Liechtensteinische Landesbank is close to reaching a settlement with the US Department of Justice, which is threatening to prosecute it for allegedly abetting tax evasion by American clients. LLB would become the third European bank, after Switzerland's UBS and Wegelin, to settle with U.S. authorities clamping down on offshore banks they accuse of helping wealthy…
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Tax Practitioners Protest End of e-Services Tools
A petition of nearly 4,000 practitioner signatures has gone to the IRS to urge it to reverse its decision to retire two e-Services products used to file disclosure authorizations and resolve IRS account problems. In June, the IRS said that it plans to retire the Disclosure Authorization and Electronic Account Resolution e-Services products on August 11…
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IRS Launches New FATCA Web Page
The IRS has redesigned and updated its FATCA web pages to include: A new landing page for US financial institutions that addresses their FATCA responsibilities. Another new page provides information for governments interested in Intergovernmental Agreements (IGAs). A link for the FATCA registration website will be added in August, when the registration system opens. Need FATCA Help?Contact…
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OECD launches Action Plan on Base Erosion and Profit Shifting
National tax laws have not kept pace with the globalization of corporations and the digital economy, leaving gaps that can be exploited by multi-national corporations to artificially reduce their taxes. OECD’s Action Plan on Base Erosion and Profit Shifting (BEPS) offers a global roadmap that will allow governments to collect the tax revenue they need…
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