Cayman, IRS Meet on U.S. Foreign Tax Compliance Statute

Cayman Premier McKeeva Bush

Cayman Islands Premier McKeeva Bush led a Cayman delegation to meet with the United States Internal Revenue Service’s Deputy Commissioner, Michael Danilack, along with other senior officials to discuss implementation of the Foreign Account Tax Compliance Act. The meeting was a “fact-finding mission in order to gain a clearer understanding of the intentions and implications of FACTCA,” Bush said. Under the act, U.S. citizens and taxpayers who hold financial assets outside of the United States must report them to the IRS on a new form, beginning Jan. 1, 2011. Bush also announced an upcoming tax seminar to inform on the new compliance procedures. “We recognize that there are many more questions about U.S. taxes and we believe that our government can assist by facilitating a tax seminar that educates those living and working in the Cayman Islands,” he said.