Category: USA/FATCA

The case On 26 December, in the latest in a series of whipsawing rulings from the federal judges handling the Texas Top Cop Shop case, a second appellate panel reversed the first panel’s decision from 23 December (i.e....

The case On 23 December, the US Court of Appeals for the Fifth Circuit lifted the nationwide injunction against the Corporate Transparency Act. Thus, the original deadlines are legally back in effect. However, FinCEN opted to...

The case On 3 December, a US Federal District Court in the Eastern District of Texas issued an order granting a nationwide preliminary injunction against enforcement of the Corporate Transparency Act. In observance of this...

The case Anyone with US underlying companies shall be informed. Source: Paul Millen The commentary Paul has written many blogs on the CTA if you’re interested. This publication has been prepared solely for information...

The case The recent decision by the 11th Circuit Appellate Court in United States v. Isac Schwarzbaum introduces a significant constitutional restraint on penalties imposed for violations of Foreign Bank Account Reporting (FBAR)...

The case On 2 July, the IRS announced that “this month, the IRS will no longer support the use of the existing FATCA account sign-in authentication methods to access the FATCA Registration System.” From then on,...

The case On 27 June, the State Secretariat for International Finance (SIF) announced that representatives of the Swiss and US governments had signed the new Swiss Model 1 FATCA IGA and simultaneously published the text of the...

The case The USA remains the undisputed leader in private wealth creation and accumulation. Source: USA Wealth Report 2024 The commentary The USA is currently home to 37% of the world’s millionaires: some 5.5 million...

The case The Financial Crimes Enforcement Network (FinCEN), a division of the US Treasury Department, suffered a legal setback last Friday in a case previously discussed in MTL blogs (here and here). On 15 November 2022, the...

The case Some good news in response to the comments submitted by the Swiss Bankers Association and European Banking Federation (see below). Last night, the IRS issued Notice 2024-26, granting an administrative exemption to all...

The case Beginning in filing year 2024, financial institutions must file Forms 1042 with the IRS electronically. On its face, such a requirement does not appear overly burdensome, but key IRS electronic filing systems remain...

The case On 21 December, the Financial Crimes Enforcement Network (“FinCEN”), a division of the US Treasury Department, issued a final rule on the access provisions of the Corporate Transparency Act (CTA) (the...