On December 3, 2012, the US and Switzerland initialed a bilateral agreement to implement Foreign Account Tax Compliance Act (FATCA) (the agreement must still be approved by the Swiss Parliament). Previously, on November 20, 2012, Spain announced that it had agreed to a bilateral agreement implementing FATCA and on November 19, 2012, the IRS announced…
DetailsOn November 19, 2012, the IRS announced that the US and Mexico have signed a bilateral agreement to implement the Foreign Account Tax Compliance Act (FATCA). This announcement comes just a couple days after the November 14, 2012 announcement that the US and Denmark signed a similar bilateral agreement to implement FATCA. With the addition…
DetailsThe Internal Revenue Service (IRS) announced on November 19, 2012, that the US and Denmark have reached an agreement for information sharing to improve tax compliance and implementation of the Foreign Account Tax Compliance Act (FATCA). This development fits with the Treasury’s earlier announcement that it is negotiating similar agreements with more than 50 countries. The…
DetailsThese publications do not constitute legal advice. Further information regarding this notice. As of 2009, the Internal Revenue Service (IRS) estimated that more than 7 million US citizens live outside of the US. However, according to the IRS’s 2006 data only 669,701, a fraction of the citizen living abroad, filed tax returns claiming exclusion for…
Details