The Internal Revenue Service has announced updated procedures to strengthen the Individual Taxpayer Identification Number (ITIN) program requirements. The new modifications and documentation standards further protect the integrity of the ITIN application process and strengthen the refund process while helping minimize burden for applicants.ITINs play a key role in the tax administration process and…Read more
UK Press Exposes 'Sham' Companies Used To Shield The Identity of Wealthy Individuals.
The UK Press is running a series claiming to expose an 'extraordinary global network of sham company directors, most of them from the UK. Nominee directors are exposed as operating thousands of offshore companies, some said to be helping UK residents avoid tax and conceal their assets. They have published profiles of some wealthy individuals…Read more
Mexican FATCA Agreement Requires New Reporting By BOTH Mexican & US Banks!
We first posted Mexico Becomes the 3rd Country to Sign a FATCAAgreement on Tuesday, November 27, 2012. The Treasury Department has now posted this agreement on its Website. This agreement sets out each Parties’ Obligations to Obtain and Exchange Information with Respect to Reportable Accounts which includes : A. MEXICO REPORTING TO THE US WITH RESPECT TO…Read more
Pictet & Bank Frey Added to Widening U.S. Probe of 13 Swiss Banks.
We orginally posted on Tuesday, May 8, 2012, Swiss bank Pictet gave data to U.S. in tax probe regarding Swiss bank Pictet statement that 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…Read more