IRS Provides Filing Relief to Certain Foreign Trusts Providing Retirement, Medical, and Educational BenefitsMarch 11, 2020
A discussion of Revenue Procedure 2020-17, wherein the IRS has designed a procedure whereby certain U.S. persons having an interest in tax-favored foreign trusts established and operated exclusively or almost exclusively to provide pension or retirement benefits, medical, disability, or educational benefits are exempt from the informational reporting of IRC Sec. 6048 (i.e., Forms 3520 and 3520-A). The procedure further provides a road map for those who have incurred penalties for failing to comply with their previous reporting, with which they can request abatement of penalties assessed or a refund in the event that the penalties have been paid.
January 25, 2019
On December 18, 2018, the IRS released proposed regulations that are intended to clarify, reduce and/or eliminate certain FATCA reporting requirements. The proposed regulations address a number of items, with the more salient items described here.
June 21, 2018
Our London, UK office is located in Mayfair off Berkeley Square just minutes from Hyde Park. EisnerAmper, a full-service advisory and accounting firm, has offices diversified to meet the global accounting and business development needs of the international business market.
May 04, 2018
The Consolidated Appropriations Act of 2018 contained overdue technical corrections to legislation that previously overhauled partnership audit rules. The technical corrections do not address the myriad of provisions in the TCJA that need correction.
March 27, 2018
The Offshore Voluntary Disclosure Program was designed by the IRS for taxpayers with civil and criminal liability for “willful failure” to report foreign financial assets. The IRS has recently announced it is closing OVDP on September 28, 2018.
February 23, 2018
Singapore is a global innovation hub and ranked as the most innovative economy in Asia, and 7th in the world. Globally, Singapore is also ranked 4th by the Global Financial Centres Index 22. Here are the key benefits of a Singapore fund management company.
January 04, 2018
EisnerAmper is among the nation’s largest accounting firms with a dedicated and well-established private equity services group that provides audit, tax, transaction and advisory services to private equity firms and their portfolio companies.
December 05, 2017
In this issue of Business Tax Quarterly, we provide resources for learning more about revenue recognition changes, BEPS country-by-country reporting, FATCA and the Senate Tax Bill.
August 15, 2017
The fund administration business is undergoing a significant transformation with mergers and acquisitions, increased focus on fee alignment, a volatile regulatory landscape and digital evolution. How can fund administrators adapt?
Updated: Cayman Islands AEOI Portal for CRS Notification and FATCA Reporting Is Open: Several Deadlines Have Been ExtendedJune 15, 2017
The Cayman Islands Department for International Tax Cooperation has opened its Automatic Exchange of Information Portal (AEOI Portal) for notifications for the Common Reporting Standard (CRS) and FATCA reporting.