Just as financial institutions began getting a grip on the Foreign Account Tax Compliance Act (FATCA), the Organization for Economic Cooperation and Development threw a curveball by introducing the new global version. The OECD proposal is called the Global Standard for Automatic Exchange of Information and it will be the platform for a virtual highway where detailed account information will travel between governments.
Fort Worth Tax Law Blog
U.S. retailer Walgreen Co has decided to cancel its plan to reincorporate overseas to lower its tax bill, amidst a political push from the Obama administration to curb such corporate tax domicile-shifting deals.
Even though tax season is long over that has not stopped phone scammers warns the Internal Revenue Service.
In Bell County, Texas, an elderly woman lost $2,500 in an IRS phone scam. The woman received a call from a person claiming to be with the IRS. The caller told the woman she owed back taxes and the IRS would issue a warrant if she did not pay over the phone. The woman bought prepaid debit cards and called a 202 area code phone number to pay the purported debt.
This week in a press release, the IRS along with the Treasury Inspector General for Tax Administration warned of sophisticated phone scams. After a review of the 90,000 complaints received, TIGTA noted that approximately 1,100 victims had lost an estimated $5 million.
The Obama administration is exploring a variety of options in the tax code in an attempt to discourage companies from reincorporating overseas for tax purposes otherwise known as 'inversion'.
With oil and gas companies spending billions of dollars on hydraulic fracturing the country's shale formations, they are discovering the advantages of deferring their taxes year after year. Within the U.S. tax code are incentives that provide for drilling investors a way to put off paying taxes, as long they continue to invest, allowing for a massive safety net while they keep drilling.
An investigation into whether Zurich-based UBS had been aiding German clients evade taxes ended on Tuesday with a $403 million settlement, the largest fine ever paid to a country by a Swiss lender. While the Swiss lender was able to put to rest allegations in Germany, it is still likely to face challenges elsewhere.
A Durham, North Carolina woman is in hot water after being convicted and sentenced on charges that she falsified hundreds of thousands of dollars' worth of tax returns in what seems to be an elaborate scheme that took place while she worked for a tax preparation business.
Hedge funds are preparing to capitalize on the wave of takeover deals designed to lower taxes for U.S. acquirers.
Inversion is by no means a new strategy for big businesses in avoiding high corporate taxes. However, the country to which companies are now moving is the dark horse known as the United Kingdom.
The Internal Revenue Service recently issued a generally positive private letter ruling regarding Windstream’s plan to spin part of its company into a real estate investment trust. In an unusual move, the company will move its fiber optics and copper networks along with real estate into the REIT and then lease these assets.
REIT’s do not need to pay federal income taxes, because they distribute 90 percent of taxable earning as dividends to shareholders. The structure allows greater returns for investors and lower taxes.