 billion in penalties when BNP paid nearly $9 billion for very similar conduct? See International Financial Law Prof Blog
Posted in Compliance, Financial Crimes | Tagged: Commerzbank, Money Laundering | Leave a Comment »
Posted by William Byrnes on March 16, 2015
All income is taxable unless the law excludes it. Here are some basic rules you should know to help you file an accurate tax return:
Some types of income are not taxable except under certain conditions, including:
Here are some types of income that are usually not taxable:
Tax Facts on Individuals & Small Business
Due to a number of recent changes in the law, taxpayers are currently facing many questions connected to important issues such as healthcare, home office use, capital gains, investments, and whether an individual is considered an employee or a contractor. Financial advisors are continually looking for competitive information to help them provide the best answers for their clients and to obtain new clients. National Underwriter’s Tax Facts series is the only resource written specifically for the financial advisor and producer providing fast, clear, and authoritative answers to pressing questions, and it does so in the convenient, timesaving, Q&A format for which Tax Facts has been famous over 50 years.
Anyone interested can try Tax Facts Online risk-free for 30 days, with a 100% guarantee of complete satisfaction. Call 1-800-543-0874.
Posted in Taxation | Tagged: income tax, IRS | 1 Comment »
Posted by William Byrnes on March 11, 2015
The individual shared responsibility provision in the Affordable Care Act calls for you and your dependents to have qualifying health care coverage for each month of the year, qualify for a health coverage exemption, or make an Individual Shared Responsibility Payment when filing your federal income tax return.
In general, the annual payment amount is the greater of a percentage of your household income or a flat dollar amount, but is capped at the national average premium for a bronze level health plan available through the Marketplace. You will owe 1/12th of the annual payment for each month you or your dependents don’t have either coverage or an exemption.
If you must make a payment, you can use the worksheets located in the instructions to Form 8965, Health Coverage Exemptions, to figure the shared responsibility payment amount due.
Tax Facts on Individuals & Small Business
Due to a number of recent changes in the law, taxpayers are currently facing many questions connected to important issues such as healthcare, home office use, capital gains, investments, and whether an individual is considered an employee or a contractor. Financial advisors are continually looking for competitive information to help them provide the best answers for their clients and to obtain new clients. National Underwriter’s Tax Facts series is the only resource written specifically for the financial advisor and producer providing fast, clear, and authoritative answers to pressing questions, and it does so in the convenient, timesaving, Q&A format for which Tax Facts has been famous over 50 years.
Anyone interested can try Tax Facts Online risk-free for 30 days, with a 100% guarantee of complete satisfaction. Call 1-800-543-0874.
Posted in Uncategorized | Leave a Comment »
Posted by William Byrnes on March 10, 2015
International Financial Law Prof Blog.
Continuing its enforcement push against refund fraud and identity theft, the Internal Revenue Service announced this week (IR 2015-37) the Top Ten Identity Theft Prosecutions for Fiscal Year 2014 (FY14). The ongoing efforts to bring identity thieves to justice remains a significant priority as part of the IRS’s comprehensive identity theft strategy focusing on preventing, detecting and resolving identity theft cases as soon as possible.
Statistical Information
In fiscal year 2014, the IRS initiated 1,063 identity theft related investigations. Criminal Investigation enforcement efforts resulted in 748 sentencings as compared to 438 in FY 2013, an increase of 75 percent. The incarceration rate rose 7.1 percent to 87.7 percent. The courts also imposed more jail time in 2014, with the average months of those being sentenced rising to 43 months as compared to 38 months in FY 2013. The longest sentence was 27 years.
Enforcement Efforts
During FY 2014, Criminal Investigation dedicated significant time and resources to bringing down identity thieves attempting to defraud the federal government.
The nationwide Law Enforcement Assistance Program provides for the disclosure of federal tax return information associated with the accounts of known and suspected victims of identity theft with the express written consent of those victims. There are now more than 755 state/local law enforcement agencies from 47 states participating. Since the start of the program, more than 6,776 requests were received from state and local law enforcement agencies.
The Identity Theft Clearinghouse (ITC) continues to develop and refer identity theft refund fraud schemes to CI Field Offices for investigation. Since its inception in FY 2012, it has received over 7,600 individual identity theft leads. These leads involved approximately 1.47 million returns with over $6.8 billion in refunds claimed.
CI continues to be the lead agency that investigates identity theft and is actively involved in more than 78 multi-regional task forces or working groups including state, local and federal law enforcement agencies solely focusing on identity theft. CI has one of the highest conviction rates in all of federal law enforcement — at 93.4% — and is the only federal law enforcement agency with jurisdiction over federal tax crimes. CI is routinely called upon to be the lead financial investigative agency on a wide variety of financial crimes including international tax evasion, identity theft and transnational organized crime.
“Identity theft is a crime that carries significant consequences, and these cases send a warning to criminals,” said Richard Weber, Chief, IRS-Criminal Investigation. “Our top 10 cases represent the seriousness of these crimes and the magnitude of the consequences that will be faced by those who victimize honest taxpayers and steal from hard-working Americans.”
Top Ten Identity Theft Cases
read about the top 10 at International Financial Law Prof Blog.
Posted in Uncategorized | Leave a Comment »
Posted by William Byrnes on March 4, 2015
Register without delay (and without cost) for the Distance Learning for Legal Education workgroup next week (March 12-14, Thursday – Saturday) in exciting San Fran.
Ashley Dymond (Hastings) and Gary Heald (Georgetown) have accomplished an extraordinary job of designing the agenda, graciously hosted by Hastings College of Law in San Fran. This is the Work Group’s 8th gathering as a distinct workgroup since 2011, and 14th including 2010’s Future Eds and AALS.
Why should a Dean approve a travel budget for this workgroup? The American Bar Association initially acquiesced to an online LL.M. in 1998. Yet, it is since the initial inception of the Work Group in 2010 that most of the 47 LL.M.s offered online by 29 ABA full approved law schools have been founded. As of 2015, a majority of ABA law schools offer the opportunity for an online academic experience for J.D. students. One ABA law school has received a variance to offer a hybrid, partially residential / partially online, JD.
Who attends? Deans, Administrators, and Faculty from at least 83 ABA law schools and other stakeholders, such as foreign and U.S. academic institutions, publishers, and technology companies, have attended. Normally between 50 – 75 per workshop, and 100 for the AALS breakfasts.
What is the deliverable for a Dean? Guaranteed, collaborative engagement in discussions, writing, and editing that create the attached Work Group’s recommendations. These best practice recommendations have been designed to adoptable by institutions and stakeholders through their adaptability and will form a component of a Distance Education policy. Everyone becomes a contributor, hence the name “work group”. Attendees become the leader of the distance education pedagogical and policy discussions at home institutions.
There is no fee – but the host Hastings needs an RSVP for food and beverage. Thus, please register by Thursday March 5th for the headcount – everything you need to know about location, transportation, accommodation is on the website.
Effectiveness of Distance Learning for Legal Education: http://ssrn.com/author=339796
Much obliged for you to share this workshop with your colleagues – William Byrnes
Posted in Courses, Education Theory | Tagged: online education | Leave a Comment »
Posted by William Byrnes on March 3, 2015
| FATF Action on Terrorist Finance
The ISIL phenomenon shows a new type of terrorist organisation with unique funding streams that are crucial to its activities; cutting off this financing is therefore critically important.
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| Three Swiss bankers face U.S. obstruction charges in tax case and soon extradition
Roger Keller, a onetime client adviser in Zurich at Wegelin & Co, was one of three bankers at the now-defunct Swiss private bank charged in a 2012 indictment in New York federal court for helping U.S. taxpayers hide more than $1.2 billion in assets.
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| Anti Trust Division 2014 Total in Criminal Fines Collected
The Department of Justice collected $1.861 billion in criminal fines and penalties resulting from Antitrust Division prosecutions in the fiscal year that ended on Sept. 30, 2014. The Department of Justice collected $1.861 billion in criminal fines and penalties resulting…
85th Country Signs Up For Global FATCA (Automatic Tax Information Exchange) The Seychelles became the 85th signatory of the Multilateral Convention on Mutual Administrative Assistance in Tax Matters.
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Posted in Uncategorized | Leave a Comment »
Posted by William Byrnes on March 2, 2015
In its 9th Health Care Tax Tip, the IRS emphasized how a taxpayer may obtain and claim exemption from health care coverage required by law under the 
Affordable Care Act (Obama Care). The Affordable Care Act requires you and each member of your family to have minimum essential coverage, qualify for an insurance coverage exemption, or make an individual shared responsibility payment when you file your federal income tax return.
If a taxpayer meets certain criteria, then the taxpayer may claim to be exempt from the requirement to have “qualifying health coverage”. If the taxpayer is found to be exempt, then the taxpayer will not have to pay the tax penalty called a “shared responsibility payment” when filing the 2014 federal income tax return. But for any month that the taxpayer does not qualify for the exemption, then the taxpayer will need to have minimum essential coverage for that month or pay a month’s worth of penalty.
A taxpayer may seek exemption from coverage depending upon the type of exemption for which the taxpayer may be eligible. A taxpayer can obtain some exemptions only from the Health Care Marketplace, while others exemptions may be claimed when filing the annual tax return.
A taxpayer may be exempt if:
A taxpayer must claim or report coverage exemptions on Form 8965, Health Coverage Exemptions, and attach it to Form 1040, Form 1040A, or Form 1040EZ.
Health Care Marketplace Exemption Certificate Number If a coverage exemption is granted from the Health Care Marketplace, then the Market Place will send a notice with a unique Exemption Certificate Number (ECN). The taxpayer must enter the ECN in Part I, Marketplace-Granted Coverage Exemptions for Individuals, of Form 8965 in column C. If the Marketplace has not sent the ECN before a taxpayer files a tax return, then the taxpayer must complete Part I of Form 8965 and enter “pending” in Column C for each person listed.
If a taxpayer claims the exemption on the tax return, then the taxpayer does not need an ECN from the Marketplace. With the tax filing season underway, most exemptions for 2014 are only available by claiming them on the tax return.
If the taxpayer’s income is below the tax filing threshold and thus the taxpayer is not required to file a tax return, then the taxpayer is eligible for an exemption and does not have to file a tax return to claim it. But if the taxpayer chooses to file a tax return, the taxpayer must use Part II, Coverage Exemptions for Your Household Claimed on Your Return, of Form 8965 to claim a health coverage exemption.
Other IRS-granted coverage exemptions may be claimed on your tax return using Part III, Coverage Exemptions for Individuals Claimed on Your Return, of Form 8965.
Tax Facts on Individuals & Small Business
Due to a number of recent changes in the law, taxpayers are currently facing many questions connected to important issues such as healthcare, home office use, capital gains, investments, and whether an individual is considered an employee or a contractor. Financial advisors are continually looking for competitive information to help them provide the best answers for their clients and to obtain new clients. National Underwriter’s Tax Facts series is the only resource written specifically for the financial advisor and producer providing fast, clear, and authoritative answers to pressing questions, and it does so in the convenient, timesaving, Q&A format for which Tax Facts has been famous over 50 years.
Anyone interested can try Tax Facts Online risk-free for 30 days, with a 100% guarantee of complete satisfaction. Call 1-800-543-0874.
Posted in Taxation | Tagged: Affordable Care Act, Exemption Certificate Number, Health Coverage Exemption, Obama Care | Leave a Comment »
Posted by William Byrnes on February 27, 2015
read about United Capital’s hiring strategy, reported on by Investment News Service – on the International Financial Law Prof Blog
Posted in Wealth Management | Tagged: United Capital | Leave a Comment »
Posted by William Byrnes on February 25, 2015
Since the publication of the U.S. Treasury’s original GIIN list 1 June 2014, HaydonPerryman (FATCA systems designer for several tier 1 financial institutions) and I (primary author, Lexis Guide to FATCA Compliance) have been analyzing on a monthly basis the list that the USA provides of “approved FFIs” (foreign financial institutions). On 1 February, the IRS published its second 2015 FATCA GIIN list of “approved FFIs” (a list of the financial firms that have registered on the IRS FATCA portal). Global FFI Registration has reached 153,797.
Wolters Kluwer has published our complete analysis on the International Tax Law blog.
Posted in FATCA | Tagged: FATCA | Leave a Comment »
Posted by William Byrnes on February 25, 2015
In Tax Tip 2015-14, the IRS discussed the potential reduction of the amount of taxes owed for a year that tax credits and deductions associated with children may provide to the parents.
• Dependents. In most cases, a taxpayer can claim a child as a dependent. For each dependent, the taxpayer may deduct $3,950 from taxable income. However, for high income taxpayers, the amount of allowed deduction decreases.
• Child Tax Credit. A taxpayer may be able to claim the Child Tax Credit for each of the qualifying children under the age of 17. The maximum credit is $1,000 per child. However, if a taxpayer receives less than the full amount of the Child Tax Credit, then the taxpayer may be eligible for the “Additional Child Tax Credit”.
• Child and Dependent Care Credit. A taxpayer may be able to claim this credit if the taxpayer paid for the care of one or more qualifying persons. Dependent children under age 13 are among those who qualify. The care must be paid for so that the taxpayer could work or could look for work.
• Earned Income Tax Credit (EITC). If in 2014 a taxpayer earned less than $52,427 from work, the taxpayer may qualify for the EITC. The EITC may be worth as much as $6,143. The EITC is available regardless of whether the taxpayer has children.
• Adoption Credit. A taxpayer may be eligible to claim a tax credit for certain costs paid for adoption of a child.
• Education tax credits. An education credit can help a taxpayer with the cost of higher education. There are two credits that are available. The American Opportunity Tax Credit and the Lifetime Learning Credit may both reduce the amount of tax owed.
If the credit reduces the tax owed to less than zero, the taxpayer may receive a refund of the extra amount. Even if the taxpayer does not owe any taxes for the year, the taxpayer may still qualify.
• Student loan interest. A taxpayer may be able to deduct interest paid on a qualified student loan. This benefit is available even for taxpayers that do not itemize tax deductions.
• Self-employed health insurance deduction. If a taxpayer was self-employed in 2014 and paid for health insurance, then the taxpayer may be able to deduct premiums paid during the year. This may include the cost to cover children under age 27, even if they are not claimed as a dependent!
Tax Facts on Individuals & Small Business
Due to a number of recent changes in the law, taxpayers are currently facing many questions connected to important issues such as healthcare, home office use, capital gains, investments, and whether an individual is considered an employee or a contractor. Financial advisors are continually looking for competitive information to help them provide the best answers for their clients and to obtain new clients. National Underwriter’s Tax Facts series is the only resource written specifically for the financial advisor and producer providing fast, clear, and authoritative answers to pressing questions, and it does so in the convenient, timesaving, Q&A format for which Tax Facts has been famous over 50 years.
Anyone interested can try Tax Facts Online risk-free for 30 days, with a 100% guarantee of complete satisfaction. Call 1-800-543-0874.
Posted in Taxation | Tagged: Adoption Credit, child tax credit, Dependent Care Credit, Earned Income Tax Credit, education tax credits, EITC | Leave a Comment »
Posted by William Byrnes on February 23, 2015
The IRS disclosed certain tax tips in a recent publication (2015-13) that may help a taxpayer file and report “tip” income correctly.
• Show all tips on the 1040 tax return. All tips received during a calendar year must be added up and included on the federal tax return. This even includes the value of tips that are not in cash. Examples of non-cash tips include items such as tickets, passes or other items when provided by a customer for work or service.
• All tips are taxable. Tips paid directly by a customer and tips added by a customer to a credit card are both to be included in taxable income. As well, tips received under a tip-splitting agreement with other employees, such as in a restaurant, are to be included.
• Report tips to the employer. If an employee receives $20 or more in tips in any one month, the employee must report the tips for that month to the employer. Tips reported to the employer include cash, check and credit card tips but does not include the value of any noncash tips. The employer must withhold federal income, Social Security and Medicare taxes on these reported tips.
• Daily tip log. Use the IRS’ Publication 1244, Employee’s Daily Record of Tips and Report to Employer, to record your tips.
Tax Facts on Individuals & Small Business
Due to a number of recent changes in the law, taxpayers are currently facing many questions connected to important issues such as healthcare, home office use, capital gains, investments, and whether an individual is considered an employee or a contractor. Financial advisors are continually looking for competitive information to help them provide the best answers for their clients and to obtain new clients. National Underwriter’s Tax Facts series is the only resource written specifically for the financial advisor and producer providing fast, clear, and authoritative answers to pressing questions, and it does so in the convenient, timesaving, Q&A format for which Tax Facts has been famous over 50 years.
Anyone interested can try Tax Facts Online risk-free for 30 days, with a 100% guarantee of complete satisfaction. Call 1-800-543-0874.
Posted in Taxation | Tagged: IRS, tips | Leave a Comment »
Posted by William Byrnes on February 17, 2015
Download BestPracticeRecommendationsforDistanceLearningforLegalEducation 2015 (or contact williambyrnes@gmail.com)
Dates: Thursday, March 12, 2015 at 12:00PM – Saturday, March 14, 2015 at 12:00PM (PST) < Register Here >
Location: UC Hastings College of the Law (Sky Room – 100 McAllister Street, San Francisco, CA, 94102)
The Working Group for Distance Learning in Legal Education is a loosely structured alliance of law educators collaborating to provide increased opportunities for faculty, students, and other participants to access high quality, innovative, and interactive online legal education.
Officially organized in November 2011, the Working Group is an outgrowth of the Program for the Legal Profession’s Future Ed Series. To date, the Working Group has focused on three major priorities:
Members of the Working Group meet three times a year, with substantive meetings in the fall and spring, and an update gathering at the American Association of Law Schools annual meeting in January. Membership is open to academics and professionals associated with accredited law schools in the U.S., and others working in the distance learning field concerned with legal education are welcome to attend meetings and participate, as appropriate, in Working Group matters.
Please contact Ashley Dymond for further information at dymonda@uchastings.edu or < Register Here >
Posted in Education Theory | Tagged: Distance education, online education | Leave a Comment »
Posted by William Byrnes on February 13, 2015
Posted in Uncategorized | Leave a Comment »
Posted by William Byrnes on February 12, 2015
Longevity Pegged Annuities – What CPAs Need to Know About the New Rules (William Byrnes & Robert Bloink)
The Treasury Department made sparks fly when it recently issued final regulations governing qualified longevity annuity contracts (QLAC).
read the full story at CPA Journal of the New York Society of Certified Public Accountants http://viewer.zmags.com/publication/8df8c3b9#/8df8c3b9/66
Posted in Financial, Retirement Planning | Tagged: Longevity Pegged Annuities, QLAC | Leave a Comment »
Posted by William Byrnes on January 27, 2015
Starting September 2015, University of Amsterdam will offer an Advanced LL.M. of International Taxation in English, limited to just 25 annual candidates from around the world. Applications for one of these seats are open until April.
Renown international tax academic and lawyer Dr. Dennis Weber shared with the Financial Law Prof: “The Advanced LL.M. of International Tax Lawis a full-time, one-year program. The curriculum covers both the established framework of international tax law and emerging issues. A fundamental premise is that a proper understanding of this area of the law requires studying both the “big picture” and the technicalities.”
“Moreover”, he continued, “the OECD BEPS project is on every tax counsel’s mind, and such discussions normally involve The Netherlands because, as a business friendly jurisdiction for fifty years, it has attracted multinational operations, employment and tax revenue using a ‘carrot’ policy. Other countries are competing for multinationals’ operations, employment and tax revenue with a ‘stick’ policy of imposing high compliance costs to dissuade international activities. The next five years will be an interesting time as the G20 goes head to head to try to peel away these operations and tax revenue from each other.”
“The IBFD is very excited about joining forces with the University of Amsterdam to create an LLM with a teaching programme that is based firmly on the research activities of both institutions and offers a combined theoretical and practical analysis of international tax law.” elaborated Prof. Dr Pasquale Pistone, Chair of the IBFD’s Academic Committee.
“There has never been a more exciting time to study international tax law than now” continued Dr. Joanna Wheeler, “the topic is firmly on the public agenda and you can see the whole field developing before your eyes just by reading the news.”
“I am delighted that the longstanding relationship between the UvA and IBFD has resulted in such a promising LLM programme, a programme that takes a holistic and policy-oriented view to taxation and that perfectly fits the current era.” said Prof. Dr Stef van Weeghel. Dr. Weber added, “Studying international tax law in one of the most relaxed cities in the world: a perfect combination.”
Prof. William Byrnes iterated “Dr. Dennis Weber has developed a game changer in Europe with his international tax program, combining the academic quality of University of Amsterdam with the industry reputation of the IBFD.”
Learn more about international students studying in Amsterdam via YouTube
Posted in Courses | Tagged: IBFD, international tax llm, UvA | Leave a Comment »
Posted by William Byrnes on January 27, 2015
Notice 2015-09 provides limited relief for taxpayers who have a balance due on their 2014 income tax return as a result of reconciling advance payments of the premium tax credit against the premium tax credit allowed on the tax return.
This Notice provides limited relief for taxpayers who have a balance due on their 2014 income tax return as a result of reconciling advance payments of the premium tax credit against the premium tax credit allowed on the tax return. Specifically, this Notice provides relief from the penalty under § 6651(a)(2) of the Internal Revenue Code for late payment of a balance due and the penalty under § 6654(a) for underpayment of estimated tax. To qualify for the relief, taxpayers must meet certain requirements. This relief applies only for the 2014 taxable year.
This relief does not apply to any underpayment of the individual shared responsibility payment resulting from the application of § 5000A because such underpayments are not subject to either the § 6651(a)(2) penalty or the §6654(a) penalty.
A taxpayer may receive assistance in paying premiums for coverage in a qualified health plan through advance payments of the premium tax credit. Advance credit payments are made directly to the insurance provider. The amount of the advance credit payments is determined when an individual enrolls in a qualified health plan through an Exchange and is based on projected household income and family size for the year of coverage. A taxpayer claims the premium tax credit on the income tax return for the taxable year of coverage. The amount of the credit is based on actual household income an family size for the year reflected on the tax return. Under § 36B(f)(2) and § 1.36B- 4(a)(1)(i) of the Income Tax Regulations, a taxpayer must reconcile, or compare, the amount of premium tax credit allowed on the tax return with advance credit payments.
Changes in the circumstances on which the advance credit payments are based could result in a difference between the amount of advance credit payments and the premium tax credit to which the taxpayer is entitled. If advance credit payments are more than the premium tax credit allowed on the return, the difference (excess advance payments) is treated as additional tax and may result in either a smaller refund or a larger balance due (or, if the premium tax credit allowed is more than the advance credit payments made, the excess credit amount may result in a larger refund or lower balance due).
Taxable year 2014 is the first year for which taxpayers will be required to reconcile advance credit payments with the premium tax credit.
The Service will abate the § 6651(a)(2) penalty for taxable year 2014 for taxpayers who (i) are otherwise current with their filing and payment obligations; (ii) have a balance due for the 2014 taxable year due to excess advance payments of the premium tax credit; and (iii) report the amount of excess advance credit payments on their 2014 tax return timely filed, including extensions (Line 46 of Form 1040 or Line 29 of Form 1040A).
Further, the Service will waive the § 6654 penalty for taxable year 2014 for an underpayment of estimated tax for taxpayers who have an underpayment attributable to excess advance credit payments if the taxpayers (i) are otherwise current with their filing and payment obligations; and (ii) report the amount of the excess advance credit payments on a 2014 tax return timely filed, including extensions.
Posted in Taxation | Tagged: ACA, obamacare, Premium Tax Credit | Leave a Comment »
Posted by William Byrnes on January 26, 2015
read about it on International Financial Law Prof Blog
Posted in Compliance | Tagged: FINRA | Leave a Comment »
Posted by William Byrnes on January 26, 2015
International Financial Law Prof Blog
the IRS’s 2015 versions of the two streamlined procedures OVDP forms (Form 14653 and Form 14654) require taxpayers to “provide a “narrative statement of facts” explaining their failure to disclose their offshore assets, or the agency …. read about it on International Financial Law Prof Blog
Posted in FATCA | Tagged: FATCA, OVDP | Leave a Comment »
Posted by William Byrnes on January 26, 2015
read about it at International Financial Law Prof Blog and download the case.
Citing U.S. v. Newman, judge throws out insider trading guilty pleas over IBM deal, more insider trading cases expected to be dropped ….
Posted in Compliance | Tagged: insider trading, U.S. v. Newman | Leave a Comment »
Posted by William Byrnes on January 26, 2015
When filing your 2014 federal income tax return, you will see some 
changes related to the Affordable Care Act. Millions of people who purchased their coverage through a health insurance Marketplace are eligible for premium assistance through the new premium tax credit, which individuals chose to either have paid upfront to their insurers to lower their monthly premiums, or receive when they file their taxes. When you bought your insurance, if you chose to have advance payments of the premium tax credit, the Marketplace estimated the amount based on information you provided about your expected household income and family size for the year.
If you received the benefit of advance credit payments, you must file a federal tax return and reconcile the advance credit payments with the actual premium tax credit you are eligible to claim on your return. You will use IRS Form 8962, Premium Tax Credit (PTC) to make this comparison and to claim the credit. If your advance credit payments are in excess of the amount of the premium tax credit you are eligible for, based on your actual income, you must repay some or all of the excess when you file your return, subject to certain caps.
If you purchased your coverage through the Health Insurance Marketplace, you should receive Form 1095-A, Health Insurance Marketplace Statement from your Marketplace. You should receive this form by early February.
Form 1095-A will provide the information you need to file your taxes, including the name of your insurance company, dates of coverage, amount of monthly insurance premiums for the plan you and other members of your family enrolled in, amount of any advance payments of the premium tax credit for the year, and other information needed need to compute the premium tax credit.
Tax Facts on Individuals & Small Business
Due to a number of recent changes in the law, taxpayers are currently facing many questions connected to important issues such as healthcare, home office use, capital gains, investments, and whether an individual is considered an employee or a contractor. Financial advisors are continually looking for competitive information to help them provide the best answers for their clients and to obtain new clients. National Underwriter’s Tax Facts series is the only resource written specifically for the financial advisor and producer providing fast, clear, and authoritative answers to pressing questions, and it does so in the convenient, timesaving, Q&A format for which Tax Facts is famous.
Anyone interested can try Tax Facts on Individuals & Small Business, risk-free for 30 days, with a 100% guarantee of complete satisfaction. Call 1-800-543-0874.
Posted in Taxation | Tagged: Premium Tax Credit, tax facts | Leave a Comment »
Posted by William Byrnes on January 20, 2015
The FDIC has opened an online market place to dispose of failing banks — read about it at International Financial Law Prof Blog.
The ability to bid applies to FDIC-insured financial institutions of any size that may be interested in acquiring a failing institution from the FDIC.
Posted in Compliance, Wealth Management | Tagged: FDIC | Leave a Comment »
Posted by William Byrnes on January 19, 2015
Welcome from Amsterdam ! Each year the Amsterdam Centre for Tax Law (of the University of Amsterdam Law Faculty) organizes its Winter Course on International Tax Law.
This year theme is “Tax treaty application“. The Winter Course on International Tax Law focuses on the practical problems of tax treaty application. It aims at bringing the participants’ knowledge up-to-date with recent OECD developments, major issues on tax treaty interpretation, as well as relevant case-law on tax treaties around the world.
Prof. Dennis Weber, Director of the ACTL, has assembled a leading program faculty including Prof. Peter Watel(UvA) (who lectured me at a UvA tax student 23 year ago); Prof. Hein Vermeulen (UvA/PwC); Prof. Stef van Weeghel (UvA/PwC); Prof. Bruno De Silva (UvA); Prof. Otto Marres (UvA/KPMG); Prof. Joanna Wheeler(IBFD/UvA); Jasper Arendse (Directorate of International Affairs Dutch Ministry of Finance); Melinda Brown (OECD); and myself, Prof. William Byrnes.
My topic examines the protocols, mechanisms and expanding scope of information exchange via bilateral and multilateral agreements. FATCA, OECD CRS and Global Initiatives, EU Expanded Savings Directive EOI, TIEAs fall within this topic, as well as tax certification forms and validation, data collection, discernment and distribution.
The Amsterdam Centre for Tax Law (ACTL) is the tax law research centre of the University of Amsterdam. ACTL members conduct research into various subjects of tax law, with a strong emphasis on Corporate Taxation, International Tax Law and European Tax Law.
Posted in Courses, FATCA, information exchange, international taxation | Tagged: FATCA | Leave a Comment »
Posted by William Byrnes on January 19, 2015
Read the Notice sent to State Enforcement today, and links of previous coverage of this issue – at http://lawprofessors.typepad.com/intfinlaw/2015/01/federal-government-after-decades-tries-to-stop-local-authorities-from-profiting-on-asset-seizure-abu.html
Use your Lexis subscription to access LexisNexis’ Money Laundering, Asset Forfeiture and Recovery and Compliance: A Global Guide – This treatise by William Byrnes with commentary and analysis of hundreds of AML experts from over 100 countries, is designed to provide the compliance officer accurate analyses of the AML/CTF Financial and Legal Intelligence, law and practice in the nations of the world with the most current references and resources. This multi-volume treatise is organized around five main themes: 1. Money Laundering Risk and Compliance; 2. The Law of Anti-Money Laundering and Compliance; 3. Criminal and Civil Forfeiture; 4. Compliance and 5. International Cooperation. As these unlawful activities can occur in any given country, it is important to identify the international participants who are cooperating to develop methods to obstruct these criminal activities.
Posted in Money Laundering | Tagged: anti money laundering, Asset Forfeiture, Money Laundering | Leave a Comment »
Posted by William Byrnes on January 16, 2015
EU Commission Will Calculate State Aid via a Transfer Pricing Audit of the Difference of the Ruling from an Arm’s Length Benchmark – See today’s decision links and analysis in article)
decision and analysis with links available at http://lawprofessors.typepad.com/intfinlaw/2015/01/luxembourgs-amazon-deal-is-state-aid-because-of-lack-of-diligence-eu-commission-preliminary-conclusi.html
(78) While tax rulings that merely contain an interpretation of the relevant tax provisions without deviating from administrative practice do not give rise to a presumption of a selective advantage, rulings that deviate from that practice have the effect of lowering the tax burden of the undertakings concerned as compared to undertakings in a similar legal and factual situation. To the extent the Luxembourgish authorities have deviated from the arm’s length principle as regards the contested tax ruling, the measure should also be considered selective.
(79) Since the contested tax ruling fulfils all four conditions under Article 107(1) TFEU, the Commission takes the view, at this stage, that it constitutes State aid within the meaning of that provision.
Lexis’ Practical Guide to U.S. Transfer Pricing (2015), 28 chapters from 50 expert contributors (3,000 pages) led by international tax Professor William Byrnes, is designed to help multinationals cope with the U.S. transfer pricing rules and procedures, taking into account the international norms established by the Organisation for Economic Co-operation and Development (OECD). It is also designed for use by tax administrators, both those belonging to the U.S. Internal Revenue Service and those belonging to the tax administrations of other countries, and tax professionals in and out of government, corporate executives, and their non-tax advisors, both American and foreign.
Posted in international taxation, Transfer Pricing | Tagged: amazon, luxembourg, state aid | Leave a Comment »
Posted by William Byrnes on January 16, 2015
IRS Starts 2015 Tax Season; Free File Opens Today,
IRS YouTube Videos:
The nation’s 2015 tax filing season begins today and a growing array of online services is available to assist taxpayers. Understanding the Affordable Care Act and how this impacts a taxpayer will be a popular feature this year.
Taxpayers have until Wednesday, April 15, 2015 to file their 2014 tax returns and pay any tax due. The IRS expects to receive about 150 million individual income tax returns this year. Like each of the past three years, more than four out of five returns are expected to be filed electronically.
The IRS Free File program, available at IRS.gov, will open Friday for taxpayers, and the IRS will begin accepting and processing all tax returns on Tuesday, Jan. 20.
This year’s return will include new questions to incorporate provisions of the Affordable Care Act (or ACA). The majority of taxpayers – more than three out of four – will simply need to check a box to verify they have health insurance coverage. For the minority of taxpayers who will have to do more, www.IRS.gov/aca features useful information and tips regarding the premium tax credit, the individual shared responsibility requirement and other tax features of the ACA.
“Our employees will be working hard again this season to help the nation’s taxpayers,” IRS Commissioner John Koskinen said. “We encourage people to use the tools and information available on IRS.gov, particularly given the long wait times we anticipate on our phone lines. As always, taxpayers can benefit by filing electronically.”
Koskinen announced that taxpayers can begin preparing their returns using the Free File system on Friday, Jan. 16. Available only at IRS.gov, Free File offers two filing options:
• Brand-name software, offered by IRS’ commercial partners to about 100 million individuals and families with incomes of $60,000 or less; or
• Online fillable forms, the electronic version of IRS paper forms available to taxpayers at all income levels and especially useful to people comfortable with filling out their own returns.
E-file, when combined with direct deposit, is the fastest way to get a refund. More than three out of four refund recipients now choose direct deposit. People who e-file make fewer mistakes, and it costs nothing for those who choose Free File. In all, 14 software companies will be participating in this year’s Free File program.
Taxpayers who purchase their own software can also choose e-file, and most paid tax preparers are now required to file their clients’ returns electronically. In addition to Free File, commercial software companies also are currently available for taxpayer use.
The IRS will begin accepting and processing all returns – whether e-file, Free File or paper tax returns — on Jan. 20.
Like last year, the IRS expects to issue more than nine out of 10 refunds within 21 days. Again, the fastest way to get a refund is to e-file and choose direct deposit. It takes longer to process paper returns, it will likely take an additional week or more to process paper returns meaning that those refunds are expected to be issued in seven weeks or more.
Health Care Basics
The Affordable Care Act requires that a taxpayer and each member of their family either has qualifying health insurance coverage for each month of the year, qualifies for an exemption , or makes an individual shared responsibility payment when filing their federal income tax return. Some moderate-income taxpayers may also qualify for financial assistance to help cover the cost of health insurance purchased through the Health Insurance Marketplace. Taxpayers will fall into one or more of the following categories:
• Check the box. Most taxpayers will simply check a box on their tax return to indicate that each member of their family had qualifying health coverage for the whole year. No further action is required.
Qualifying health insurance coverage includes coverage under most, but not all, types of health care coverage plans. Taxpayers can use the chart on IRS.gov/aca to find out if their insurance counts as qualifying coverage.
• Exemptions. Taxpayers may be eligible to claim an exemption from the requirement to have coverage. Eligible taxpayers need to complete the new IRS Form 8965, Health Coverage Exemptions, and attach it to their tax return. Taxpayers must apply for some exemptions through the Health Insurance Marketplace. However, most of the exemptions are easily obtained from the IRS when filing a return.
• Individual Shared Responsibility Payment. Taxpayers who do not have qualifying coverage or an exemption for each month of the year will need to make an individual shared responsibility payment with their return for choosing not to purchase coverage. Examples and information about figuring the payment are available on the IRS Calculating the Payment page.
• Premium Tax Credit. Taxpayers who bought coverage through the Health Insurance Marketplace should receive Form 1095-A, Health Insurance Marketplace Statement, from the Marketplace by early February. This form should be saved because it has important information needed to complete a tax return.
If the Form 1095-A is not received by early February, contact the Marketplace where coverage was purchased. Do not contact the IRS because IRS telephone assistors will not have access to this information.
Taxpayers who benefited from advance payments of the premium tax credit must file a federal income tax return. These taxpayers need to reconcile those advance payments with the amount of premium tax credit they’re entitled to based on their actual income. As a result, some people may see a smaller or larger tax refund or tax liability than they were expecting. Use IRS Form 8962, Premium Tax Credit (PTC), to calculate the premium tax credit and reconcile the credit with any advance payments.
The IRS also reminded taxpayers that a trusted tax professional can also provide helpful information about the health care law. A number of tips about selecting a preparer and national tax professional groups is available on IRS.gov.
The IRS urges all taxpayers, especially those claiming the premium tax credit, to make sure they have all their year-end statements in hand before they file their return. This includes Forms W-2 from employers, Forms 1099 from banks and other payers, and, for those claiming the premium tax credit, and Form 1095-A from the Marketplace. Doing so will help avoid refund delays and the need to file an amended return later.
Tax Facts on Individuals & Small Business
Due to a number of recent changes in the law, taxpayers are currently facing many questions connected to important issues such as healthcare, home office use, capital gains, investments, and whether an individual is considered an employee or a contractor. Financial advisors are continually looking for competitive information to help them provide the best answers for their clients and to obtain new clients. National Underwriter’s Tax Facts series is the only resource written specifically for the financial advisor and producer providing fast, clear, and authoritative answers to pressing questions, and it does so in the convenient, timesaving, Q&A format for which Tax Facts is famous.
Anyone interested can try Tax Facts on Individuals & Small Business, risk-free for 30 days, with a 100% guarantee of complete satisfaction. For more information, please call 1-800-543-0874.
Posted in Taxation, Uncategorized | Leave a Comment »
Posted by William Byrnes on January 15, 2015
“Don’t worry, don’t worry. Look at the Astors and the Vanderbilts, all those big society people. They were the worst thieves – and now look at them. It’s just a matter of time.” Meyer Lansky
International Financial Law Prof Blog post … Academics, conference attendees, and business persons may travel to Cuba under blanket authorization to attend conferences, teaching programs, and transact business.
However, the US Treasury Department has left it illegal under the OFAC regulations to undertake tourist activities, including “excessive” free time sitting about puffing cigars and sipping rum. At least a professor can bring one small box of cigars back home now (not over $100 value). And smart phones will work in the future! read my analysis of the OFAC Cuba Amendments Released Today – read the full analysis at International Financial Law Prof Blog.
Posted in Compliance, Financial Crimes | Tagged: cuba, OFAC | Leave a Comment »
Posted by William Byrnes on January 15, 2015
This new sanctions list format was jointly developed by the United Nations (U.N.) and the Wolfsberg Group of International Banks in an effort to create a universal sanctions list format that can be efficiently used by governments worldwide and enhances sanctions compliance. The United States is the first U.N. member state to implement this advanced sanctions data model. In an effort to ensure a greater level of global sanctions compliance the Treasury Department supports the new sanctions list model and appreciates the efforts of the U.N. and the Wolfsberg Group in their creation of a universal format.
The new format incorporates a variety of features that ensure maximum flexibility for sanctions list creators, while also limiting the need for future changes to the underlying data specification due to the standard’s adaptability. The new capabilities associated with the advanced sanctions list format are discussed are International Financial Law Prof Blog.
Posted in Compliance, Financial Crimes | Tagged: OFAC | Leave a Comment »
Posted by William Byrnes on January 14, 2015
See the full analysis at International Financial Law Prof Blog.
The Argentina Government has stopped HSBC Argentina from transferring money abroad, for 30 days. See the Reuters and the Fox Latino articles linked at International Financial Law Prof Blog. The Central Bank stated the reason for such a drastic action is HSBC’s lack of ability to correctly document such transfers. The Argentina revenue authority has also recently raided HSBC’s offices, accusing it of assisting Argentina’s wealthy commit tax evasion through Swiss accounts.
Yet, one cannot help but ponder whether this is an isolated move against a bad actor, authorized by the requisite legislation and pursuant to due process, or whether this is politically motivated for other reasons? Read this article at International Financial Law Prof Blog
Posted in Compliance, Financial Crimes | Leave a Comment »
Posted by William Byrnes on January 14, 2015
The IRS announced that the tax forms for the 2014 tax year have some dramatic modifications to allow for enforcement of Obama Care (aka the “Affordable Care Act” and “ACA”).
Existing forms have new lines integrated and the IRS has created two new forms that some taxpayers must now file with the tax return.
Many taxpayers will only need to check a box on their tax return if they had the requisite health coverage for all of 2014 as require by the ACA so as to avoid penalties. Forms 1040, 1040A, and 1040EZ also have new lines to complete related to the health care law.
Two New Tax Forms for Taxpayers
Form 8965, Health Coverage Exemptions
Form 8962, Premium Tax Credit
Additionally, if individuals purchased coverage through the Health Insurance Marketplace, they should receive Form 1095-A, Health Insurance Marketplace Statement, which will help complete Form 8962.
Modifications of Existing 2014 Tax Forms
Tax Facts on Individuals & Small Business
Due to a number of recent changes in the law, taxpayers are currently facing many questions connected to important issues such as healthcare, home office use, capital gains, investments, and whether an individual is considered an employee or a contractor. Financial advisors are continually looking for competitive information to help them provide the best answers for their clients and to obtain new clients. National Underwriter’s Tax Facts series is the only resource written specifically for the financial advisor and producer providing fast, clear, and authoritative answers to pressing questions, and it does so in the convenient, timesaving, Q&A format for which Tax Facts is famous.
Anyone interested can try Tax Facts on Individuals & Small Business, risk-free for 30 days, with a 100% guarantee of complete satisfaction. For more information, please go to http://www.nationalunderwriter.com/2015-tax-facts-on-individuals-small-business.html or call 1-800-543-0874.
Posted in Taxation | Tagged: ACA, Affordable Care Act, Obama Care | Leave a Comment »
Posted by William Byrnes on January 13, 2015
read and download the comments and letters released – International Financial Law Prof Blog
Posted in OECD | Tagged: BEPS, OECD | Leave a Comment »
Posted by William Byrnes on January 12, 2015
see the full analysis at International Financial Law Prof Blog excerpted below.
Caribbean and Atlantic Financial Centers Registrations
The Cayman Islands remain the global FATCA compliance registration leader with 27,011 FFIs, almost 7,000 more compliant FFIs than the UK. The June GIIN list included 1,837 BVI FFI registrations, now at 4,653. Bahamas has increased from 610 to 882, Bermuda 1,242 to 1,824 and Panama 450 to 773. …
By the way, the 3rd edition of my Lexis Guide to FATCA Compliance will be out soon with substantial more analysis – 1,200 pages over 54 chapters. Over 50 FATCA compliance experts from tier 1 institutions, former government officials, and professional firms have contributed to create this detailed and robust guide, filled with numerous practical examples and several chapters written specifically for the non-legal, compliance operations officer. No filler pages of publicly available documents and regurgitated regulations – it’s all beef. See the Lexis website to order a copy of this 3rd edition.
Posted in FATCA | Tagged: FATCA, GIIN | Leave a Comment »
Posted by William Byrnes on January 12, 2015
See International Financial Law Prof Blog.
Is Acquirer Responsible for FCPA Pre-Acquisition Conduct of Target Company?
full analysis at http://lawprofessors.typepad.com/intfinlaw/2015/01/is-acquirer-responsible-for-fcpa-pre-acquisition-conduct-of-target-company.html
Posted in Uncategorized | Leave a Comment »
Posted by William Byrnes on January 10, 2015
post from the International Financial Law Prof Blog.
See FinCEN Announcement at http://lawprofessors.typepad.com/intfinlaw/2015/01/passports-obtained-through-st-kitts-and-nevis-citizenship-by-investment-program-used-to-facilitate-financial-crime.html
Posted in Financial Crimes | Tagged: Financial Crimes, Financial Crimes Enforcement Network | Leave a Comment »
Posted by William Byrnes on January 9, 2015
read the post at International Financial Law Prof Blog.
Posted in FATCA | Tagged: FATCA, FFI, IGA | Leave a Comment »
Posted by William Byrnes on January 8, 2015
Lexis Guide to FATCA Compliance – 2015 Edition Out Soon
1,200 pages of analysis of the compliance challenges, over 54 chapters by 70 FATCA contributing experts from over 30 countries. Besides in-depth, practical analysis, the 2015 edition includes examples, charts, time lines, links to source documents, and compliance analysis pursuant to the IGA and local regulations for many U.S. trading partners and financial centers. The Lexis Guide to FATCA Compliance, designed from interviews with over 100 financial institutions and professional firms, is a primary reference source for financial institutions and service providers, advisors and government departments. No filler of forms and regs – it’s all beef ! See Lexis’ order site and request a copy of the forthcoming 2015 edition – http://www.lexisnexis.com/store/catalog/booktemplate/productdetail.jsp?pageName=relatedProducts&prodId=prod19190327
free download of 2014 Edition chapter at http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2457671
Posted in FATCA | Tagged: FATCA | Leave a Comment »
Posted by William Byrnes on January 8, 2015
read the analysis at International Financial Law Prof Blog.
Posted in Compliance | Leave a Comment »
Posted by William Byrnes on January 8, 2015
read about it at International Financial Law Prof Blog.
Posted in Courses, Education Theory | Leave a Comment »
Posted by William Byrnes on January 7, 2015
See full post at International Financial Law Prof Blog.
This revenue procedure lists the countries with which the Treasury Department and the IRS have determined that it is appropriate to have an automatic exchange relationship requiring the reporting of certain deposit interest paid to nonresident alien individuals on or after January 1, 2013. Section 1.6049-4(b)(5) provides that in the case of interest aggregating $10 or more paid to a nonresident alien individual the payor is required to make an information return on Form 1042-S for the calendar year in which the interest is paid. See the list at International Financial Law Prof Blog.
Posted in FATCA | Tagged: FATCA | Leave a Comment »
Posted by William Byrnes on January 7, 2015
See International Financial Law Prof Blog.
Abstract: This guide is intended to serve as a tool for FIs and Host Country Tax Authorities (HCTAs) who enroll in the International Data Exchange Service (IDES) to transmit FATCA data. The document assumes that the reader is familiar with the FATCA regulations and is experienced with extensible markup language (XML) and schema technology. Post on International Financial Law Prof Blog
Posted in FATCA | Leave a Comment »
Posted by William Byrnes on January 5, 2015
The IRS published its first FATCA GIIN list of 2015 (on New Years Day!) a list of “approved FFIs” i.e. a list of those who have registered on the IRS FATCA portal by December 23, 2014. FATCA’s 30% withholding regime on “withholdable payments” for non-IGA countries has applied since July 1, 2014. But since New Years Day this FATCA (Chapter 4) withholding also applies to IGA countries’ FFIs that do not supply a GIIN upon the proper W8 (or ‘equivalent’) certification documentation.
read the full analysis of the numbers at International Financial Law Prof Blog:
Posted in FATCA | Tagged: FATCA, FFI, IGA | Leave a Comment »
Posted by William Byrnes on December 30, 2014
Qualified Intermediary (QI) Agreement, Withholding Foreign Partnership (WP) Agreement, and Withholding Foreign Trust (WT) Agreement
Extension of Time for QIs, WPs, and WTs to Apply Certain Requirements of the Joint Account Option under the QI Agreement, the WP Agreement, or the WT Agreement.This email applies to certain entities that apply to enter into or have entered into the Qualified Intermediary (QI) Agreement published in Revenue Procedure 2014-39, 2014-29 I.R.B. 151, and certain entities that apply to enter into or have entered into the Withholding Foreign Partnership Agreement or Withholding Foreign Trust Agreement, published in Revenue Procedure 2014-47, 2014-35 I.R.B. 393.
Section 4.05 of the QI Agreement provides the requirements for a QI that applies the joint account option to a partnership or trust. Section 9.01 of the WP Agreement and WT Agreement provides the requirements for a WP or WT that applies the joint account option to a partnership or trust.
The IRS provided Notice that Section 4.05 of the QI Agreement and Section 9.01 of the WP Agreement and WT Agreement are modified to include the following with respect to a QI’s, WP’s, or WT’s application of the joint account option:
• For the period beginning on the effective date of the QI Agreement, and ending June 30, 2015, a QI that has entered into an agreement under section 4A.01 of the former QI Agreement (see Revenue Procedure 2003-64, 2003-2 C.B. 306, adding section 4A to the former QI agreement (published in Revenue Procedure 2000-12, 2000-1 C.B. 387), as amended by Revenue Procedure 2004-21, 2004-1 C.B. 702) with a partnership or trust to apply the joint account option before June 30, 2014, may continue to document the account consistent with section 4A.01 of the former QI Agreement.
• For the period beginning on the effective date of the WP Agreement or WT Agreement, and ending June 30, 2015, a WP or WT that has entered into an agreement under section 10.01 of the former WP Agreement or WT Agreement (published in Revenue Procedure 2003-64 (as amended by Revenue Procedure 2004-21)) with a partnership or trust to apply the joint account option before June 30, 2014, may continue to document the account consistent with section 10.01 of the former WP Agreement or WT Agreement.
• Notwithstanding the prior statements, a QI, WP, or WT is required to withhold under chapter 4 with respect to a partnership or trust to which it has applied the joint account option to the extent required under the QI, WP, or WT Agreement (for example, a QI, WP, or WT must withhold if it has actual knowledge that the partnership or trust is a nonparticipating FFI).,
Posted in FATCA | Tagged: FATCA | Leave a Comment »
Posted by William Byrnes on December 29, 2014
Teaser! Para quem perdeu a brilhante palestra do Dr.William Byrnes traduzida ao vivo, aguarde: em breve disponível integralmente em nosso site > IBET/OAB-SC <
Posted in FATCA | Leave a Comment »
Posted by William Byrnes on December 26, 2014
Read about the Congressman who pled guilty this week to tax fraud on the Finance Law Professor Blog!
Posted in Financial Crimes | Tagged: Michael Grimm, tax fraud | Leave a Comment »
Posted by William Byrnes on December 24, 2014
IGA Question 8: Announcement 2014-38 provides that a jurisdiction that is treated as if it has an IGA in effect, but that has not yet signed an IGA, retains such status beyond December 31, 2014, provided that the jurisdiction continues to demonstrate firm resolve to sign the IGA that was agreed in substance. Given this additional time to sign the IGA, does a reporting Model 1 FFI in such a jurisdiction need to register and obtain a GIIN before January 1, 2015?
Announcement 2014-38 does not change the requirement in the chapter 4 regulations that for payments made on or after January 1, 2015, in order for withholding not to apply, a withholding agent may treat a reporting Model 1 FFI as a registered deemed-compliant FFI only if the withholding agent has a withholding certificate identifying the payee as a registered deemed-compliant FFI and the withholding certificate contains a GIIN for the payee that is verified in the manner described in those regulations. Thus, to avoid withholding on certain payments made on or after January 1, 2015, a reporting Model 1 FFI should register and obtain a GIIN to properly certify its status to a withholding agent required to document the FFI for chapter 4 purposes. A reporting Model 1 FFI that has registered but not yet obtained a GIIN should indicate to its withholding agent that its GIIN is “applied for,” and in such case, the withholding agent will have 90 days from the date it receives the Form W-8 to obtain a GIIN and to verify the accuracy of the GIIN against the published IRS FII list before it has reason to know that the payee is not a registered deemed-compliant FFI.
Announcement 2014-38 similarly does not change the timing of any other due diligence and reporting requirements in the chapter 4 regulations.
Posted in FATCA | Tagged: FATCA, IGA | Leave a Comment »
Posted by William Byrnes on December 23, 2014
A major Israeli international bank admitted that it conspired to aid and assist U.S. taxpayers to prepare and present false tax returns to the Internal Revenue Service (IRS) by hiding income and assets in offshore bank accounts in Israel and elsewhere around the world.
Read the post here ….
Posted in Financial Crimes | Tagged: leumi, Tax Evasion | Leave a Comment »
Posted by William Byrnes on December 18, 2014
A Academia Tributária promove nesta sexta (19), às 10 horas, na OAB/SC, o curso Brasil e FATCA: troca de informações fiscais entre Brasil e Estados Unidos. O curso será nas dependências da Escola Superior da Advocacia.
O palestrante será do professor William Byrnes, dos Estados Unidos, autor de mais de 1.000 artigos publicados na área tributária.
See OAB/SC
Posted in FATCA | Tagged: Brazil, FATCA, OAB | Leave a Comment »
Posted by William Byrnes on December 18, 2014
1. IRS Posts Update to the Instructions for Form 8966 For 2014
The IRS has posted an Update to the Instructions for Form 8966 for 2014 to the FATCA web page:
This update supplements the Instructions for Form 8966 to correct and clarify certain references to the reporting requirements of participating FFIs for the 2014 year, including to reflect a correcting amendment to section 1.1471-4(d)(7)(iv)(B) of the temporary chapter 4 regulations (TD 9657).
http://www.irs.gov/Businesses/Corporations/Update-to-the-Instructions-for-Form-8966-For-2014
2. New! IDES User Guide (Draft Version)
A draft version of the International Data Exchange Services (“IDES”) User Guide is now available. The current draft discusses data preparation procedures and reporting for FIs and for foreign governments to transmit the tax information necessary to comply with FATCA.
In the upcoming weeks, IDES will post frequent updates and a final version of the IDES User Guide will be available in early January 2015.
http://www.irs.gov/pub/fatca/P%205190_IDES%20User%20Guide_v1_DRAFT_%20.pdf
Lexis Guide to FATCA Compliance – 2015 Edition Out Soon
1,200 pages of analysis of the compliance challenges, over 54 chapters by 70 FATCA contributing experts from over 30 countries. Besides in-depth, practical analysis, the 2015 edition includes examples, charts, time lines, links to source documents, and compliance analysis pursuant to the IGA and local regulations for many U.S. trading partners and financial centers. The Lexis Guide to FATCA Compliance, designed from interviews with over 100 financial institutions and professional firms, is a primary reference source for financial institutions and service providers, advisors and government departments. See Lexis’ order site and request a copy of the forthcoming 2015 edition – http://www.lexisnexis.com/store/catalog/booktemplate/productdetail.jsp?pageName=relatedProducts&prodId=prod19190327
free download of 2014 Edition chapter at http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2457671
Posted in FATCA | Tagged: FATCA, IDES | Leave a Comment »
Posted by William Byrnes on December 17, 2014
This Friday, December 19 at the OAB in Florianapolis – FATCA’s impact on Brazil-USA cross border activities, and the OECD’s Common Reporting Standards (“GATCA”), see link to come join the discussion.
Com o apoio da OAB/SC, Comissão de Direito Tributário, ESA, CRC e IBET-SC, lá vamos nós fechar o ano com chave de OURO!!! Tradução simultânea na palestra com o Prof. William Byrnes, bestselling author of 30 books for LexisNexis and Wolters Kluwer; Associate Dean, Graduate & Distance Education, International Tax & Financial Services; Fellowship, International Bureau of Fiscal Documentation; LL.M. Universiteit van Amsterdam. Vagas limitadíssimas para os primeiros 40 VIP guests. Corre: http://www.academiatributaria.com.br/?opcao=ver_curso&id=8
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Posted by William Byrnes on December 17, 2014
Reports PwC, the spending bill provides $10.6 billion in funding for the IRS – a reduction of $345.6 million from the fiscal year 2014.
Tax Increase Prevention Act of 2014 – Title I: Certain Expiring Provisions – Amends the Internal Revenue Code to extend certain expiring tax provisions relating to individuals, businesses, and the energy sector.
Subtitle A: Individual Tax Extenders – Extends through 2014:
Subtitle B: Business Tax Extenders – Extends through 2014:
Amends the Housing Assistance Tax Act of 2008 to extend through 2014 the exemption of the basic military housing allowance from the income test for programs financed by tax-exempt housing bonds.
Subtitle C: Energy Tax Extenders – Extends through 2014:
Subtitle D: Extenders Relating to Multiemployer Defined Benefit Pension Plans – Extends through 2015 the automatic extensions of amortization periods for multiemployer defined benefit pension plans and for multiemployer funding rules under the Pension Protection Act of 2006.
Title II: Technical Corrections – Tax Technical Corrections Act of 2014 – Makes technical and clerical amendments to:
Eliminates provisions in the Internal Revenue Code that are not used in computing current tax liabilities (referred to as deadwood provisions).
Title III: Joint Committee on Taxation – Provides that any refund or credit in excess of $5 million due to a C corporation taxpayer may not be made until the Secretary of the Treasury submits a report to the Joint Committee on Taxation providing information on such refund or credit.
Title IV: Budgetary Effects – Prohibits the entry of the budgetary effects of this Act on certain PAYGO scorecards.
JCX-107-14R (December 03, 2014) Estimated Revenue Effects Of H.R. 5771, The “Tax Increase Prevention Act Of 2014,”
Posted in Taxation | Tagged: tax extenders | Leave a Comment »
William Byrnes' Tax, Wealth, and Risk Intelligence 