DOT and IRS Issue Final FACTA Regulations – Los Angeles Income Tax Planning and Income Tax Litigator Attorney Bruce Givner

The U.S. Department of the
Treasury (DOT) and the Internal Revenue Service (IRS) recently issued final
FACTA regulations.  FACTA, the Foreign
Account Tax Compliance Act enacted in 2010, targets U.S. taxpayers who use foreign
accounts to avoid paying taxes.  Foreign
financial institutions are now required to provide account information to the
IRS for U.S. taxpayers, or foreign entities in which U.S. taxpayers hold a
substantial ownership interest.  

The final FACTA regulations:

1.   
Phase
in the timelines for foreign financial institutions to perform due diligence,
reporting, and withholding.  Also,
regulatory timelines are aligned with the timelines prescribed in the
intergovernmental agreements.

2.   
Exclude
certain grandfathered obligations and certain payments made by nonfinancial
entities from the withholding requirement.

3.   
Provide
a streamlined registration and compliance procedures for groups of financial
institutions, including commonly managed investment funds, and provide
additional detail regarding the obligations of foreign financial institutions to
verify their compliance under FATCA.

4.   
Expand
and clarify the treatment of certain categories of institutions deemed as low
risk for tax evasion, such as governmental entities and retirement funds. 

5.   
Facilitate
the effective and efficient implementation of FATCA by eliminating legal
barriers to participation, reducing administrative burdens, and ensuring the
participation of all non-exempt financial institutions in a partner
jurisdiction.

Givner & Kaye focuses on sophisticated income tax
planning and compliance, tax litigation and procedure, estate planning, and
asset protection plans for individuals and businesses in Beverly Hills,
Calabasas, West Los Angeles, Hollywood, and other areas of Los Angeles, Orange,
Ventura, San Bernardino, Riverside and Santa Barbara Counties.  Call Los Angeles Estate Planning and
Asset Protection Plan Attorneys Givner & Kaye at (310) 207-8008
today.

The U.S. Department of the
Treasury (DOT) and the Internal Revenue Service (IRS) recently issued final
FACTA regulations.  FACTA, the Foreign
Account Tax Compliance Act enacted in 2010, targets U.S. taxpayers who use foreign
accounts to avoid paying taxes.  Foreign
financial institutions are now required to provide account information to the
IRS for U.S. taxpayers, or foreign entities in which U.S. taxpayers hold a
substantial ownership interest.  

View Attorney Profile

Bruce Givner

Licensed since 1976

Member at firm Givner & Kaye A Professional Corporation

AWARDS

AV Preeminent

RECENT POSTS

Bruce Givner

Licensed since 1976

Member at firm Givner & Kaye A Professional Corporation

AWARDS

AV Preeminent

RECENT POSTS