The race is on for wealthy Americans to save on taxes before Jan. 1. President Barack Obama’s re-election means his administration will push to let tax cuts enacted during the George W. Bush era expire for high earners, as scheduled, at year-end. Obama wants to increase the top federal income tax rate to 39.6 percent…
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New US Reporting Regime for Interest Payments on Accounts of Non-Residents Begins 1/1/13!
(Citco) The US Department of Treasury introduced new rules that will require US financial institutions to report payment of interest to non-resident aliens starting January 1, 2013. It is important to note that this legislation is NOT PART OF FATCA legislation and is NOT POSTPONED. Therefore, it will start on January 1, 2013 as…
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US Bankruptcy Ruling Not Enforceable as a Judgement in English Courts.
The UK Supreme Court's decision in Rubin v Eurofinance, declaring that an order made in Chapter 11 bankruptcy proceedings in the US could not be enforced as a judgment of the English courts. The ruling could have significant repercussions in the British Virgin Islands and Cayman Islands. As was reported last week by The Lawyer…
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The Souteast Still The Tax Fraud Capital of the US
• Panama City Beach, Fla.: A tax preparer has been arrested on charges that he used copies of clients' tax returns to steal their identities. • Montgomery, Ala.: Two more tax preparers have joined those pleading guilty in a scheme involving more than $1 million. • Washington, D.C.: Preparer Enyinnaya Udo was sentenced to two…
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