Tax considerations have long played a role in businesses’ choices of entity. This was true even a generation ago, when the main forms of organization were relatively few: sole proprietorships, partnerships and corporations. It is even more so today, especially with the popularity of relatively new forms of organization: limited […]
Author: Lawrence Brown
The British government unveiled its new plan to crackdown on people who have been evading taxes by imposing larger penalties and criminally prosecuting more frequently. Under current regulations prosecutors must prove that an accused is using an offshore account with the intention of evading taxes. Officials are encouraging the passing […]
U.S. authorities have identified a new target in their pursuit of hidden overseas assets: the Cayman Islands. A yearlong probe conducted by the Internal Revenue Service led to the arrests of three financial advisers based in the Caribbean territory. A Justice Department official said the operation should serve as a […]
Today the breaking news in tax circles includes the story about a U.S. congressman who has been indicted on fraud charges in connection with payroll taxes at the business he once operated. Federal authorities contend that U.S. Rep. Michael G. Grimm of New York, a former FBI agent, concealed what […]
Eric Toder of the Tax Policy Center and Alan Viard of the American Enterprise Institute wrote a recent article questioning whether the corporate tax reforms being debated in Congress will address the widespread problems with levy. Toder and Viard suggests that President Obama’s aim of merely lowering rates and tinkering […]
American-formed manufacturing organization, Caterpillar Incorporated, has been charged with evading taxes by giving revenue to an associated corporation located in Switzerland. Caterpillar invested $55 million and executed a plan that allowed income to be transferred into an offshore account in Switzerland. Caterpillar avoided $8 billion in taxes by violating the […]
This is a follow-up to a post we did a couple of months ago on the crazy-quilt world of same-sex income tax issues. As we noted in our February 26 post, the Supreme Court’s ruling against the federal Defense of Marriage Act was a game changer. It led to a […]
As part of the United States’ operation to fight U.S. tax evasion, Hong Kong came to an arrangement with the U.S. to cooperatively exchange information on all Americans who live, work, or have assets in the Chinese city. The terms are fairly simple in the fact that exchanging of information […]
There is perhaps no better day than Tax Day – the day federal income taxes are due – to take note of your options for paying them. You probably know you need to file, because the penalty for failure to do so is significant. As we noted in our March […]
There’s not much time left before Tax Day. In fact, as of this writing, you have four days left until your tax return has to be in the mail to the Internal Revenue Service. However, what happens if you aren’t ready for the April 15 deadline? What if you lost […]