On April 20, 2012, in a huge win for the government, a jury found Attorney Rick Matsa of Ohio guilty of one count of willfully failing to file a Report of Foreign Bank and Financial Accounts (FBAR). The Justice Department and Internal Revenue Service (IRS) announced on April 20, 2012 that attorney Aristotle “Rick” R.…
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States review more Federal Tax Returns looking for Additional Revenue.
The Internal Revenue Service made almost 9 billion disclosures of tax returns or return information in calendar year 2011 to Congress, federal agencies, and other entities allowed to receive the information in accordance with the tax code, the Joint Committee on Taxation said April 24. The total number of disclosures was higher than the 7.03…
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TAX GAP – Sources of Noncompliance and Strategies to Reduce It
Noncompliance cannot be attributed to a single source, but is found with a variety of taxes and categories of taxpayers, a Government Accountability Office (GAO) official said in congressional testimony on April 19. (GAO-12-651T). While individual income tax accounts comprise the largest segment of the tax gap, corporate income tax and employment tax are also…
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UBS head calls tax flap ‘Economic War'.
Switzerland’s tax disputes with the United States and some European nations are “an economic war’’ putting 20,000 jobs at risk, the CEO of Swiss banking giant UBS AG has been quoted as saying. Switzerland has recently tried to shed its image as a tax haven, signing deals with the United States, Germany and Britain to…
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