News

US Court rules against FATCA disclosures

The US government has supported the dismissal of a case bringing several challenges to the FATCA (Foreign Account Tax Compliance Act) and the FBAR (Report of Foreign Bank & Financial Accounts) regimes.


Why were so few US citizens named in the Panama papers?

After information was leaked regarding thousands of overseas companies from accounts held in Panama, the offshore industry has come under scrutiny with experts asking why so few US citizens were involved in the papers.


US Treasury petitions for full disclosure of Beneficial Ownership data

The Treasury in the US is petitioning for the introduction of federal legislation to regulate newly formed companies and other legal entities to provide full details of the Beneficial Owner to the IRS (Internal Revenue Service).


FASB amends reporting requirements for US companies

The Financial Accounting Standards Board (FASB) in the US have published an update to improve the current system of financial reporting regarding leasing transactions. The update will affect any companies that are leasing any assets in the form of property, vehicles, or general equipment.


Success for the US Offshore Voluntary Disclosure Programme

US taxpayers that are using the IRS’s OVDP (Offshore Voluntary Disclosure Programme) number has increased to 85,000 generating almost US$8 billion in extra revenue since the launch in 2009.


US authorities increase scrutiny on Swiss banks

Swiss Banks sign amnesty agreements disclosing tactics, providing US prosecutors with valuable information.


US: IRS requests data from Belize Banks

The Bank of America and Citibank are being forced by a court order obtained by the US government, to disclose information about all US taxpayers who hold offshore accounts at BBIL (Belize Bank International Limited) or BBL (Belize Bank Limited).


Presidential Candidate to sue US government over FBAR and FATCA

Mr Rand Paul, Senator of Kentucky and Presidential Candidate plans to sue the IRS declaring that FATCA (Foreign Account Tax Compliance Act) and FBAR (Foreign Bank Account Reporting) are unconstitutional.


US: Obama presents new “Clean Power Plan”

US President Barack Obama is ready to introduce a plan that he calls ‘the biggest, most important step America has ever taken’ for defeating greenhouse gases.