Banks in EU must report beneficial owner information or implement 35% withholding tax on any interest payment to zero tax offshore entity effectively managed in the EUSD territory. There is a list of jurisdictions outside the scope of the EUSD and includes Barbados, Panama, Belize, Bermuda and Hong Kong and St.Lucia among others. Also the list includes places…
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Julius Baer Financial Advisers in Switzerland Accused of Scheme to Conceal $600 Million
A pair of Swiss bank financial advisers have been charged with conspiring with U.S. clients to hide more than $600 million from the Internal Revenue Service in offshore accounts, prosecutors announced Oct. 11 (United States v. Casadei, S.D.N.Y., No. 11 Crim. 866, indictment unsealed 10/11/11). In an indictment unsealed in U.S. District Court for the…
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IRS Program for Employers who have Misclassified Independant Contractors
Employers have a strong withholding and employment tax incentives to classify their workers as independent contractors instead of employees. Such a course avoids income tax withholdings and FICA, FUTA, and Medicare taxes and withholdings, shifting responsibility of such items to the worker. As such, employers may have aggressively or inappropriately classified employees as independent contractors.…
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JK Harris to file for bankruptcy
The JK Harris company once advertised that it could resolve people's tax debts for "pennies on the dollar," but now it could be the company's creditors and disgruntled former clients who will get less than they are owed. JK Harris & Co. plans to seek bankruptcy protection in Charleston to head off an attempt by…
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