There is a three-year statute of limitations for most tax matters. That may stretch out to six years if the income omission was significant. Failure to report a quarter of the income you received in a year could trigger the longer statute of limitations. This is important for record keeping. […]
European Union regulators are expected to make their case as early as Monday as to why tax deals granted to Apple Inc. and Fiat SpA violated EU law. The announcement marks the next formal step in the regulator’s push against alleged tax avoidance by multinationals. The European Commission, the EU’s […]
Marius Kohl, a bearded 61-year-old with a ponytail, spent years engineering Luxembourg’s most valuable export: tax relief. As head of a federal agency called Sociétés 6, Mr. Kohl had sole authority to approve or reject thousands of tax arrangements for multinational corporations, sometimes helping save them billions. The European Union’s […]
U.S. federal authorities charged six Belize business executives with the creation of a scheme designed to aid Americans in the evasion of $500 million in taxes as well as dodging their reporting obligations under the Foreign Account Tax Compliance Act. Undercover law enforcement agents investigated the conspiracy by posing as […]
The tax deadline that most worry about is April 15. However, if you filed for a six-month extension back in the spring, you only have several more days to file your 2013 tax return before the October 15 deadline. Any taxes that you owed for the 2013 tax year were […]
Federal prosecutors faced a three-judge panel in an effort to replace the probation sentence of Beanie Babies founder Ty Warner with prison time after the billionaire was found guilty for failing to report more than $24 million to the Internal Revenue Service. Warner pleaded guilty to one count of tax […]
Dozens of inversion deals are at risk of penalization by a top Senate Democrat’s proposal to limit future deductions for companies that attempt to reincorporate overseas. The proposal by Charles Schumer of New York, the No. 3 leader in the Senate’s Democratic Majority, seeks to limit the amount of deductible […]
Silicon Valley employees at technology companies like Google Inc., Facebook Inc. and Twitter Inc. have enjoyed free cafeterias as well as pizza joints and kitchens stocked with organic produce, on behalf of their employers. The benefit has become ingrained into much of the valley’s culture and is believed to encourage […]
The Organization for Economic Cooperation and Development has revamped efforts to overhaul the international tax system as it presented its first set of guidelines to finance ministers of the group of 20 largest economies. The guidelines are an attempt to make it more difficult for companies to shift profits to […]
Sen. Bernard Sanders, a Vermont independent and apparent presidential candidate, made the case for a progressive estate tax in a recent piece for The Huffington Post. “Unless we reduce skyrocketing wealth and income inequality,” he declared, “unless we end the ability of the super-rich to buy elections, the United States […]