NY Times-London- Disputes are raging from Athens to Washington about how to reduce government debt without further damaging already weak economies. But there is at least one thing on which global leaders seem to agree: cracking down on tax havens and tax evasion would help. Tax evasion and compliance was on the agenda of the meeting…
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Willful Failure to File FBARs – What if you Really Did not Know?
BNA - Over the past three years, the U.S. government has intensified its pursuit of taxpayers who fail to pay taxes on money held in foreign bank accounts; this includes a massive increase in criminal investigations and prosecutions. While “willfulness” is generally recognized to be a high legal standard requiring proof that the accused acted…
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IRS On Track to Issue Proposed Rules, Draft Bank Agreement Under FATCA
Internal Revenue Service is “on track” to issue proposed regulations on the Foreign Account Tax Compliance Act (FATCA) around the end of the year, a top IRS international official said Nov. 17. IRS Large Business & International Division Deputy Commissioner (International) Michael Danilack said if the guidance does not come out by Dec. 31, he…
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Switzerland Eases Rules on Account Data Transfer for U.S. Clients of Swiss Banks
The government of Switzerland has agreed to ease existing rules on the transfer of information on secret Swiss bank accounts of U.S. clients in a further effort to diffuse tensions with the United States over funds hidden away in Swiss banks. The Swiss government announced Nov. 16 that the Federal Council, the government’s executive arm,…
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