Given the complexity of the U.S. tax code, it is scarcely surprising that many Americans use professional tax preparers. Often people use the same trusted preparer year after year. This can provide an important element of continuity amid the tax law changes that seem to come every year. It is […]
The Organization for Economic Cooperation and Development (OECD) has indicated that 30 of its developed-country members have seen their tax revenues continue to recover in 2013 after the 2008-2009 global financial crisis. While pre-crisis revenues accounted for roughly 35% of GDP, in 2013 it is at 34.6%, which indicates that […]
The Treasury Inspector General for Tax Administration found that almost 1200 IRS vendors, about 7% of all IRS vendors, had almost $600 million in combined federal tax debt! Over half a billion dollars in unpaid taxes by those who are working for the agency in charge of tax collection is […]
The IRS has delayed the date it will start accepting tax filings by about ten days due to the 16-day government shutdown in October. The delay is necessary, the IRS states, because it needs more time to run tests on its systems. The agency is also in the middle of […]
Since UBS agreed to a $780 million penalty by U.S. authorities, the United States has been attempting to convince other Swiss banks to voluntarily aid the American government in finding its tax evaders. By using UBS as an example, the help of an agreement with the Swiss government, and a […]
In a motion of compliance, Valiant Bank has become the first Swiss lender to confirm its enrollment in a US program intended to put a stop to the country’s banking secrecy. The US has relentlessly pursued Swiss lenders since forcing UBS, Switzerland’s largest bank, to pay a $780m fine for […]
One of the threads we are following in this blog is the role Congress has tasked the IRS to play in the implementation of the Affordable Care Act (ACA). This role includes much more than imposing (fairly light) tax penalties on people who do not comply with the so-called “individual […]
In spite of an $8.6 million spending spree and nearly 19 months to rally its troops in an effort to enforce a new law against offshore tax evasion that takes effect next year, the IRS remains unprepared. According to the Treasury Inspector General for Tax Administration, more IRS computer and […]
With bitcoin surging in price over this year from $17 to $1,200, many invested in the virtual currency are wondering what sort of taxes they should expect to pay from gains, if any. While the Federal Reserve stated that “virtual currencies like bitcoin have legitimate uses and should not be […]
In what appears to be an attempt to shed its image as a haven for tax evaders, the Swiss government has cleared the first batch of banks to cooperate with U.S. authorities under a deal to stem tax evasion. The country once known for its misuse of famous banking secrecy […]