ZURICH (Reuters) - Swiss bank Pictet said on Sunday it handed over bank account details to U.S. authorities probing cases of tax evasion, as a newspaper reported it had accepted funds from two former UBS clients suspected of having cheated on taxes. Pictet said in a statement the data handover took place in November 2010…
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FATCA timelines and release dates
On May 7th, at the 26th Annual Tax Reporting & Withholding Conference in Arlington, VA, IRS representatives discussed timelines and release dates pertaining to Chapter 4 (FATCA) implementation. § Final regulations are still expected to be released at the end of this summer. § Draft FFI Agreements should be available by the end of June.…
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US Tax Court Protects Transfers of Family Business
The recent US Tax Court ruling in Wandry v Commissioner of Internal Revenue Service (IRS) has been welcomed by tax advisers to family businesses. The case was brought by a Colorado couple, Dean and Joanne Wandry. They owned a limited liability company called Norseman, worth about US$11 million in 2004. At that point they consulted…
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The US Experiences a Dramatic increase in Citizenship Renunciation during 2011.
According to Internal Revenue Service (IRS) figures, at least 1,800 Americans renounced their USA citizenship in 2011, an all-time record at eight times the 2008 number. The USA's worldwide taxation system, including the Foreign Bank and Financial Accounts (FBAR) and now the Foreign Accounts Tax Compliance Act (FATCA) regimes, is to blame, according to lobby…
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