Scarinci Hollenbeck, LLC
The Firm
201-896-4100 info@sh-law.comFirm Insights
Global Tax Evasion Compliance Deadline Nears
Author: Scarinci Hollenbeck, LLC
Date: July 11, 2013
Key Contacts
Back
In one of the largest coordinated global tax evasion strategies in history, the United States is on pace to open up registration to foreign financial firms that service U.S. clients on July 15, 2013.
The financial industry continues to lobby for more time and the Internal Revenue Service has not yet released registration procedures and guidelines. However, the U.S. government is still set to begin enrolling investment companies, banks, and insurance groups in its registry in an effort to further the Foreign Account Tax Compliance Act (FATCA) of 2010 and significantly cut down on multimillion-dollar tax law violations, Reuters reports. Foreign financial institutions are required to complete registration by October 25 to avoid penalties that will be levied beginning on January 1, 2014.
Many financial institutions and industry professionals argue that registration may be severely stunted, however, if the U.S. Treasury fails to put up guidelines and further instruction immediately. Some anticipate registration backlogs as a result of these delays, and others contend that the IRS may be forced to delay the implementation of penalties if they don’t put up instructions quickly enough, Reuters reports. The Treasury Department – which delayed FATCA requirements in the past – has not yet said whether it plans to postpone the upcoming deadline.
Separately, it appears that many Americans with foreign accounts are withdrawing funds at faster rates ahead of the new law. For example, Israeli banks estimate that American clients have withdrawn roughly $4 billion from their institutions over the last two years, a move they attribute to tighter tax scrutiny, Israeli news source Globes reports.
“The blow is not just in the drop in assets, but also in the drop in investments,” a banking source told Globes. “Some of these customers, especially the wealthy ones, use the money to make investments and acquisitions in Israel. There is now little chance that they will make these investments, after they moved the money back to the U.S.”
- Practices: Tax and Trusts & Estates
- Locations: Red Bank, NJ, New York City, Little Falls, NJ
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Related Posts
See all
Scarinci Hollenbeck Expands NYC Real Estate and Litigation Practices ADDING four litigators
NYC Real Estate and Litigation Attorney Ryan O. Miller and Team Join Scarinci Hollenbeck, LLC New York City, NY – August 13, 2025 – Scarinci Hollenbeck, LLC has strengthened its Real Estate and Litigation practices with the addition of four New York City-based attorneys. Ryan Miller, who joins as a partner, is well known for […]
Author: Scarinci Hollenbeck, LLC
What is Business Law and Why Is it Important?
Business law plays a critical role in nearly every aspect of running a successful enterprise, from negotiating a commercial lease to drafting employee policies to fulfilling corporate disclosure obligations. Understanding what is business law and your legal obligations can help your business run smoothly and build productive relationships with clients, business partners, regulators, and others. […]
Author: Dan Brecher
Corporate Transactions: Best Practices for Successful Deals
Corporate transactions can have significant implications for a corporation and its stakeholders. For deals to be successful, companies must act strategically to maximize value and minimize risk. It is also important to fully understand the legal and financial ramifications of corporate transactions, both in the near and long term. Understanding Corporate Transactions The term “corporate […]
Author: Dan Brecher
How to Conduct a Fair and Legal Employee Termination in 2025
Ongoing economic uncertainty is forcing many companies to make tough decisions, which includes lowering staff levels. The legal landscape on both the state and federal level also continues to evolve, especially with significant changes to the priorities of the Equal Employment Opportunity Commission (“EEOC”) under the Trump Administration. Terminating an employee is one of the […]
Author: Angela A. Turiano
Admin Dissolution for Annual Report: What You Need to Know
While filing annual reports may seem like a nuisance, failing to do so can have significant ramifications. These include fines, reputational harm, and interruption of your business operations. In basic terms, “admin dissolution for annual report” means that a company is dissolved by the government. This happens because it failed to submit its annual report […]
Author: Dan Brecher
What Is Antitrust Litigation Law?
Antitrust laws are designed to ensure that businesses compete fairly. There are three federal antitrust laws that businesses must navigate. These include the Sherman Act, the Federal Trade Commission Act, and the Clayton Act. States also have their own antitrust regimes. These may vary from federal regulations. Understanding antitrust litigation helps businesses navigate these complex […]
Author: Robert E. Levy
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Sign up to get the latest from our attorneys!
Explore What Matters Most to You.
Consider subscribing to our Firm Insights mailing list by clicking the button below so you can keep up to date with the firm`s latest articles covering various legal topics.
Stay informed and inspired with the latest updates, insights, and events from Scarinci Hollenbeck. Our resource library provides valuable content across a range of categories to keep you connected and ahead of the curve.