Last Friday, January 18, the Internal Revenue Service published long-anticipated Final Regulations under the Foreign Account Tax Compliance Act. The Regulations will be effective on January 28. FATCA has a significant impact on all foreign and domestic financial institutions. It requires a U.S. withholding agent to withhold a 30 percent tax on certain payments to foreign financial institutions ("FFIs") that do not agree to report certain information to the IRS concerning their U.S. accounts and on certain payments to non-financial foreign entities ("NFFEs") that do not provide certain information about their substantial U.S. owners.
Changes to 2012 Proposed Regulations
The Final Regulations make a number of changes to the extensive proposed regulations released last February, in response to comments received from the public. These changes are designed to target tax compliance concerns more specifically and to address practical considerations. To this end, the Final Regulations extend the initial date for information reporting under FATCA to March 31, 2015.
Specifically, under the Final Regulations:
On November 13, Carl Merino co-presented on "Acquiring U.S. or UK Real Estate" at the U.S./UK Tax and Estate Planning Conference, sponsored by Frank Hirth and held in London, UK.
On November 9, Peter M. Shapland, chair of Day Pitney’s Trust Services and Fiduciary Compliance practice group and chair of the firm’s Trust Oversight Committee, served as a panelist at the Massachusetts Bar Association’s Sixth Annual Probate Law Conference held in Norwood, MA.
On October 24, Aaron Kriss will be speaking on a panel, entitled "Onboarding a New International Client," at the 13th Annual Delaware Trust Conference, presented by the Delaware Bankers Association and the Delaware Financial Education Alliance.
On October 17, Day Pitney LLP's Individual Clients Department and Family Office Practice hosted "Investing in Art," a private, invitation-only program in the firm's ongoing Family Office Investing Series, held at the Downtown Harvard Club of Boston.
On October 11, partner Angela Titus McEwan will be speaking at "Smart Women, Savvy Planning," a program presented by UBS Private Wealth Management and held at UBS in Florham Park, NJ.
Darren Wallace was quoted in an article, "Paul Allen's $26 Billion Estate Will Take Years to Unravel," published by Bloomberg.
On October 3, Day Pitney LLP and the Association of Corporate Counsel (ACC), Northeast Chapter – Women's Initiative co-presented a program, "The Power of Women with Wealth," held at Day Pitney's Boston office.
Partner Leigh A. Newman has been selected by the Jewish Federation of Greater Hartford to receive the Jewish Federations of North America's 2019 Kipnis-Wilson/Friedland Award.
Day Pitney Press Release
Day Pitney Press Release