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 […]
Two new developments in negotiations over taxes could mean lawmakers are one step closer to restricting inversion deals. Charles Schumer, a top Senate Democrat, offered a plan Tuesday to restrict inversions, and agreed to allow it to lapse after three years giving Democrats one of their top priorities while also […]
In an expected weeklong trial, the family of Carl Pohlad, a billionaire real estate developer and owner of the Minnesota Twins, will argue that the Internal Revenue Service estate tax calculations overstate Pohlad’s remaining interest in the baseball team at his death. The IRS argues the estate owes approximately $255 […]
A new Government Accountability Office report includes recommendations for the Internal Revenue Service designed to cut identity theft and fraud. The first is to advance the W-2 filing deadline. The second is to lower a threshold for the electronic filing of W-2 Forms. In a preliminary analysis of 2013 tax […]