Managers of Wealth Americas

Is Opposing FATCA Supporting Tax Evasion?

They face serious repercussions if they don’t. Whether FATCA is a grand idea or a travesty, the IRS and Treasury Department have made Herculean efforts to implement it.

Russian, U.S. tax officials to discuss financial info sharing

Russian and U.S. tax officials will meet in Paris next week to discuss financial information sharing, Russia’s Finance Minister said

Companies Fleeing IRS Pay CEOs Extra as Penalty Backfires: Taxes

When Actavis Inc. changed its incorporation to Ireland in October, the New Jersey-based drugmaker helped CEO Paul Bisaro avoid the law’s bite by handing him more than $40 million of stock as much as three years ahead of its schedule, then promising

IRS Slammed For Unfair Offshore Cash Penalties

The study also revealed taxpayers who decided against voluntary disclosure by opting out were challenged with automatic audits that resulted in an average penalty of around 70% of any unpaid tax and interest.

Forget FATCA – GATCA’s on the way, warns tax expert

The European Union has hinted moves are afoot for an EU FACTA to include all 28 nations belonging to the union.

Senate Proposal for Infrastructure Bank Benefits Tax Dodgers

The Center for Effective Government has discussed in detail the economic benefits and job creation this needed investment could produce.

Tax man catches up with sculptor of Wall Street bull

The artist behind the famous bronze statue of a charging bull near Wall Street seen as symbolising an aggressive financial optimism has settled a tax evasion claim against him in Italy.

Revealed: Countries With The Highest Income Tax Rates

European countries feature high on the list of the nations with the world’s highest income tax rates

United States: Federal Court Rejects Efforts To Diminish Measures Aimed At Reducing Offshore Tax Avoidance

The reporting requirement previously existed for accounts held by nonresident aliens residing in Canada, but now extended to all other countries with which the United States had an income tax treaty or information exchange agreement.

US Court upholds offshore tax avoidance rules

The DOJ said on Jan. 13 that the Florida Bankers Association and Texas Bankers Association had challenged the 2012 amendments to the Department of the Treasury’s interest-reporting regulations.

The Next Obamacare? FATCA Roll Out Flounders

And as FATCA faces mounting implementation difficulties, it’s becoming clear that the much reviled tax law is simply not ready for prime time.

Big brother FATCA begins watching UAE bank transactions

Together with the rest of the world, the UAE has until June this year to commence disclosing basic information about accounts with transactions linked to the US.

Ex-UBS banker pleads not guilty in U.S. tax case

Prosecutors say Weil conspired to hide $20 billion in assets from the IRS using secret overseas accounts for thousands of wealthy customers. Weil's lawyers in Switzerland have insisted he is innocent.

Bringing International Tax Rules Into the 21st Century

It's a watershed moment for international tax policy.

South Dakota Dubbed ‘Bermuda of the Prairies’

The state altered its tax laws to end the duration of a trust to the lifetime of a living heir

Bank Secrecy Crumbling Under US Govt Offensive

One of the oldest traditions in banking is crumbling in the face of American determination to tackle tax evasion.

Booz & Company Approves Combination with PwC

Booz & Company's global partners have voted overwhelmingly to approve a combination with PwC.

EFG International will participate in the US Tax Programme

Separately, EFG International is disappointed to report that its 2013 profit will be adversely impacted by a charge of approximately CHF 20 million following an unexpected outcome of a longstanding legal action in the UK to which it was a party.

Union Bancaire Privee says Joins U.S. Tax Deal

The scheme requires Swiss banks to hand out some previously hidden information and face penalties of up to 50 percent of assets they managed on behalf of U.S. clients.

Valartis Bank AG, Switzerland, decides not to participate in the US Tax Programme for Swiss Banks

Bank will decide at a later time whether to register for Category 3 or not to participate at all.