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Offshore Accounts/International Tax Disputes Archives

Deutsche Bank Joins U.S. DoJ's Self-Reporting Program

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.

Swiss Banks under Pressure to Release All American Accounts

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' account information to the IRS. Many other banks did the same, out of fear of prosecution. Recently, Credit Suisse plead guilty and paid a $2.6 billion fine.

IRS Brings Clarity to a Limited-Amnesty Program for Offshore Accounts

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.

Amazon Tax Affairs In Luxembourg Under Investigation by EU Authorities

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.

U.K. Prime Minister Bets 2015 Election on Income Tax Cut Promises

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.

EU to Publish Details of Apple, Fiat Tax Avoidance Investigations

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.

Foreign Company Faces First FATCA Indictment

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 dishonest clients.

Appeals Court Judges Grill Prosecutors in Warner Tax Evasion Case

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.

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