Page Content WASHINGTON – The U.S. Department of the Treasury announced today that it has signed a bilateral agreement with the United Kingdom to implement the information reporting and withholding tax provisions commonly known as the Foreign Account Tax Compliance Act (FATCA). Enacted by Congress in 2010, these provisions target non-compliance by U.S.…
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FORMER US AIRWAYS PILOT SENTENCED IN NORTH CAROLINA TO 10 YEARS IN PRISON FOR TAX FRAUD
<!-- -->WASHINGTON – Charles A. Davis, 63, formerly of Mooresville, N.C. was sentenced today in U.S. District Court to 120 Months in Prison for committing tax fraud, the Justice Department and Internal Revenue Service (IRS) announced. U.S. Judge Richard L. Voorhees in the Western District of North Carolina also ordered Davis to serve 12 Months…
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Tax Court Holds That No Abuse Discretion By IRS Appeals Officer in Denying Offer
The Internal Revenue Service's rejection of a taxpayer's offer in compromise of $28,000 for a tax liability of more than $150,000 was not an abuse of discretion, because the taxpayer failed to prove any special circumstances warranting During the CDP hearing the settlement officer advised petitioner that the OIC would not be accepted because petitioner’s…
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Swiss – US Tax Deal Terms Not Likely to Ease if Romney wins
A Romney White House would make the same demands as the current administration has before agreeing to wipe the slate clean for 11 Swiss banks suspected of helping wealthy Americans evade taxes, Switzerland's Finance Minister said. Switzerland needs the tax deal so that it can normalise its banking relations with the United States, but Widmer-Schlumpf…
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