FLORIDA LEGISLATION CRIMINALIZING AUTOMATED SALES SUPRESSION SOFTWARE (aka "ZAPPER SOFTWARE") AWAITS GOVENOR'S SIGNATURE In March 2012, the Florida legislature passed a rather unique piece of legislation aimed specifically at a new type of tax fraud software moving into the United States. The software is known as "Automated Sales Suppression Device," "Zapper," or "Phantom-ware." The purpose…
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Florida Passes Captive Insurance Legislation
The Florida Legislature has passed HB 1101, an omnibus insurance bill that has carried language to allow Florida to become a Captive Insurance domicile state. A captive insurance company is a business or a group of businesses that form their own insurance subsidiary to finance their retained losses in a formal structure. Captive insurance companies…
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Bank Deposit Reporting Rule Reciprocal For Tax Treaty Partners?
Information gleaned from a controversial Internal Revenue Service regulation that would require U.S. banks to report interest on deposits held by nonresident aliens could lay the groundwork for reciprocation as the United States continues its efforts to build cooperation with other countries to stop global tax evasion, IRS Commissioner Douglas Shulman told a House subcommittee…
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Australian Tax Prosecution Figures – 2011
Almost 1,200 people were prosecuted and convicted for tax and superannuation offences in Australia last year, new figures show. The statistics were released by Tax Commissioner Michael D'Ascenzo, who said that: “The ATO's use of sophisticated data matching technology is helping to close the net around those exploiting the tax and super systems.” In total,…
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