• AICPA asks Senate for more action to enforce international tax evasion laws

    Although some Senate officials have approved pending tax treaties, the full Senate has yet to take action.

    U.S. tax scofflaws will be feeling more heat if the Senate approves pending tax treaties that a key lobbying group is pressuring them on.  Already armed with the Foreign Account Tax Compliance Act (FATCA), these treaties would provide additional enforcement muscle to crack down on would-be tax evaders.

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  • UK seeing increased requests for tax information from foreign governments

    More foreign governments are requesting tax information on their citizens living in the U.K.

    As time goes by, more governments are seeking to collaborate to facilitate the automatic exchange of tax information (AEOI) to prevent cross-border tax evasion. Moreover, many of these governments are acting solely for this goal and not as a means to pad their revenue with unpaid taxes.

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  • IRS updates ‘General Compliance’ section of FATCA FAQs

    FFIs must obtain a self-certification when opening new accounts.

    The IRS is establishing an important precedent that any institution impacted by the Foreign Account Tax Compliance Act (FATCA) must take notice of.  Key guidance updates to the regimes reporting and regulatory requirements are not explicitly announced with attention-getting fanfare, but rather included in updates within the FATCA Frequently Asked Questions.

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  • IRS sent out 800,000 incorrect 1095-A forms

    The IRS sent out 800,000 incorrect 1095-A forms.

    The rollout of the individual tax information reporting requirement of the Affordable Care Act (ACA) has not been smooth at the state or federal level. The latest faux pas results from 800,000 incorrect 1095-A, Health Insurance Marketplace Statement, forms going out to taxpayers.

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  • Taxing new-age taxis: The tax compliance side of ridesharing

    Companies in the sharing economy have to meet 1099 reporting requirements.

    People are attaching the word “sharing” to many common services in today’s economy. Most notably, ridesharing has taken off, with many Americans becoming the newest iteration of taxi drivers.

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