The IRS completed 43 advance pricing agreements in 2011, down from a total of 69 in 2010, while the number of pending requests increased from 350 in 2010 to 445 in 2011, according to the IRS's annual statutory report on APAs released April 2. In Announcement 2012-13, IRS attributed the decline in case closures to…
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Owe The IRS? Get ready to have your Passport Suspended.
LOS ANGELES (CBS)— A bill authored by a Senator Barbara Boxer that could potentially allow the federal government to prevent any Americans who owe back taxes from traveling outside the U.S. is one step closer to becoming law. Senate Bill 1813 was introduced back in November by Senator Barbara Boxer (D-Los Angeles) to “reauthorize Federal-aid…
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UBS exec criticizes U.S. effort to get account data
A top UBS AG executive told a U.S. lawmakers that the Swiss bank regrets breaking U.S. tax laws, but criticized U.S. authorities' efforts to obtain information on thousands of bank accounts suspected of being used by American tax dodgers. "We deeply regret our breaches of U.S. laws," UBS' Mark Branson told a Senate subcommittee hearing into…
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How to end tax fraud?
On March 28, the U.S. Justice Department sought to close a nationwide chain of income tax preparation shops it accuses of fraud. The action underscores the potential for abusive business practices that taxpayers face because Congress has failed to embrace technology that would eliminate most tax returns. COLUMN-How to end tax fraud: David Cay Johnstonreuters.com…
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