By plang on 1/25/2012 9:16 PM
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The IRS published a new form (Form 8938) end of 2011 that needs to be filled out by certain US taxpayers owning foreign financial assets.

Rules are different for US taxpayers living in the US or abroad. The thresholds depend on the marital status and the place of living. A single taxpayer living in the US has to declare foreign financial assets exceeding 50’000$ at the end of the year or 75’000 at any time during the tax year. Thresholds are 100’000 and 150’000$ for married taxpayers living in the US and filing jointly. For taxpayers living abroad, they are at 200’000$ and 300’000$ for a single taxpayer and 400’000$ and 600’000$ for married taxpayers filing jointly.

Some assets may be excluded if already reported on other forms. However, the FBAR (TD F 90-22.1) form still needs to be completed. For more details,...
By plang on 1/16/2012 9:44 PM
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There is nothing new in the FATCA area for FFIs. IRS hasn’t yet published the promised consolidated guidance for the application of the FATCA regulation. More details about the implementation passthru payment method and in and out of scope funds are awaited impatiently by the financial sector. In the meantime, IRS delivered at the end of 2011 the new form 8938 to be filled out by US taxpayers with foreign assets.

Rien de neuf sur le front de la FATCA pour les FFIs. L’IRS n’a toujours pas publié les informations prévues pour la fin 2011 à propos des règles d’application consolidées de la législation FATCA. Les modalités d’application de la méthode du passthru payment ainsi que des précisions sur les fonds soumis ou exclus sont notamment attendues avec impatience par le secteur financier. L’IRS a par contre publié en fin d’année le nouveau formulaire 8938 à remplir par les contribuables US qui ont des avoirs à l’étranger.

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By plang on 1/16/2012 9:20 PM
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The tax agreement for a relieving tax at source between Germany and Switzerland caused negative reactions in Germany. It must be ratified by the Bundesrat where the opposition parties are the majority. Discussions are currently ongoing between the German government and four Länder to define a list of amendments which should be submitted to Switzerland.

The German minister of finance has currently excluded a deep renegotiation of the agreement but mentions some details modifications. So far, Switzerland didn’t confirm it was ready to open new negotiations.

Things look better for the ratification of the agreement with the United Kingdom where no real opposition has appeared.

Both countries still need to deal with the EU authorities which are not in favour of those agreements.

The following weeks will be crucial for the success of the agreement.

L’accord fiscal, concernant l’introduction d’un impôt libératoire, signé entre l’Allemagne et la Suisse...
FATCA - Formulaire 8966 pour 2015
Belgique - Nouvelle taxation des plus-values
FATCA - Opening of the Registration Website
FATCA - Draft version of form 8966
FATCA – Six-Month Extension for FATCA Withholding
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