Archive for November, 2012

Mexico Enters Into Intergovernmental Agreement

The Treasury Department and Mexico have officially entered into an intergovernmental agreement.  As discussed in our IGA summary, Treasury is pushing to get many of these done before year-end so it shouldn’t be a surprise if we get a few more before New Years. Text of the agreements can be found here: http://www.treasury.gov/resource-center/tax-policy/treaties/Documents/FATCA-Agreement-Mexico-11-19-2012.pdf. Our summary […]

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Denmark Enters Into Intergovernmental Agreement

The Treasury Department and Denmark have officially entered into an intergovernmental agreement.  This makes Denmark the second government to officially do so, after the United Kingdom. Text of the agreements can be found here: http://www.treasury.gov/resource-center/tax-policy/treaties/Documents/FATCA-Agreement-Denmark.pdf. Our summary of the current state of IGAs has been updated accordingly. See our summary here. All posts and information contained […]

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Intergovernmental Agreement – Model 2

On November 15, 2012, the Treasury Department released the “Model 2″ draft of their intergovernmental agreement.  One of the major changes from the Model 1 agreements is the flow of information.  Under Model 2 agreements, foreign financial institutions are required to report information directly with the IRS, rather than to their home taxing authority. Highlights: […]

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Hello world!

The Foreign Tax Account Compliance Act (otherwise known as FATCA) was enacted in 2010 as part of the Hiring Incentives to Restore Employment (HIRE) Act.  Congress’ intention was innocent enough:  to stop the hiding and under reporting of income located in offshore accounts by US citizens.  While the goal may be noble enough, the implementation of […]

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