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Offshore Accounts/International Tax Disputes Archives

G-20 Introduces First Guidelines to Overhaul International Taxes

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 low tax countries.

Financial Institutions Brace Themselves as FATCA Prepares to Go Global

Just as financial institutions began getting a grip on the Foreign Account Tax Compliance Act (FATCA), the Organization for Economic Cooperation and Development threw a curveball by introducing the new global version. The OECD proposal is called the Global Standard for Automatic Exchange of Information and it will be the platform for a virtual highway where detailed account information will travel between governments.

UBS Pays $403 Million Settlement to Germany

An investigation into whether Zurich-based UBS had been aiding German clients evade taxes ended on Tuesday with a $403 million settlement, the largest fine ever paid to a country by a Swiss lender. While the Swiss lender was able to put to rest allegations in Germany, it is still likely to face challenges elsewhere.

Walgreen Seeks Lower Tax Rate Abroad

Walgreen Co's Chief Executive Greg Wasson said on Tuesday that the company is exploring the idea of moving outside the U.S. as it considers buying the remaining shares it doesn't already own in European pharmacy Alliance Boots GmbH.

IRS Changing Terms for Offshore Account Holders

U.S. taxpayers hiding assets abroad should take note of the Internal Revenue Service's plan to sharply increase penalties for such acts, while those who unintentionally fail to disclose offshore accounts will experience much more leniency.

Answering Your Foreign Bank's Request for Information

With FATCA compliance on the horizon and the U.S. Program for Swiss Banks well underway, many U.S. taxpayers have been receiving letters from their banks requesting information about whether the accounts held at their institutions have been disclosed to the IRS and asking for permission to disclose relevant account information to the U.S. government. Receiving this letter is often a shock to U.S. taxpayers who may have never received any mail from the foreign financial institution, or who closed their accounts years ago and have not thought about it since.

U.S. Among Six Other Countries to Fight Corporate Tax Avoidance

Australian officials have designed a six-nation alliance to combat multinational companies' strategies to avoid tax. China, Japan and Britain have already joined this Australian group and the United States is planning to join soon. Due to concern over potential outcry from many companies regarding the legality of the alliance, the identity of the sixth country is unknown.

French President to Reduce Tax Burden

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.

Credit Suisse Approaches Plea Agreement

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.

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