International Tax News and Updates

Click the "Learn more" link after each summary to read the full article.

IRS Simplifies Requirements for Select Canadian Retirement Plans

The IRS has simplified the filing requirements for U.S. taxpayers who hold popular Canadian RRSP and RRIF retirement plans. On October 7, 2014 ,the IRS issued Revenue Procedure 2014-55 allowing taxpayers an automatic deferral of accrued income from these Canadian retirement plans. This new development also removes the annual filing requirement of form 8891, which reported account information as well as the deferral of accrued income from RRSP and RRIF accounts. Learn more.

International Data Exchange Service Is Open for Business

On January 12, 2015, the IRS officially opened its International Data Exchange Service (IDES). IDES is the web application that financial institutions and foreign tax authorities will use to report information on financial accounts held by U.S. persons or U.S.-owned foreign entities in order to comply with the Foreign Account Tax Compliance Act (FATCA). Learn more.

FATCA Compliance for U.S. Entities

Beginning July 1, 2014, U.S. taxpayers with accounts in multiple countries are now required to comply with an additional tax withholding and reporting regime known as FATCA: Foreign Account Tax Compliance Act. Learn more.

Examination into Foreign Bank Account Reporting and Compliance

U.S. taxpayers are expanding their businesses and revenue sources globally to keep up with competitive markets. And as they do so, ownership of financial accounts in foreign countries by U.S. persons have also expanded significantly. The U.S. government has a direct interest in foreign accounts held by U.S. taxpayers, as they want to ensure taxpayers are not avoiding their U.S. tax obligations on the income from these accounts. Do you have an FBAR filing requirement? Learn more.

Offshore Voluntary Disclosure Program

The IRS, on June 18, 2014, rolled out an expanded and modified version of the Offshore Voluntary Disclosure Program. The disclosure program has now been expanded to encompass a larger number of U.S. taxpayers with undisclosed foreign (non-U.S.) financial accounts and/or other specified foreign assets, and has modified the penalty regime. Do you have an obligation? Learn more.