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Articles in category 'International Taxation'
More Swiss Banks to Disclose Names to IRS
Accounting Today reports that one of Switzerland’s oldest banks, Clariden Leu, has become the latest to cooperate with U.S. tax authorities in disclosing the names of American investors: The bank has begun notifying some of its U.S. customers that it plans to reveal their names and account information to the Internal Revenue Service, according to…
Read Full Article Categorized in: Announcements, International Taxation, IRS Audits, News, Tax CrimesBeware of Foreign Tax Evasion Promoters
Fortunately, the Milwaukee Brewers surprising loss to the St. Louis Cardinals in the National League Championship Series has not blurred Milwaukee lawyer and blogger Brian Mahany‘s judgment in tax matters.¹ Mahany, proprietor of the law blog, Due Diligence, gives some excellent advice to prospective offshore investors in Looking to Evade Taxes? There are Still Plenty of People Willing to…
Read Full Article Categorized in: International Taxation, IRS Audits, Tax CrimesIRS Audit’s Google
I just googled “IRS audit of Google” and found this blog post by Paul Caron: Bloomberg, Google Tax Probe to Focus on Offshore Units, by Jesse Drucker: The IRS is auditing how Google avoided federal income taxes by shifting profit into offshore subsidiaries, according to a person with knowledge of the matter. The agency is…
Read Full Article Categorized in: Announcements, International Taxation, IRS AuditsThe Right Way to Raise Revenue: IRS Gets $2.7 Billion from Offshore Amnesty Program
It is unfair for the government to demand that those who have followed the law and paid their taxes pay more taxes simply because federal bureaucrats are too lazy or too inc0mpetent to enforce the current laws. Here is how you raise revenues: Per IR-2011-94 (Sept. 15, 2011) IRS Shows Continued Progress on International Tax Evasion: The…
Read Full Article Categorized in: International Taxation, News, Tax Crimes, Tax PolicyTax Alert: US Puts More Pressure on Swiss to Disclose Names of US Investors
Jack Townsend reports that the U.S. is redoubling it’s efforts to get Switzerland to disclose the names of its American offshore investors: In the continuing game of chicken between the Swiss government (perhaps better described for this purpose as the Swiss financial system) and the rest of the civilized world (at least the part that…
Read Full Article Categorized in: Announcements, International Taxation, Tax CrimesIRS Amnesty Deadline Extended to September 9, 2011 Due to Irene
The IRS has just announced that is extending the deadline for taxpayers to participate in the Offshore Voluntary Disclosure Initiative. The original deadline was August 31, 2011. This means there is still plenty of time for taxpayers with offshore bank accounts and unreported income to file for pre-clearance into the program and begin the process…
Read Full Article Categorized in: Announcements, International Taxation, IRS Penalties, News, Tax CrimesOffshore Amnesty Reminder: Deadline August 31, 2011
It’s a crime not to report your foreign earnings on your federal income tax returns. It is likewise illegal not to report your foreign bank account holdings to the Treasury Deparment. But there is good news: If you amend your tax returns and file your past due Foreign Bank Account Returns (FBARs) by August 31, 2011, the IRS will:…
Read Full Article Categorized in: International Taxation, IRS Penalties, Tax CrimesTax Evaders, Say Goodbye to the Swiss Bank Account
“You better start swimmin’ Or you’ll sink like a stone For the times they are a-changin’. – Bob Dylan – Jack Townsend of Federal Tax Crimes reports (emphasis is mine): There are reports that the Swiss Government in moving / inching toward real exchange of information under its double tax treaties, which are, like most…
Read Full Article Categorized in: International Taxation, News, Tax CrimesDemocrat Demi-God Bill Clinton Favors Repatriation Tax Holiday
Paul Caron has some big news: Bloomberg, Bill Clinton Backs U.S. Tax Holiday on Foreign Profits, With Caveats: Former U.S. President Bill Clinton endorsed a tax holiday on repatriating offshore profits with conditions, taking a position contrary to the Obama administration. “I favor it under certain circumstances,” Clinton said in an interview with Bloomberg Television’s…
Read Full Article Categorized in: Corporate Tax, International Taxation, News, Tax PolicyIRS Bait and Switch in Voluntary Disclosure Program
Joe Kristan writes in Darth Shulman to Foreign Account Holders: I am Altering the Deal. Pray I Don’t Alter it any Further: Jack Townsend explains the IRS bait and switch in its 2009 foreign account “amnesty”: …the Taxpayer Advocate criticizes the IRS’s implementation of its statement in the 2009 Voluntary Disclosure Program that “[U]nder no circumstances will…
Read Full Article Categorized in: International Taxation, IRS Audits, IRS Procedure, Voluntary disclosureTax Reforms for Islamic Finance?
From Paul Caron: Brett Freudenberg & Mahmood Nathie (both of Griffith Business School) have published The Constitution and Islam: Are Tax Reforms Possible to Facilitate Islamic Finance?, 20 Revenue L.J. 1 (2011). Here is the abstract: Islamic banking and finance is emerging in global financial markets and governments seek to facilitate it. This article focuses on whether…
Read Full Article Categorized in: International Taxation, Tax PolicyThe Amish Can’t Electronically File Because the Amish Don’t Believe in Electronics, Amish Website Says
“Amish homes do not draw power from the electrical grid. They feel that that would excessively connect them to the world.” - Beliefs of the Amish, Religious Tolerance Website - By all accounts the Amish are a peace loving, amiable people. I have no quarrel with them or their austere lifestyle. But now it appears that…
Read Full Article Categorized in: International Taxation, News, Payroll TaxesDeadline Reminder for Taxpayers Living Abroad and Those with Foreign Bank Accounts
Taxpayers living abroad must file their 2010 tax returns by June 15, 2011. And individuals owning an interest in a foreign account must file form TD F 90.22-1 by June 30, 2011 or face steep penalties: June 15 Tax Deadline Nears for Americans Abroad; Don’t Forget to Report Foreign Accounts IR-2011-66, June 10, 2011 WASHINGTON…
Read Full Article Categorized in: Announcements, Individual Taxation, International Taxation, Voluntary disclosureIRS Offers New Voluntary Disclosure for Offshore Tax Violaters
Jack Townsend reports that the IRS has announced a new special voluntary disclosure program: For now, I will just link to the announcement here and provide only the bullet points I see with no (or very limited) editorial comment: 1. The deal is available through 8/31/11. (Note, however, taxpayers must “file” the required amended income tax…
Read Full Article Categorized in: International Taxation, Voluntary disclosureFBAR Penalties Absurd, Unfair
Joe Kristan has a nice little post about the absurd FBAR penalties: Another inspiring tale of international tax enforcement from Phil Hodgen: I’m 33 and single, I’ve been living in France for 13 years, am naturalized French (and born American). I had NO idea about these reports until I started searching on tax information for stock…
Read Full Article Categorized in: International Taxation, IRS Penalties