Category: USA/FATCA

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...

The case On 16 November, representatives of the Swiss and US governments announced the finalization of the revised FATCA Intergovernmental Agreement between the IRS and the Swiss State Secretariat for International Finance. The...

The case On 7 November, the Financial Crimes Enforcement Network (“FinCEN”), a division of the US Treasury Department, issued an updated rule on the new “FinCEN identifiers” for use by US companies that must disclose...

The case On 18 September, the Financial Crimes Enforcement Network (“FinCEN”), a division of the US Treasury Department, published the Small Entity Compliance Guide and updated FAQs to aid in the implementation of...

The case On 23 August 2023, the US Securities and Exchange Commission (SEC) issued a new set of final disclosure and consent requirements pursuant to the Investment Advisers Act of 1940 (the “Advisers Act”). These...

The case Back in August 2021 the Internal Revenue Service (IRS) published FAQs concerning the compulsory use of the FIRE system for certain US tax filings, notably Form 1042-S under FATCA, QI and/or §871(m). To the great chagrin...