Walgreen Co’s Chief Executive Greg Wasson said on Tuesday that the company is exploring the idea of moving outside the U.S. as it considers buying the remaining shares it doesn’t already own in European pharmacy Alliance Boots GmbH. The company has been under increased pressure from shareholders to use a […]
Category: Offshore Accounts/International Tax Disputes
U.S. taxpayers hiding assets abroad should take note of the Internal Revenue Service’s plan to sharply increase penalties for such acts, while those who unintentionally fail to disclose offshore accounts will experience much more leniency. The IRS’s June 18 changes to offshore disclosure programs constitute the latest in the U.S. […]
With FATCA compliance on the horizon and the U.S. Program for Swiss Banks well underway, many U.S. taxpayers have been receiving letters from their banks requesting information about whether the accounts held at their institutions have been disclosed to the IRS and asking for permission to disclose relevant account information […]
Australian officials have designed a six-nation alliance to combat multinational companies’ strategies to avoid tax. China, Japan and Britain have already joined this Australian group and the United States is planning to join soon. Due to concern over potential outcry from many companies regarding the legality of the alliance, the […]
French President Francois Hollande announced Tuesday that he will move forward with his plans to cut public spending and grant tax breaks to businesses, while accepting the harsh reality of the French people’s unhappiness with his failure to deliver on pledges to turn the economy around. Mr. Hollande made it […]
After several months of investigation, U.S. prosecutors are closer to obtaining a guilty plea, as well as an agreement with Credit Suisse Group AG to pay over $1 billion to settle claims that the bank aided wealthy Americans in evading taxes. U.S. officials’ confidence regarding the settlement grows stronger daily. […]
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 […]
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 […]
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 […]