CREDIT Suisse could see clients in western Europe withdraw up to a net $37bn (£23bn) in the next few years as Switzerland bows to pressure to stop foreigners using secret offshore accounts to evade taxes. Swiss bank secrecy has come under heavy pressure in recent years as cash-strapped governments have sought to fight tax evasion.…
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Prop. Regs Would Withdraw Onerous Covered Opinion Rules and Modify Disclaimer Rules
Prop. Regs Would Withdraw Onerous Covered Opinion Rules and Modify Disclaimer Rules in Circular 230 Under the rules in Circular 230, which govern tax practice before the IRS, tax practitioners must meet minimum standards of conduct with respect to written tax advice, and those who do not are subject to disciplinary action, including suspension or…
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Tax Court: The Overstatement of a Depreciable Asset, Not Subject to 40% Overstatement Penalty.
This case is before the Court on petitioner's motion for summary judgment, filed pursuant to Rule 121, to which respondent objects. The Court previously held in BLAK Invs. v. Commissioner, 133 T.C. 431 (2009) (prior Opinion), that the period of limitations for assessment of tax resulting from the adjustment of partnership items with respect to…
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US Taxpayers Living in Mexico – This is Your Last Chance To Report your Offshore Account!
We previoustly posted More Swiss Bank Files Being Transferred to the IRS! - where we discussed that Credit Suisse AG has handed over more internal documents to U.S. authorities. "The documents concerned comprise e-mail correspondence, including attachments, with clients domiciled in the U.S., as well as internal e-mail correspondence, including attachments, about clients domiciled…
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