In today’s technology-driven economy, many multinational enterprises are beginning to take advantage of cloud-computing technology in their global infrastructure and market facing-activities. What is cloud computing? Various definitions of clouding computing exist, perhaps the most concise is the one provided by the research firm Gartner, Inc., which calls it “a style of computing where massively…
Read more
European and US Governments Publish Full Implementation of FATCA Agreement
The governments of the UK, France, Germany, Italy, Spain, and the US have published the full text of their reciprocal agreement to implement the US Foreign Accounts Tax Compliance Act. The agreement requires financial institutions in the five European countries to report client information to their respective tax authorities, who will then automatically forward the…
Read more
Willful Evasion – Widow's Tax Liabilities Excepted From Bankruptcy Discharge
The widow of a personal injury lawyer is responsible for $2.7 million in liabilities for the years 1996 through 2001, as the couple filed joint income tax returns but did not pay the balance of their tax liabilities when filing the returns, the U.S. Court of Appeals for the Fifth Circuit held July 24 (United…
Read more
Reporting of PFIC Assets Not Required on Both Forms 8621 and 8938
Taxpayers who report their passive foreign investment company assets on the Form 8621 do not have to separately detail them as specified foreign financial assets on the Form 8938, an Internal Revenue Service official said July 24. The development comes as taxpayers are focusing on the requirement to report those specified assets under new tax…
Read more
