Scott Michel, a partner and President of Caplin & Drysdale, a DC-based law firm, advises that on July 10, 2013, the Hong Kong Legislative Council moved to enable Hong Kong to enter into stand-alone Tax Information Exchange Agreements and, more importantly for U.S. persons who have financial accounts there, to sign an “intergovernmental agreement”…
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Offshore Voluntary Disclosure Practice: IRS Report Card: C-?
Steven Mopsick has an interesting view of how well or poorly the IRS has preformed in it's Offshore Voluntary Disclosure Program (OVDP). It should be obvious to practitioners and taxpayers alike that the IRS offshore voluntary disclosure program first announced in 2009, is not for everyone. It is expensive, time consuming and sometimes nerve-wracking. But for those…
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Are You Ready for Back-to-School Sales Tax Holidays?
There are currently 17 states offering sales tax holidays where state sales tax chargesare temporarily dropped on back-to-school items such as clothing, footwear, classroom supplies, computers and certain other products, according to CCH. “What’s really important for consumers to know is the specific information about products that qualify for each state’s holiday in order to…
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Could This Be The End of Income Stripping?
The U.S. Internal Revenue Service is pursuing tax enforcement cases against companies over the issue of "stateless income," a senior agency official said on Wednesday Jul 24, 2013 in a reference to corporate profits that are not taxed by any country.Erik Corwin, an IRS deputy chief counsel, said there were international tax disputes with companies,…
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