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Presented below is a listing of publications and by-lined articles reflecting Deloitte’s perspective on Foreign Account Tax Compliance Act (FATCA) legislation and implications and the Common Reporting Standard (CRS).
Global transparency efforts likely to open information flood
Bloomberg BNA “Daily Tax Report” | January 13, 2016
The differences between FATCA and CRS, including the threshold for reporting, are likely to create problems for banks, while many countries implementing the two regimes are struggling with the need for guidance in short order. Denise Hintzke, global FATCA tax leader at Deloitte Tax LLP, told Bloomberg BNA there is “still a tremendous amount of confusion about the interplay between the regs and the IGAs. CRS is much more complicated than FATCA.” Download the full article written by Alison Bennett.
The world is about to become more financially transparent, whether or not the US participates
Forbes.com / Personal Finance | October 15, 2015
The US’s nonparticipation in the Organisation for Economic Co-operation and Development’s new Common Reporting Standard (CRS) imposes particular and potentially difficult requirements on many US financial entities, such as banks, mutual funds and trusts. With CRS implementation only a couple of months away, affected entities would be wise to begin the analysis of any necessary implementation steps.
Read the article, written by Denise Hintzke and published in Forbes.com.
IRS Notice easing FATCA compliance gets high marks from Tax practitioners
Bloomberg BNA “Daily Tax Report” | January 21, 2016
The new IRS Notice 2016-8 makes needed changes to help banks comply with FATCA. Denise Hintzke, global FATCA tax leader at Deloitte Tax LLP, spoke to Bloomberg BNA about the positive impact of these changes for foreign financial institutions, particularly the fund industry. Download the full article written by Alison Bennett.
International Tax Review | November 30, 2015 | Amelia Schwanke
The Internal Revenue Service (IRS) has upgraded the Foreign Account Tax Compliance Act (FATCA) online registration system to improve the way foreign financial institutions (FFIs) report. Denise Hintzke comments on how these improvements will make reporting easier for financial institutions.
US Signs Competent Authority Agreements with Australia, UK
Tax Notes International | September 28, 2015
The competent authority of the United States entered into its first two competent authority agreements under the intergovernmental agreements it signed with Australia and the United Kingdom to implement the U.S. Foreign Account Tax Compliance Act, the IRS announced. However, Denise Hintzke points out how the agreements do not address how the U.S. Will provide Australia and the U.K. with reciprocal information. Download the full article written by J.P. Finet, Tax Analysts.