The National Taxpayer Advocate (NTA) has issued a Taxpayer Advocate Directive (TAD), followed by ensuing correspondence between IRS and the NTA, alleging unfair treatment of certain participants in the 2009 offshore voluntary disclosure program (OVDP). According to the NTA, a memo issued by IRS on March 1, 2011 was inconsistent with earlier guidance from 2009…
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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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EU: Your Personal Information Shall be Collected and Sharedwith USA
AITC December News Flash - Viviane Reding, Vice‐President of the European Commission and the European Union (EU) Justice Commissioner, spoke on the future cooperation with the United States at the 2nd Annual European Data Protection and Privacy Conference in Brussels on December 6. She confirmed that collection and storage of personal information are essential in…
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Offshore Voluntary Disclosure Program Reopens!
IRS Offshore Programs Produce $4.4 Billion to Date for Nation’s Taxpayers; Offshore Voluntary Disclosure Program Reopens WASHINGTON — The Internal Revenue Service today reopened the offshore voluntary disclosure program to help people hiding offshore accounts get current with their taxes and announced the collection of more than $4.4 billion so far from the two previous…
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