U.S. Source Income

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U.S. Source Income

Personal income earned inside the United States. As with most other countries, U.S. source income is taxable in the United States.
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In case an account holder fails to provide required information to the financial institution, they will be identified as recalcitrant and a withholding of 30 per cent will be applied on US source income and certain payments due to the account holder.
New US tax laws for expats to be studied
uCaReport to the IRS annually, and withhold and pay over to the IRS 30 per cent of any payments of US source income, as well as gross proceeds from the sale of securities that generate US source income, made to
The IRS goes global
Banks will be obligated to undertake certain identification and due diligence procedures with respect to their accountholders; report annually to the IRS on its accountholders who are US persons or foreign entities with substantial US ownership; and withhold and pay over to the IRS 30 per cent of any payments of US source income, as well as gross proceeds from the sale of securities that generate US source income, made to (a) non-participating banks, (b) individual accountholders failing to provide sufficient information to determine whether or not they are a US person, or (c) foreign entity accountholders failing to provide sufficient information about the identity of its substantial US owners.
FATCA under the spotlight in Beirut
In this case taxpayer must have filed tax returns in country of residency and US source income should be less than $10,000.
You Can Reduce Your FBAR and OVDI Penalty From 25% to 5% or Less Lawfully
The Act will be implemented in January 2013 and any banks or institutions that do not comply will face a 30 per cent withholding tax on US source income, including dividends and interest paid on US securities, gross proceeds from the sale of US securities and substitute dividends.
US tax act to impact banks in UAE
The US Internal Revenue Service could impose a 30 per cent withholding tax on payments arising from US source income unless firms disclose information on their US investors.
Opposition to US law on tax evasion mounts
KPMG is holding an event in Kuwait on 16 November to cover the key areas of the new US Foreign Account Tax Compliance Act (FATCA) and what it means to banks and life insurance companies that deal with US source income.
KPMG warns Middle East banks and insurers re the new US Foreign Account Tax Compliance Act (FATCA)
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