The Internal Revenue Service is expecting a plethora of complications with the coming tax-filing season, IRS Commissioner John Koskinen said in an interview with the nonprofit publisher Tax Analysts that was published this week. Mr. Koskinen suggests, “The difference this year compared to the past is we are having to […]
Switzerland, a country long known for its bank secrecy laws, is attempting to fight that reputation by playing a leading role in the effort to return stolen state assets. Valentin Zellweger, a legal adviser at the Swiss foreign ministry, said the country has been working on returning stolen assets for […]
To be sure, the IRS has various sticks at its disposal to deploy to enforce tax compliance. These tools do not only include tax audits; in more severe cases, the threat of criminal prosecution is also present. Overall, however, the IRS is able to bring in much of the nation’s […]
Deutsche Bank AG’s Swiss unit has entered a U.S. Justice Department self-reporting program for banks that believe they may have aided Americans in the evasion of taxes. Under the program, Deutsche Bank’s Swiss operation has the ability to escape prosecution by disclosing previously undeclared U.S. accounts. While the bank may […]
The U.S. has seen uninterrupted success in its pursuit of undisclosed offshore accounts held by U.S. taxpayers. It began in 2008 with a key court victory against UBS, which then went on to pay the IRS $780 million. Swiss banking was turned upside down after UBS released thousands of Americans’ […]
The Internal Revenue Service announced changes to one of its limited-amnesty programs for U.S. taxpayers with undeclared offshore accounts. The revisions are an attempt to “streamline procedure,” which was announced in June and could offer relief to taxpayers who weren’t intentionally hiding money abroad. Participants in the streamlined program who […]
While the federal government may be trying to prevent U.S. corporations from relocating overseas for tax purposes, it has failed to stop companies that have already completed such deals from doing their own follow-on acquisitions of U.S. companies. On Thursday, Endo International PLC announced it would be acquiring Chesterbrook Pa.-based […]
Amazon.com Inc. has become the latest major U.S. company to wind up in a formal probe conducted by European Union regulators regarding the legality of Luxembourg tax arrangements. The investigation is part of a broader crackdown on tax avoidance by European multinationals, including Apple Inc. and Starbucks Corp. European governments […]
U.K. citizens can expect income tax cuts should Prime Minister David Cameron’s Conservative party win the general election in May. Mr. Cameron said his party will cut income taxes over the next five-year parliamentary term, as long as it can continue its austerity drive to reduce the deficit. In his […]
A report released by the Treasury Inspector General for Tax Administration, a bureau charged with the oversight of the Internal Revenue Service, suggests the IRS needs to do more to collect delinquent taxes from international taxpayers. The TIGTA study focused on collections from individuals and small businesses based abroad. The […]