Search Results for: Internal Revenue Service
Canadian corporate tax attracts U.S. companies
August 26th, 2014
Canada has become the latest frontier for U.S. companies fleeing the high cost of business, spurred by low corporate taxes and a policy that keeps international earnings out of the clutches of the Internal Revenue Service. It’s “not fair” ...
IRS Tried, Failed to Repair Lois Lerner Hard Drive
August 12th, 2014
U.S. Internal Revenue Service told a judge its technicians made repeated futile efforts to save data on a malfunctioning computer hard drive used by Lois Lerner, the former official at the center of a dispute between Congress and the ...
American taxpayers abandon U.S. before register to FATCA
August 11th, 2014
The U.S. Treasury Department has published indicative numbers illustrating the number of 1 577 United States taxpayers giving up their passports or their green cards in the first half of this year. The increasing number of individuals doing so, ...
IA ANALYSIS: FATCA is stranger than fiction
July 22nd, 2014
FATCA was implemented worldwide at the beginning of this month, but the impact (and costs) are only now just beginning to filter through to the financial services community. Part of the US Hiring Incentives to Restore Employment Act (HIRE), ...
Accountants To See IRS In Court Over Tax Preparer Program
July 18th, 2014
The American Institute of Certified Public Accountants (AICPA) has filed a federal lawsuit calling for the voluntary tax return preparer regulatory program planned by the United States Internal Revenue Service (IRS) to be declared unlawful. AICPA President and CEO ...
IRS Issues Final Regs On Truncated TINs
July 16th, 2014
As part of efforts to combat identity theft and tax refund fraud, the United States Treasury Department has released, in the Federal Registry, final regulations applicable to the use of Internal Revenue Service (IRS) truncated taxpayer identification numbers (TTINs). ...
In Deal to Cut Corporate Taxes, Shareholders Pay the Price
July 9th, 2014
Medtronic is pursuing a deal to move abroad and save taxes. But few have noticed that the company’s shareholders will be the ones left with a big tax bill as a result. Oddly, some of Medtronic’s largest shareholders — ...
10 IGAs Join ‘In Substance’ FATCA List Just Before July 1
July 7th, 2014
Ten further foreign jurisdictions were included by the United States Treasury in its latest monthly list, issued on July 1, 2014, as having reached agreements in substance on June 30, 2014, on the terms of intergovernmental agreements (IGAs) under ...
US Foreign Account Tax Compliance Act Takes Force
July 3rd, 2014
In what the United States Administration has called an “effort to crack down on tax evasion and reduce the tax gap,” the Foreign Account Tax Compliance Act came into effect on July 1. Enacted in March 2010, FATCA adds ...
Offshore Tax Crackdown Opens With 30% Penalties for Banks
June 30th, 2014
The Internal Revenue Service is about to get an unprecedented look at bank accounts and investments U.S. citizens hold abroad, through a law that is making it harder to hide assets from the tax collector. Tomorrow, the U.S. government ...
