02/03/2014
Failure by an FFI to disclose information on their US clients, including account ownership, balances and amounts moving in and out of the accounts, will result in a requirement to withhold 30 percent tax on payments of US-sourced income.
01/31/2014
Trusts are often used as a vehicle to reduce or eliminate gift and estate tax while bequeathing wealth to children or other beneficiaries, but are subject to taxes on their own earnings, from investments, interest and other forms of income.
01/30/2014
Deloitte has pipped rival PwC to become the world's top accountant by revenue in the face of rising pressure on fees and new rules boosting competition, a global survey showed.
01/30/2014
As U.S. regulators stepped up a crackdown on global tax evasion, some finance executives and politicians warned of harmful unintended impacts.
01/28/2014
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.
01/27/2014
Russian and U.S. tax officials will meet in Paris next week to discuss financial information sharing, Russia’s Finance Minister said
01/27/2014
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
01/27/2014
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.
01/27/2014
The European Union has hinted moves are afoot for an EU FACTA to include all 28 nations belonging to the union.
01/23/2014
The Center for Effective Government has discussed in detail the economic benefits and job creation this needed investment could produce.
01/22/2014
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.
01/22/2014
European countries feature high on the list of the nations with the world’s highest income tax rates
01/22/2014
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.
01/16/2014
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.
01/13/2014
And as FATCA faces mounting implementation difficulties, it’s becoming clear that the much reviled tax law is simply not ready for prime time.
01/09/2014
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.
01/07/2014
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.
01/03/2014
It's a watershed moment for international tax policy.
01/02/2014
The state altered its tax laws to end the duration of a trust to the lifetime of a living heir
01/01/2014
One of the oldest traditions in banking is crumbling in the face of American determination to tackle tax evasion.