has released the FATCA Essentials library
, available through Thomson Reuters Checkpoint, the online service that provides research, news, analysis, and productivity tools to tax, audit, accounting, legal, trade, and finance professionals.
The Foreign Account Tax Compliance Act (FATCA) is intended to improve reporting compliance by US persons with offshore accounts or foreign financial assets. The global implementation of FATCA rules may impose significant reporting, documentation, and withholding obligations on financial institutions as well as multinationals. Recently, the IRS delayed the withholding and reporting deadline from January 1, 2014, to July 1, 2014, to provide additional time for financial institutions to ensure compliance with FATCA.
"Accounting and legal advisors and corporate tax departments will benefit from the extra six months to ensure that they understand the complex IRS reporting rules, determine if taxpayers are subject to FATCA, and plan compliance activities to avoid penalties," said Robert Gallagher, managing editor, International Tax, Thomson Reuters.
A subscription to FATCA Essentials streamlines tax research by providing analysis from international tax experts, articles from more than a dozen international tax journals, daily compliance updates, and primary source materials - all in one place.
"FATCA Essentials includes all the guidance and materials tax professionals need to efficiently prepare for compliance requirements and for planning as the rules develop," said Gallagher.
Highlights of FATCA Essentials include:
- Editorial materials - Federal Tax Coordinator and Michaels, International Taxation: Withholding
- Primary source materials - Internal Revenue Code, Treasury regulations, committee reports, IRS rulings and notices, model intergovernmental agreements, country intergovernmental agreements, joint statements, and IRS forms and instructions.
- WG&L journals - Journal of Taxation, Journal of International Taxation, Derivatives: Financial Products Report, Corporate Taxation, and Business Entities.
- WorldTrade Executive (WTE) journals - Latin America Law & Business Report, Practical Asian Tax Strategies, Practical China Tax and Finance Strategies, Practical European Tax Strategies, Practical International Corporate Finance Strategies, Practical International Tax Strategies, Practical Latin American Tax Strategies, Practical Mexican Tax Strategies, Practical Trade & Customs Strategies.
- Regular updates to all materials, US and non-US, as FATCA evolves.
For more information, visit the product site.