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 [...]
Tags: Announcements · International Taxation · IRS Audits · News · Tax Crimes
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 [...]
Tags: International Taxation · IRS Audits · Tax Crimes
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 [...]
Tags: Announcements · International Taxation · IRS Audits
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 [...]
Tags: International Taxation · News · Tax Crimes · Tax Policy
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 [...]
Tags: Announcements · International Taxation · Tax Crimes
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 [...]
Tags: Announcements · International Taxation · IRS Penalties · News · Tax Crimes
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: [...]
Tags: International Taxation · IRS Penalties · Tax Crimes
