The budget problems of the IRS have not only impacted the agency’s ability to offer customer service to taxpayers. Those problems have also affected the IRS’s capacity to conduct tax audits and perform other tax collection functions. As we noted in our March 11 post, the National Taxpayer Advocate has […]
Senators Ron Wyden (Oregon) and Carl Levin (Michigan) have announced that they are planning new legislation to fight corporate emigration to lower tax jurisdictions. Senator Wyden, the chairman of the tax-writing Finance Committee, views corporate flight to more tax friendly nations as “a serious symptom of our broken tax code […]
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 federal individual income tax filing deadline was less than a month ago. But given the complexities of federal tax law, there are also other filing deadlines besides that one. One of those other deadlines has historically been the June 30 deadline for filing the FBAR form. FBAR stands, of […]
Tax considerations have long played a role in businesses’ choices of entity. This was true even a generation ago, when the main forms of organization were relatively few: sole proprietorships, partnerships and corporations. It is even more so today, especially with the popularity of relatively new forms of organization: limited […]
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 […]
Today the breaking news in tax circles includes the story about a U.S. congressman who has been indicted on fraud charges in connection with payroll taxes at the business he once operated. Federal authorities contend that U.S. Rep. Michael G. Grimm of New York, a former FBI agent, concealed what […]
Eric Toder of the Tax Policy Center and Alan Viard of the American Enterprise Institute wrote a recent article questioning whether the corporate tax reforms being debated in Congress will address the widespread problems with levy. Toder and Viard suggests that President Obama’s aim of merely lowering rates and tinkering […]