Book chapter: LexisNexis® Guide to FATCA Compliance, Chapter 9, FATCA and the Trust Industry
- I co-authored, along with Peter Cotorceanu (of GATCA & Trusts Compliance Associates) a chapter focused on the FATCA compliance implications for trusts and trustees in the LexisNexis® Guide to FATCA Compliance
- Unfortunately, I cannot share the book excerpts publicly, but you may find it at the LexisNexis store
- If you have any questions or comments on the book chapter, please contact us
- In the May 2019 issue of Trusts & Trustees, published by the Oxford University Press, I co-authored an in-depth exploration of the OECD Mandatory Disclosure Rules (MDRs) and the EU's equivalents for CRS Reporting Avoidance under DAC6 with an emphasis on the implications for fiduciaries and other advisors.
- Unfortunately, I cannot share the article publicly
- If you have any questions or comments on the article, please contact us
In the STEP Journal edition of November 2018 (vol. 26 issue 9), I co-authored an article on the FATCA RO Certification process contoured to the fiduciary perspective.
- By treating the process as a journey, we structured the article as a survival/travel guide, setting out the requirements, operational steps and risk expectations facing an RO setting out on the trip.
- A PDF version of the article may be found below
- If you have any questions or comments on the article, please contact us
- In the STEP Journal edition of March 2018 (vol. 26 issue 2), I co-authored an article on the FATCA requirements affecting Sponsored FFIs in "old school" Model 1 IGA jurisdiction, where the Annexes II do not include the sponsored categories, but instead the IGAs grant access to them via the US Treasury Regulation
- Such entities assume ALL the compliance duties of a sponsored FFI subject to the Treasury Regulations and thus, their Responsible Officers (ROs) will need to submit certifications under their own name to the IRS in 2018, affirming their FATCA compliance based on FATCA policies and procedures in place and reviewed by themselves
- The article sets forth the technical rationales for this determination and the compliance consequences as a result of it
- A PDF version of the article may be found below
- If you have any questions or comments on the article, please contact us
- On 28 March 2018, I posted an article on PartnerVine, a platform for automated legal documentation, concerning the opportunities for US law firms to structure their legal tech offerings in order to take advantage of the deductions available for qualifying income earned through pass-through entities under the 2017 Tax bill
Are US corporate trustees about to be ambushed by FATCA?
- In the STEP Journal edition of December 2017/January 2018 (vol. 25 issue 10), I co-authored an article on the unanticipated FATCA obligations about to befall US corporate trustees who do not yet realize that many trusts they administer on behalf of non-US persons qualify as FFIs under FATCA
- As such, the ROs will need to submit certifications under their own name to the IRS in 2018, affirming their FATCA compliance based on FATCA policies and procedures in place and reviewed by themselves
- The article sets forth the technical rationales for this determination and the compliance consequences as a result of it
- If you have any questions or comments on the article, please contact us
The §871(m) Technical and Operational Primer
- The §871(m) Technical and Operational Primer explores technical interpretations of the §871(m) rules as well as the operational implications across the range of derivative instruments and affected parties prominent in the Swiss and pan-European marketplaces
- The Primer may be consumed (a) in full, as a comprehensive set of guidance for the regime and each of its component parts and/or (b) per section, as selective information on the particular topic(s) of interest to the reader
- The Primer may serve as the basis for any written policies and procedures related to the §871(m) regime (as required for QDDs as per the 2017 QI Agreement)
- For an overview of the discrete modules composing the Primer and short guidance on which modules are appropriate for your particular business, please request The §871(m) Technical and Operational Primer Modules and Pricing Matrix by sending an email to: primer@millentaxandlegal.ch
- For more information, please contact us
- On 30 October 2017, Paul Millen published an article on the current state of Switzerland's §871(m) compliance in Tax Analysts, the leading tax news aggregator website, entitled "Challenges for Swiss Compliance with U.S. Dividend Equivalent Regs"
- Based on interviews with key affected parties, the article provides a summary of the critical concerns confronting affected Swiss parties at the start of 2017, an analysis of the effectiveness of the solutions devised to address those concerns and a review of the significant items outstanding for the Swiss (and non-Swiss) financial industry in 2018
- If you have any questions or comments on the article, please contact us
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