Partnerships and passthrough entities will receive much more attention by the IRS's Small Business/Self-Employed Division beginning in 2013. SB/SE is developing an enterprise-wide strategy, in conjunction with the Large Business and International Division, “to address the inherent risks that exist with these sorts of business structures,” Fink said at the Fall Tax Division Meeting…
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Mexico Becomes the 3rd Country to Sign a FATCA Agreement.
The Mexican government recently signed a Foreign Account Tax Compliance Act (FATCA) agreement with the United States thereby becoming the third country to do so. On November 19, 2012, in Washington, the Mexican Undersecretary of Revenue, José Antonio González Anaya, and the United States Assistant Secretary for Tax Policy, Mark J. Mazur, signed a government-to-government agreement…
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UK mini-FATCA Agreements Spells The End for UK Tax Haven Territories!
There are rumours that the UK government is about to reveal legislation imposing automatic client disclosure provisions on financial institutions in the Crown Dependencies and British Overseas Territories. The journal International Tax Review claims to have seen draft UK legislation imposing client disclosure provisions on financial institutions in the Crown Dependencies and the British Overseas…
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IRS Increases Tax Audits!
The highly targeted and most commonly audited taxpayers earn in excess of $10 million and the IRS audited 30% of taxpayers within this income bracket in 2011. This was an 18% increase from the previous year. As a result, many high income earners have reasons to be concerned about the possibility of an IRS audit. Other taxpayers…
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