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).

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: 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).

Foreign banks are refusing to accept US citizens due to FATCA requirements

Rand Paul, the Senator of Kentucky and the US Presidential candidate is looking to prosecute the IRS (Internal Revenue Service) regarding a court testimony that its Foreign Bank Account Reporting (FBAR) regime and the Foreign Account Tax Compliance Act (FATCA) are unconstitutional.