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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).
US financial institutions working to meet CRS challenges
Tax Notes International | pp. 143-145 | April 10, 2017
US financial institutions with operations in early-adopter common reporting standard (CRS) jurisdictions will begin reporting this spring. Denise Hintzke, managing director and global FATCA/CRS tax leader at Deloitte Tax LLP, told Tax Analysts that many US financial institutions with branches or subsidiaries in CRS jurisdictions are not yet ready to meet reporting deadlines, but that larger financial institutions are instituting programs to help them with compliance.
Download full article of the interview, conducted by reporter J.P. Finet of Tax analysts and originally published by Tax analysts.
The Common Reporting Standard: Impact on financial services institutions
The Tax Adviser | March 1, 2016
The Common Reporting Standard (CRS) is the standard for automatic exchange of financial account information developed by the Organisation for Economic Co-operation and Development. Due to the complexity of these rules, financial institutions incorporated inside and outside the United States should assess the CRS rules and determine how they are affected.
Read the full article, by Denise Hintzke and Andrea Garcia Castelao on how CRS impacts financial services institutions.
Regulatory fatigue? FATCA inaction may risk noncompliance
The Tax Adviser | September 27, 2018
Eight years after Congress passed the Foreign Account Tax Compliance Act (FATCA), which was enacted as part of the Hiring Incentives to Restore Employment Act, P.L. 111-14) to address the potential for tax evasion, lack of planning in response to evolving FATCA guidelines may be putting some financial institutions at risk of noncompliance and potentially steep penalties.
Read the full article, by Denise Hintzke.
'False Positives' in FATCA Data May Hamper Enforcement
Tax Notes | p. 514 | October 24, 2016
Information reported to the IRS under the Foreign Account Tax Compliance Act likely includes many unidentified individuals who are not US taxpayers, potentially limiting the data's value. Denise Hintzke, Deloitte’s Global FATCA Tax Leader, and other practitioners cited agreed that false positives could limit FATCA data's value to the IRS, noting that the IRS has yet to receive most of it.
Download full article of the interview, conducted by Tax Administration Reporter, Luca Gattoni-Celli of Tax Analysts and originally published by Tax Analysts.
Tax Notes International | Volume 83, Number 9 | August 29, 2016
On July 1, 2016, the IRS released Notice 2016-42, providing the proposed Qualified Intermediary (QI) Agreement that certain foreign intermediaries may enter into to simplify their compliance with US reporting and withholding requirements. In this article, Deloitte Tax authors highlight some of the key changes found in the agreement, including the compliance reviews and the new Qualified Derivative Dealer rules.
Download the full article, by Denise Hintzke and Kelly Cruze, and reprinted from Tax Notes International, August 29, 2016, p. 789. The authors would like to thank Paul Epstein and Anthony Martirano for their contributions to this article.