As U.S. tax authorities move to crack down on citizens living abroad, many living in Canada have been caught up in fear of massive penalties. Esther Thompson, 70, and her sister Betty, 69, both married to retired farmers living near Prince Albert, Sask., are among those who have come unhappily forward to the U.S. Internal…
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IRS Official Stresses January Due Date for Estate Carryover Election
Taxpayers will not be given any extensions to file Form 8939 that is due in January for the estate tax carryover basis election, an Internal Revenue official said Sept. 21. Taxpayers who want to make the tax code Section 1022 election and not opt for the estate tax for 2010 should fill out Form 8939…
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IRS Tells Examiners to Step Up Scrutiny of Captive Foreign Insurance Subsidiaries
The Internal Revenue Service Sept. 19 told its examiners to more closely scrutinize captive foreign insurance subsidiaries during excise tax audits of foreign insurance companies. The new memorandum (SBSE-04-1811-070) is the latest development in a continued crackdown on the use of these subsidiaries to avoid taxes. In the Aug. 9 document, released on the web…
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Eight offshore banks are under federal grand jury investigation
Bloomberg - By Carla Main - document.write(dateFormat(new Date(1316606759000),"mmm d, yyyy h:MM TT Z")); Sep 21, 2011 8:05 AM ET<a href="http://www.bloomberg.com/news/2011-09-21/offshore-bank-subpoenas-fcc-kids-rule-naked-cdss-compliance.html">Wed Sep 21 12:05:59 GMT 2011 -</a> Eight offshore banks are under federal grand jury investigation for facilitating tax evasion by U.S. citizens as part of a probe the Justice Department said has dealt “fabled Swiss…
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