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Joel M. Nagel

HIRE Act, Part 3: How Will Banks Worldwide Respond?

Joel M. Nagel, Esquire

Editor's Note:  This month, international business attorney Joel Nagel explains the impact of a new tax law on banks worldwide -- and how their response could affect you and your finances.

FATCA, or the Foreign Account Tax Compliance Act, comprises sections 1471 – 1474 of the U.S. Internal Revenue Code (IRC). The code sections were passed into law in March of 2010 as part of H.R. 2847, a job creation bill known as the HIRE Act.  The law attempts to ensure that U.S. persons don't move money abroad without paying any taxes owed on it to the U.S. government.

 

Tags: 
Hire Act
Bank
Law
Joel M. Nagel

HIRE ACT, Part 2: If Privacy Isn't Your Top Concern, Will Your Transfers Still Be Affected?

Joel M. Nagel, Esquire

Editor's Note:  In the February 2011 issue of Hemispheres, international business attorney Joel Nagel wrote about provisions in a 2010 jobs bill called the HIRE Act that could affect your ability to move funds abroad outside the U.S.  The provisions require both U.S. and foreign banks to withhold 30 percent of any transfer to foreign financial institutions that don’t meet United States standards for information sharing, and remit that percentage to the Internal Revenue Service (IRS) as a tax payment.  To get the payment refunded when you file your U.S. tax return, you have to show that the funds transferred were already taxed.

Tags: 
Hire Act
Law
IRS
Bank
Joel M. Nagel

What To Do? To Make International Investment Easier After 2013, Start Now

Joel M. Nagel, Esquire

If you envision yourself investing internationally in the future, you have just under two years to prepare to transact international business without being turned away by foreign banks, or your having funds subjected to IRS withholding by banks handling transfers.

International business attorney Joel M. Nagel recommends the following strategies you can use to prepare for enforcement of the HIRE Act provisions that he outlines in this issue of Hemispheres.

Tags: 
Investment
Hire Act
Financial
Hemispheres
Joel M. Nagel

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