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Experienced New Jersey Business Tax Lawyer

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For small businesses and the self-employed, an unresolved tax issue can be devastating to your bottom line. Contact Thorn Law Group today for legal counsel.

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New Jersey Attorneys For International Tax Disputes

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Thorn Law Group has international tax attorneys with the experience to advise you on international tax law matters. Contact our New Jersey for help.

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FATCA requires foreign financial institutions (FFIs) to report to the IRS information about financial accounts held by U.S. taxpayers, or by foreign entities in which U.S. taxpayers hold a substantial ownership interest. FFIs are encouraged to either directly register with the IRS to comply with the FATCA regulations (and FFI agreement, if applicable) or comply with the FATCA Intergovernmental Agreements (IGA) treated as in effect in their jurisdictions. For access to the FATCA regulations and administrative guidance related to FATCA and to learn about taxpayer obligations please visit the Internal Revenue Service FATCA Page. Scroll down below the Table of FATCA Agreements and Understandings by Jurisdiction to find a list of Model Intergovernmental Agreements and assorted additional statements related to FATCA and its implementation. FATCA Agreements and Understandings by Jurisdiction ​Jurisdiction ​Status Jurisdiction ​Status ​Intergovernmental Agreement (IGA) & Related Agreements, Arrangements, or Correction Understandings Date Jurisdiction is Treated as having an IGA in Effect ​Algeria ​In Force (1-18-2017) ​Model 1 ​ ​6-30-2014 ​Angola ​In Force (10-2-2017) Model 1 ​ ​11-30-2014 ​Anguilla In Force (6-22-2017) Model 1 ​ ​6-30-2014 ​Antigua and Barbuda ​In Force (6-7-2017) Model 1 ​ ​6-30-2014 Argentina In Force (1-1-2023) Model 1 Understanding 1-1-2023 ​Armenia In Force (7-7-2019) Model 2 ​ ​6-30-2014 ​Australia ​In Force (6-30-2014) ​Model 1 ​Understanding ​6-30-2014 ​Austria ​In Force (12-9-2014) ​Model 2 ​Understanding ​6-30-2014 ​Azerbaijan ​In Force (11-5-2015) ​Model 1 ​ ​6-30-2014 ​Bahamas ​In Force (9-17-2015) ​Model 1 Correction ​ ​6-30-2014 ​Bahrain ​​In Force (3-5-2018) ​Model 1 ​ ​6-30-2014 ​Barbados ​In Force (9-25-2015) ​Model 1 Correction ​ ​​6-30-2014 ​Belarus ​In Force (7-29-2015) ​Model 1 ​ ​6-30-2014 ​Belgium ​In Force (12-23-2016) ​Model 1 Related Agreement ​Understanding ​6-30-2014 ​Bermuda ​In Force (8-19-2014) ​Model 2 ​Understanding ​6-30-2014 ​Brazil ​In Force (6-26-2015) ​Model 1 ​ ​6-30-2014 ​British Virgin Islands ​In Force (7-13-2015) ​Model 1 ​ ​6-30-2014 ​Bulgaria ​In Force (6-30-2015) ​Model 1 ​ ​6-30-2014 ​Cabo Verde ​Signed (3-30-2021) ​Model 1 ​ ​6-30-2014 ​Cambodia ​In Force (12-23-2016) ​Model 1 ​ ​11-30-2014 ​Canada ​In Force (6-27-2014) ​Model 1 Related Agreement ​ ​6-30-2014 ​Cayman Islands ​In Force (7-1-2014) ​Model 1 ​ ​6-30-2014 ​Chile ​Signed ​Model 2 ​Understanding ​​6-30-2014 ​China ​Agreement in Substance ​Model 1 ​ ​6-30-2014 ​Colombia ​In Force (8-27-2015) ​Model 1 ​Understanding ​6-30-2014 ​Costa Rica In Force (7-8-2019) ​Model 1 Related Agreement 1 Related Agreement 2 ​ ​​6-30-2014 3-20-2019 8-24-2020 ​Croatia ​In Force (12-27-2016) ​Model 1 Related Agreement ​ ​6-30-2014 ​Curaçao ​In Force (8-3-2016) ​Model 1 Related Agreement ​ ​6-30-2014 ​Cyprus ​In Force (9-21-2015) ​Model 1 ​Understanding ​6-30-2014 ​Czech Republic ​In Force (12-18-2014) ​Model 1 ​Understanding ​6-30-2014 ​Denmark ​In Force (9-30-2015) ​Model 1 ​ ​6-30-2014 Dominica In Force (8-12-2019) Model 1 6-30-2014 ​Dominican Republic ​In Force (7-17-2019) ​Model 1 ​ ​6-30-2014 ​Estonia ​In Force (7-9-2014) ​Model 1 ​ ​6-30-2014 ​Finland ​In Force (2-20-2015) ​Model 1 ​Understanding ​6-30-2014 ​France ​In Force (10-14-2014) ​Model 1 ​Understanding ​6-30-2014 ​Georgia ​In Force (9-18-2015) ​Model 1 ​ ​6-30-2014 ​Germany ​In Force (12-11-2013) ​Model 1 ​Understanding ​6-30-2014 ​Gibraltar ​In Force (9-17-2015) ​Model 1 ​ ​6-30-2014 ​Greece ​​In Force (12-13-2017) ​Model 1 ​Understanding ​11-30-2014 ​Greenland In Force (11-30-2018) Model 1​ ​ ​​6-30-2014 ​Grenada In Force (4-6-2018) Model 1​ ​ ​6-30-2014 ​Guernsey ​In Force (8-26-2015) ​Model 1 ​ ​6-30-2014 ​Guyana ​In Force (9-29-2017) Model 1​ ​ ​6-30-2014 ​Haiti ​Agreement in Substance ​Model 1 ​ ​6-30-2014 ​Holy See ​In Force (6-10-2015) ​Model 1 ​ 11-30-2014 ​Honduras ​In Force (2-19-2015) ​Model 1 ​ ​6-30-2014 ​Hong Kong ​In Force (7-6-2016) Model 2 ​Understanding ​​6-30-2014 ​Hungary ​In Force (7-16-2014) ​Model 1 ​Understanding 1 Understanding 2 ​6-30-2014 ​Iceland ​In Force (9-22-2015) ​Model 1 ​Understanding 11-30-2014 ​India ​In Force (8-31-2015) ​Model 1 ​Understanding ​6-30-2014 ​Indonesia ​Agreement in Substance ​Model 1 ​ ​6-30-2014 ​Iraq ​Agreement in Substance ​Model 2 ​ ​6-30-2014 ​Ireland ​In Force (4-2-2014) ​Model 1 Related Agreement ​ ​6-30-2014 ​Isle of Man ​In Force (8-26-2015) ​Model 1 ​ ​6-30-2014 ​Israel ​In Force (8-29-2016) ​Model 1 Related Agreement ​Understanding ​6-30-2014 ​Italy ​In Force (8-17-2015) ​Model 1 ​ ​6-30-2014 ​Jamaica ​In Force (9-24-2015) ​Model 1 ​ ​6-30-2014 ​Japan ​In Effect (6-11-2013) ​Model 2 Related Arrangement ​ ​​6-30-2014 ​Jersey ​In Force (10-28-2015) ​Model 1 ​ ​6-30-2014 ​Kazakhstan In Force (4-5-2022) ​Model 1​ ​ ​11-30-2014 ​Kosovo ​In Force (11-4-2015) ​Model 1 ​ ​6-30-2014 ​Kuwait ​In Force (1-28-2016) ​Model 1 ​ ​6-30-2014 ​Latvia ​In Force (12-15-2014) ​Model 1 ​Understanding ​6-30-2014 ​Liechtenstein ​In Force (1-22-2015) ​Model 1 ​Understanding ​6-30-2014 ​Lithuania ​In Force (10-7-2014) ​Model 1 ​ ​6-30-2014 ​Luxembourg ​In Force (7-29-2015) ​Model 1 Related Agreement ​Understanding ​6-30-2014 ​Macao ​In Force (7-30-2021) ​Model 2 ​ ​11-30-2014 ​Malaysia ​In Force (10-3-2022) ​Model 1 ​ ​6-30-2014 ​Malta ​In Force (6-26-2014) ​Model 1 ​ ​6-30-2014 ​Mauritius ​In Force (8-29-2014) ​Model 1 ​ ​6-30-2014 ​Mexico ​In Force (4-10-2014) ​Model 1 ​ ​6-30-2014 ​Moldova ​In Force (1-21-2016) ​Model 2 ​ ​​6-30-2014 ​Montenegro ​In Force (3-28-2018) ​Model 1 ​ ​6-30-2014 ​Montserrat ​In Force (10-28-2016) ​Model 1 ​ ​11-30-2014 ​Netherlands ​In Force (4-9-2015) ​Model 1 Related Agreement ​Understanding ​6-30-2014 ​New Zealand ​In Force (7-3-2014) ​Model 1 ​Understanding ​6-30-2014 ​Nicaragua ​​Agreement in Substance ​Model 2 ​ ​6-30-2014 ​Norway ​In Force (1-27-2014) ​Model 1 ​Understanding ​6-30-2014 ​Panama In Force (10-25-2016) ​Model 1 ​ ​6-30-2014 ​Paraguay ​​Agreement in Substance ​Model 2 ​ ​6-30-2014 ​Peru ​Agreement in Substance ​Model 1 ​ ​​6-30-2014 ​Philippines ​Signed ​Model 1 ​ ​11-30-2014 ​Poland ​In Force (7-1-2015) ​Model 1 Correction ​Understanding ​6-30-2014 ​Portugal ​In Force (8-10-2016) ​Model 1 ​ ​6-30-2014 ​Qatar ​In Force (6-23-2015) ​Model 1 ​Understanding ​6-30-2014 ​Romania ​In Force (11-3-2015) ​Model 1 ​ ​6-30-2014 ​San Marino ​In Force (8-30-2016) ​Model 2 ​Understanding ​6-30-2014 ​Saudi Arabia ​In Force (2-28-2017) ​Model 1 ​Understanding ​6-30-2014 ​Serbia In Force (1-8-2020) ​Model 1 ​ ​6-30-2014 ​Seychelles ​Signed Model 1​ ​ ​6-30-2014 ​Singapore ​Superseded (in force 3-28-2015 to 12-31-2020) In Force (1-1-2021) ​Model 1 Superseding Model 1 ​ ​6-30-2014 ​Slovak Republic ​In Force (11-9-2015) ​Model 1 ​Understanding ​6-30-2014 ​Slovenia ​In Force (7-1-2014) ​Model 1 ​ ​6-30-2014 ​South Africa ​In Force (10-28-2014) ​Model 1 ​Understanding ​6-30-2014 ​South Korea ​In Force (9-8-2016) ​Model 1 ​Understanding ​6-30-2014 ​Spain ​In Force (12-9-2013) ​Model 1 Related Agreement ​ ​6-30-2014 ​St. Kitts and Nevis ​In Force (4-28-2016) ​Model 1 ​ ​6-30-2014 ​St. Lucia ​In Force (9-1-2016) ​Model 1 ​ ​6-30-2014 ​St. Vincent and the Grenadines ​In Force (5-13-2016) ​Model 1 ​ ​6-30-2014 ​Sweden ​In Force (3-1-2015) ​Model 1 ​Understanding ​6-30-2014 ​Switzerland ​In Force (6-2-2014) ​Model 2 Related Agreement 1 Correction 1 Related Agreement 2 Correction 2 ​Understanding 1 Understanding 2 Understanding 3​ ​6-30-2014 ​Taiwan* ​​Signed Model 2​ ​ ​6-30-2014 ​Thailand ​Signed ​Model 1 ​ ​6-30-2014 ​Trinidad and Tobago ​In Force (9-22-2017) ​Model 1 ​ ​​11-30-2014 ​Tunisia ​In Force (9-9-2019) ​Model 1 ​ ​11-30-2014 ​Turkey ​In Force (6-14-2021) ​Model 1 ​Understanding ​6-30-2014 ​Turkmenistan In Force (11-6-2017) ​Model 1​ ​ ​6-30-2014 ​Turks and Caicos Islands ​In Force (7-25-2016) ​Model 1 ​ ​​6-30-2014 ​Ukraine ​In Force (11-18-2019) ​Model 1 ​ ​6-30-2014 ​United Arab Emirates ​In Force (2-19-2016) ​Model 1 ​Understanding ​6-30-2014 ​United Kingdom ​In Force (8-11-2014) ​Model 1 Related Agreement 1 Related Agreement 2 ​ ​6-30-2014 ​Uzbekistan In Force (7-7-2017) ​Model 1 ​ ​6-30-2014 ​Vietnam ​In Force (7-7-2016) ​Model 1 ​Understanding 7-7-2016 ​TOTAL JURISDICTIONS ​113 ​ ​ ​ *Consistent with the Taiwan Relations Act, the parties to the agreement are the American Institute in Taiwan and the Taipei Economic and Cultural Representative Office in the United States. Model Intergovernmental Agreements Following the enactment of FATCA, Treasury published the Model Intergovernmental Agreement to Improve Tax Compliance and to Implement FATCA. Model Agreements for Jurisdictions that Reached an Agreement in Substance on or before June 30, 2014: Reciprocal Model 1A Agreement, Preexisting TIEA or DTC (updated 6-6-2014) Nonreciprocal Model 1B Agreement, Preexisting TIEA or DTC (updated 6-6-2014) Nonreciprocal Model 1B Agreement, No TIEA or DTC (updated 6-6-2014) Model 2 Agreement, Preexisting TIEA or DTC (updated 6-6-2014) Model 2 Agreement, No TIEA or DTC (updated 6-6-2014) Annex I to Model 1 Agreement (updated 6-6-2014) Annex I to Model 2 Agreement (updated 6-6-2014) Annex II to Model 1 Agreement (updated 11-4-2013) Annex II to Model 2 Agreement (updated 11-4-2013) Model Agreements for Jurisdictions that Reached an Agreement in Substance on or after July 1, 2014: Reciprocal Model 1A Agreement, Preexisting TIEA or DTC (updated 11-30-2014) Nonreciprocal Model 1B Agreement, Preexisting TIEA or DTC (updated 11-30-2014) Nonreciprocal Model 1B Agreement, No TIEA or DTC (updated 11-30-2014) Model 2 Agreement, Preexisting TIEA or DTC (updated 11-30-2014) Model 2 Agreement, No TIEA or DTC (updated 11-30-2014) Annex I to Model 1 Agreement (updated 11-30-2014) Annex I to Model 2 Agreement (updated 11-30-2014) Annex II to Model 1 Agreement (updated 11-30-2014) Annex II to Model 2 Agreement (updated 11-30-2014) Additional FATCA Statements Joint Statements: Statement between the US Department of the Treasury and the Authorities of Japan to Implement FATCA (6-11-2013) Joint Communiqué on the Occasion of the Publication of the Model Agreement (France, Germany, Italy, Spain and the UK) (7-25-2012) Joint Statement from the US and Japan (6-21-2012) Joint Statement from the US and Switzerland (6-21-2012) Joint Statement from the US, France, Germany, Italy, Spain and the UK (2-7-2012) Notification of More Favorable Terms: Notification of More Favorable Terms – Model 1 (Certain Alternative Procedures) (updated 9-29-2015) Notification of More Favorable Terms – Model 2 (updated 7-31-2015) ​Notification of More Favorable Terms – Model 1 (Certain Alternative Procedures) (updated 8-18-2015) Notification of More Favorable Terms – Model 1 (9-23-2014) ​​

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Thorn Law Group - New Jersey tax attorney

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Thorn Law Group - New Jersey tax attorney

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301 Route 17 North, Suite 800

Rutherford, NJ, 07070

Phone: 201-355-8202

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NEW IRS STREAMLINED FILING PROCEDURES ENCOURAGE MORE U.S. TAXPAYERS WITH UNDISCLOSED FOREIGN ACCOUNTS TO COME FORWARD

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NEW IRS STREAMLINED FILING PROCEDURES ENCOURAGE MORE U.S. TAXPAYERS WITH UNDISCLOSED FOREIGN ACCOUNTS TO COME FORWARD

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New IRS Streamlined Filing Procedures Encourage More U.S. Taxpayers with Undisclosed Foreign Accounts to Come Forward