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November 2013 Archives

Prime Minister Najib to Introduce New Tax

Prime Minister Datuk Seri Najib Razak made it clear that to avoid paying taxes is a treasonous act that deters a country's development. Instead, he insists that to pay your taxes is a patriotic act which allows increased government and infrastructural growth. In an attempt to justify the implementation of a goods and services tax, Najib suggested that managing taxes responsibly and paying them on time is to the benefit of the nation.

Charleston Attorney Defrauds Clients

A Charleston attorney has been charged with tax evasion Wednesday along with mixing up his client's money with his own. This federal charge against Harold S. Albertson mirrors ethics charges filed against him earlier this month by the State Bar's Office of Disciplinary Counsel.

France on Board With Global Tax Evasion Battle

The United States continued construction on what appears to be a wide net designed to catch tax evaders on Thursday by cooperating with France in the fierce global tax battle. The agreement was signed in Paris by Finance Minister Pierre Moscovici and the United States ambassador, Charles H. Rivkin.

U.S. Tightens the Noose on Tax Evaders

Pressure on U.S. tax evaders intensified on Friday as a US District Judge in New York issued an order authorizing the Internal Revenue Service to issue summonses requiring Mellon, Citibank, JP Morgan, HSBC Bank USA and Bank of America to produce information in connection with undisclosed accounts at The Bank of N.T. Butterfield & Son Limited and its affiliates in the Bahamas, Barbados, Cayman Islands, Guernsey, Hong Kong, Malta, Switzerland, and the United Kingdom.

Tax audits and timelines: high-asset taxpayers face new deadlines

Tax audits are one of our most frequent themes in this blog. Most recently, in a two-part post on October 29 and November 4, we discussed how errors by the IRS in scanning and cataloging documents from taxpayers have affected the correspondence audit process.

Pressure on Foreign Financial Firms Increase

Just when foreign financial firms thought they had enough on their plates, the heat continues to rise. International pressure to catch tax evaders is expected to be ramped up by the end of 2013 as a new inter-governmental agreement that requires information on offshore U.S. accounts with balances of more than $50,000 to be reported to the IRS goes into effect.

United Steel Company Denies Tax Evasion Claim

The management of United Steel Company Limited has refuted claims that the company evaded $86,059,463 in taxes, and instead suggests that the allegation made by the presidential task force through the media was meant to drag the names of reputable companies through the mud.

Trend of Taxpayers Abandoning the U.S. Continues

More U.S. taxpayers have either renounced their citizenship or returned their green cards in 2013 than ever before, primarily high net-worth individuals who sought to avoid higher taxes on income and capital gains. The major driving forces of the sharp increase are new changes to the tax law, including the Foreign Accounts Tax Compliance Act (FATCA), a law designed to assist the U.S. government in identifying unreported offshore bank accounts.

Excavation Firms Face 996 Charges in Tax Evasion Case

Two businessmen are facing the wrath of Quebec's revenue agency this week as the agency heaved nearly 1,000 tax evasion charges against the men and four companies. Revenue Quebec is also seeking more than $6 million in fines as well as prison sentences.

Huntsville Man to Pay $3.7M in Restitution

A federal judge made it clear on Thursday that tax evasion will not be tolerated when he ordered a Huntsville man to pay $3.7 million in restitution as part of his sentence. Paul Bracy, 71, was charged with one count of tax evasion and was sentenced to five years' probation, including 8 months home detention.

Spanish Football Player Exonerated of Tax Evasion

Leo Messi, forward for Barcelona, has been exonerated in his tax fraud case by two tax office experts. The experts testified to the court that the Argentine did not take any part in the management of his image rights and, thus, was unknowingly not paying taxes that were to have been paid by his advisers.

Britain to Push Tax Evasion Agenda

British Prime Minister David Cameron is preparing to set the stage with money laundering and tax evasion front and center. The Prime Minister plans to make public a new database of company ownership details designed to expose international money laundering and tax evasion schemes.

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