A Saskatoon accountant was fined nearly $50,000 and sentenced to a nine month conditional jail term after being found guilty of tax evasion. Robert Tiffin, 70, was fined $49,561 for understating his net income from his accounting practice by $204,779 for the 2004 to 2007 tax years. Tiffin will also […]
Category: Offshore Accounts/International Tax Disputes
European Union finance ministers called for a united global fight against tax fraud, while attempting to downplay concerns over disagreements within the bloc on crucial banking sector reforms. Officials say that tax fraud and firm’s aggressive efforts to avoid taxation have cost the 28-nation bloc’s governments an estimated 1 trillion […]
Who would’ve thought that someone able to create such sweet and loveable toys would also plead guilty to tax evasion? That’s just what millionaire businessman, Ty Warner, the creator of Beanie Babies, did on Wednesday. Warner was charged with federal tax evasion for failing to report income he earned in […]
If sugary drinks are your bread and butter then you may not be too happy with the Mexican government’s proposal to penalize sugary beverages with a special tax in an attempt to contain obesity and Type 2 diabetes. Mexico would be following the example of France and Hungary by taxing […]
In the second quarter of 2013, a total of 1130 taxpayers renounced US citizenship in a bid to avoid new laws aimed at bringing taxpayers with foreign assets into compliance. This exceeded the total number of taxpayers who renounced citizenship in all of 2012. The huge increase is largely due […]
Liechtensteinische Landesbank AG, located in Vaduz, will pay $23.8 million to settle a probe into its use of undeclared accounts to help U.S. taxpayers dodge taxes over a 10-year period. U.S. Attorney Preet Bhara announced the agreement, saying the bank will forfeit $16.3 million, representing revenue it earned for maintaining […]
Bayern Munich president Uli Hoeness surprised Germany when he alerted tax authorities in January to a Swiss bank account he held. He was charged with tax evasion on Tuesday after several months of investigations. “A charge has been lifted against Ulrich H. for tax evasion,” Munich regional court spokeswoman Andrea […]
The days of loopholes and lower taxes for corporations may soon be at an end as the Group of 20 largest economies is poised to back a major overhaul of international taxation designed to eliminate these perks. This 15-point plan has been developed by the Organization for Economic Cooperation and […]
The world map has never looked so odd. A service called OpenCorporates has launched a website that shows America’s top six banks and their exceedingly intricate and complex organization structure to highlight the lengths to which some corporations go to minimize their tax liabilities. The website is designed to show […]
The Foreign Account Tax Compliance Act (FATCA) compliance requirement for foreign banks dealing with the US has been delayed until July 1, 2014 so that these banks can continue to implement the changes and agreements necessary to avoid penalties. FATCA was enacted in 2010 to require that foreign banks report […]