The Internal Revenue Service has awarded an anonymous whistleblower $38 million for information leading to the recovery of between $127 million and $254 million in corporate taxes, according to the whistleblower's attorney. The payment is believed to be the second-largest whistleblower award under a program created by Congress that took effect in 2007. The program…
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New Timelines for FATCA
We originally Posted on October 25, 2012 - FATCA Timelines for Due Diligence & Other Requirements - Ann 2012-42, which discusses IRS Announcement 2012-42. The announcement presents new timelines for due diligence, withholding and documentation requirements as well as guidance on gross proceeds and grandfathered obligations. The following are the key timeline changes announced and…
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FATCA Timelines for Due Diligence & Other Requirements – Ann 2012-42.
The Internal Revenue Service and Treasury Department issued guidance Oct. 24, which provides certain timelines for withholding agents and foreign financial institutions to complete due diligence required under the Foreign Account Tax Compliance Act (FATCA). Announcement 2012-42 comes in response to a flurry of comments about FATCA proposed rules (REG-121647-10) issued in February and designed…
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So Much For Moving Your Swiss Account to Singapore.
Singapore plans to classify tax evasion and abetting tax evasion as money-laundering predicate offences so that the powers used to investigate and prosecute money laundering will be available to seize the proceeds of tax crimes. Foreign jurisdictions may also make requests for legal assistance to pursue tax evaders and their proceeds. The proposals are out…
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