United States: EPCRS Modified To Facilitate Automatic Enrollment In Retirement Plans

The IRS issued Rev. Proc. 2013-12 in 2013 to provide updated guidance on the voluntary correction program for employee retirement plans, referred to as the Employee Plans Compliance Resolution System (EPCRS). Earlier this year, the IRS issued Rev. Proc. 2015-27 to modify, but not replace, the EPCRS issued in Rev. Proc. 2013-12.

The IRS recently issued Rev. Proc. 2015-28, again modifying the EPCRS issued in Rev. Proc. 2013-12. The new guidance simplifies and reduces the […]

By |April 22nd, 2015|

Canada: Amendments To Gifts To Foreign Charitable Foundations

The Budget proposes an amendment to expand the availability of “qualified donee” status to certain foreign charitable foundations.  Entities that are “qualified donees” are eligible to receive outright grants from registered Canadian charities and can issue official donation receipts for gifts from individuals and corporations, thereby allowing the donor to claim charitable donation credits or deductions against Canadian income.

Under the current rules in the Act, which were introduced in the 2012 Budget, a foreign […]

By |April 22nd, 2015|

United States: FATCA: Upcoming Compliance Deadlines For Non-U.S. Financial Institutions

During the multi-year build-up to FATCA,1 the primary focus was on entity classification and registration, and less attention was paid to the compliance obligations of U.S. and non-U.S. entities affected by FATCA. Withholding and information reporting responsibilities under FATCA were generally known, but with the numerous deadline postponements and references to yet-to-be enacted local law, many affected entities took a wait-and-see approach to FATCA compliance.

FATCA officially became effective on July 1, 2014, and registration […]

By |April 21st, 2015|