Recently, former UBS banker Bradley Birkenfeld was awarded $104 million for being a UBS informant. The IRS award is the biggest and only sizable award in the much discussed program. It’s making many whistleblowers more alert and more claims are on the way. However, Birkenfeld was not free of all wrongdoing. In fact, although his lawyers were…
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Channel Islands begin FATCA negotiations
The governments of Jersey, Guernsey and the Isle of Man have jointly announced the start of negotiations with the US to ease implementation of the Foreign Accounts Tax Compliance Act (FATCA). FATCA requires foreign banks to report the affairs of their American clients to the US Internal Revenue Service and apply financial sanctions for…
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IRS Considering Reporting to Creditors Bureaus
Congress is considering allowing the Internal Revenue Service to report on taxpayers’ tax debts to consumer credit bureaus. The Government Accountability Office provided a reportWednesday to Senate Finance Committee chairman Max Baucus, D-Mont., and Senate Judiciary Committee ranking member Charles Grassley, R-Iowa., on the factors for considering a congressional proposal to report tax debts…
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Most Litigated Tax Issues for 2011
The internal revenue code (IRC) § 7803(c)(2)(B)(ii)(x) requires the National taxpayer advocate identify in her annual report to congress (ARC) the Ten Tax Issues Most Litigated in federal courts (Most Litigated issues). The taxpayer advocate Service (TAS) identified the Most litigated issues from June 1,2010, through May 31, 2011, by using commercial legal research databases.…
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