In light of the struggling world economy, world leaders are focusing their efforts on collecting unpaid taxes from those who have foreign assets and offshore accounts. Tax evasion is considered an international problem and countries have been using a variety of approaches to battle it. International Tax Collection Efforts Countries […]
The Internal Revenue Service has announced a new program that would potentially lower penalties for offshore accounts. This is a six-month program, announced on March 23 and in effect until September 23, 2009. In President Barack Obama’s budget, he proposed collecting $210 billion in the next ten years from international […]
Falling behind or running into other trouble with keeping track of employment taxes and paying them over to the government is a problem for many employers. A new report from the watchdog agency for the IRS contains detailed information about the scope of the problem. In this post, we will […]
Vodafone, one of the world’s leading telecommunications companies, recently announced that it would appeal a $2.6 billion tax bill issued by an Indian court. According to the Associated Press, the Bombay High Court ruled that the company owed taxes on an $11 billion transaction in which a Dutch subsidiary of […]
It appears the old “location, location, location” adage for real estate holds true in the world of taxes as well. A recent study by professors out of two prestigious universities in the great state of Texas, the University of Texas at Austin and Texas A&M University, have found that the […]
It is no surprise that the Internal Revenue Service (IRS) is cracking down on those who have failed to become compliant with tax obligations for foreign assets. In fact, the federal agency continues to list attempts to hide assets through the use of foreign bank accounts as one of its […]
We have been closely following how and when the IRS and Department of State may start to revoke or deny passports for tax debt. Facing the prospect of further budget cuts, how will overall IRS collection activities be affected? The number of people employed at the agency has plummeted 31 […]
With FATCA set to take effect on July 1, financial institutions around the world have been lobbying to delay implementation of the law, citing concerns about costs and potential disruptions to global markets. Over the weekend of May 3rd, the Treasury Department announced that it would not strictly enforce many […]
In a case that has raised eyebrows in the tax community, a jury in the Southern District of Florida has sustained the IRS’s assessment of multiple willful FBAR penalties against an American business man and bank director. Carl Zwerner, an 87 year-old man born in Yonkers, New York, started a […]
Since the IRS announced the 2009 Offshore Voluntary Disclosure Program (OVDP) over five years ago, our firm has been assisting taxpayers submit accurate and complete disclosures in accordance with the program guidelines and procedures. The evolution of the OVDP through the 2011 and 2012 programs has brought a longer look-back […]