FRINK Linked Data Fragments server

Matches in SemOpenAlex for { <https://semopenalex.org/work/W3123950891> ?p ?o ?g. }

• W3123950891 startingPage "155" @default.
• W3123950891 abstract "I. Introduction II. Background A. FATCA B. Income Tax Collection Through Voluntary Compliance C. Income Tax Enforcement Prior to FA TCA D. FATCA as a Response to Ineffective Tax Enforcement E. Foreign Financial Institution Compliance with FATCA F. Filling in FATCA's Statutory Gaps 1. Preliminary Notices 2. Proposed Regulations 3. Final Regulations III. ANALYSIS A. FATCA Implementation Costs B. Bilateral Agreements C. FATCA and Insurance Companies 1. Foreign Insurance Company Compliance with FATCA 2. Foreign Insurance Companies as Domestic Corporations IV. RECOMMENDATION A. Limitations of the Section 953(d) Election B. Company-Specific Considerations V. CONCLUSION I. INTRODUCTION As corporations continue to engage in international commerce, they must remain ever cognizant of the myriad tax laws with which they must comply. In response to the recession that was sparked by the global financial crisis of 2007-08, the United States implemented the Hiring Incentives to Restore Employment (HIRE) Act of 2010. (1) Included in this legislation is a new tax scheme to capture unpaid overseas tax. (2) Known as the Foreign Account Tax Compliance Act (FATCA), this law requires foreign financial institutions to either provide extensive client documentation and reporting to the Internal Revenue Service (IRS) or withhold a large percentage of each payment these financial institutions make to clients covered by FATCA. (3) While this law imposes new requirements on many foreign corporations, it poses particular issues for foreign insurance companies. (4) This Note examines the influence FATCA will have on foreign insurance companies. Specifically, Part II of this Note introduces FATCA, reviews the ineffectiveness of prior U.S. laws to capture duly owed offshore taxes, and discusses how FATCA aims to overcome the shortcomings of prior laws. It also details clarifications to FATCA that the IRS has provided. Next, Part III analyzes the costs of FATCA on foreign corporations and provides various means by which foreign corporations can comply with the law. Part III continues by introducing how foreign insurance companies can satisfy FATCA's requirements. It also examines Internal Revenue Code Section 953(d), a unique statutory alternative to FATCA compliance that is available solely to foreign insurance companies. Finally, Part IV recommends against this statutory alternative for most foreign insurance companies based on the limited scope of the alternative and the countless expenditures the alternative requires. II. BACKGROUND On March 18, 2010, Congress enacted the HIRE Act of 2010. (5) Totaling $17.5 billion in tax reductions and subsidies, the HIRE Act created lucrative hiring incentives for employers in an effort to combat the national decline in employment stemming from the recent economic downturn. (6) One major incentive the Act created is a $13 billion Hire Now Tax Cut, which provided payroll tax breaks for employers that hired new employees. (7) The Act also offered tax credits for employers that continued to employ new hires for a period of one year. (8) In addition to providing employment tax breaks, the HIRE Act also sought to improve national employment figures by allowing small businesses to take additional one-time write-offs on equipment investments and by modifying municipal bonds to induce investment in education. (9) The HIRE Act partially offsets the expenses of its tax breaks by generating revenue from new offshore tax regulations. (10) This portion of the HIRE Act is known as FATCA. (11) This Part discusses FATCA as a response to previous statutory shortcomings and introduces Internal Revenue Service (IRS) commentary to provide clarity to this far-reaching Act. A. FATCA FATCA is intended to address tax evasion committed through the use of foreign accounts and continues President Obama's ongoing battle against foreign tax avoidance. …" @default.
• W3123950891 created "2021-02-01" @default.
• W3123950891 creator A5058257392 @default.
• W3123950891 creator A5064768892 @default.
• W3123950891 date "2013-09-22" @default.
• W3123950891 modified "2023-09-23" @default.
• W3123950891 title "The Foreign Account Tax Compliance Act and Foreign Insurance Companies: Better to Comply Than to Opt Out" @default.
• W3123950891 hasPublicationYear "2013" @default.
• W3123950891 type Work @default.
• W3123950891 sameAs 3123950891 @default.
• W3123950891 citedByCount "0" @default.
• W3123950891 crossrefType "journal-article" @default.
• W3123950891 hasAuthorship W3123950891A5058257392 @default.
• W3123950891 hasAuthorship W3123950891A5064768892 @default.
• W3123950891 hasConcept C100001284 @default.
• W3123950891 hasConcept C10138342 @default.
• W3123950891 hasConcept C121955636 @default.
• W3123950891 hasConcept C144133560 @default.
• W3123950891 hasConcept C162324750 @default.
• W3123950891 hasConcept C17744445 @default.
• W3123950891 hasConcept C193681711 @default.
• W3123950891 hasConcept C199539241 @default.
• W3123950891 hasConcept C2776198575 @default.
• W3123950891 hasConcept C2779777834 @default.
• W3123950891 hasConcept C51303962 @default.
• W3123950891 hasConcept C551662922 @default.
• W3123950891 hasConcept C557009689 @default.
• W3123950891 hasConceptScore W3123950891C100001284 @default.
• W3123950891 hasConceptScore W3123950891C10138342 @default.
• W3123950891 hasConceptScore W3123950891C121955636 @default.
• W3123950891 hasConceptScore W3123950891C144133560 @default.
• W3123950891 hasConceptScore W3123950891C162324750 @default.
• W3123950891 hasConceptScore W3123950891C17744445 @default.
• W3123950891 hasConceptScore W3123950891C193681711 @default.
• W3123950891 hasConceptScore W3123950891C199539241 @default.
• W3123950891 hasConceptScore W3123950891C2776198575 @default.
• W3123950891 hasConceptScore W3123950891C2779777834 @default.
• W3123950891 hasConceptScore W3123950891C51303962 @default.
• W3123950891 hasConceptScore W3123950891C551662922 @default.
• W3123950891 hasConceptScore W3123950891C557009689 @default.
• W3123950891 hasIssue "1" @default.
• W3123950891 hasLocation W31239508911 @default.
• W3123950891 hasOpenAccess W3123950891 @default.
• W3123950891 hasPrimaryLocation W31239508911 @default.
• W3123950891 hasRelatedWork W1652323422 @default.
• W3123950891 hasRelatedWork W1804383169 @default.
• W3123950891 hasRelatedWork W2014620594 @default.
• W3123950891 hasRelatedWork W2107169930 @default.
• W3123950891 hasRelatedWork W2113616091 @default.
• W3123950891 hasRelatedWork W2207155291 @default.
• W3123950891 hasRelatedWork W2262130056 @default.
• W3123950891 hasRelatedWork W2264755604 @default.
• W3123950891 hasRelatedWork W2281116160 @default.
• W3123950891 hasRelatedWork W260361756 @default.
• W3123950891 hasRelatedWork W2604611571 @default.
• W3123950891 hasRelatedWork W2783892483 @default.
• W3123950891 hasRelatedWork W2910163811 @default.
• W3123950891 hasRelatedWork W2993137255 @default.
• W3123950891 hasRelatedWork W3121978706 @default.
• W3123950891 hasRelatedWork W3159795452 @default.
• W3123950891 hasRelatedWork W3206502367 @default.
• W3123950891 hasRelatedWork W51994558 @default.
• W3123950891 hasRelatedWork W631589991 @default.
• W3123950891 hasRelatedWork W2336962369 @default.
• W3123950891 hasVolume "39" @default.
• W3123950891 isParatext "false" @default.
• W3123950891 isRetracted "false" @default.
• W3123950891 magId "3123950891" @default.
• W3123950891 workType "article" @default.