Besides having to file FBAR reports for a US taxpayer's Interest in Foreign Accounts, US Taxpayers also have the following Reporting Requirement for their Investments in Foreign Entities: · Form 5471 –Used to report that you are a 10% or more shareholder in a foreign corporation. · Form 5472 –Used to report that a US…
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Swiss Accounts No Longer Safe for Tax Dodgers!
Taxpayers who still believe they can hide secret Swiss bank accounts from the Internal Revenue Service are “beyond foolish,” the top U.S. tax prosecutor said as a five-year crackdown expands to new offshore havens. The enforcement drive has forced a “remarkable” change in the ability of the U.S. to find secret accounts in Switzerland, the…
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TIGTA – Correspondence Audit Selection Process Could Be Strengthened To Include Audit of Prior Year Returns!
TIGTA evaluated a statistical sample of 102 of 7,470 single-year correspondence audits of individual tax returns closed between April 1, 2010, and March 31, 2011, in which each of the taxpayers involved agreed that they understated their tax liabilities by at least $4,000. Similar tax issues also existed for the prior and/or subsequent years…
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G20 Nations Agree to Automatic Exchange of Tax Information!
Heads of G20 countries meet today, September 5, 2013 in St Petersburg, where they will sign an agreement to counter 'Aggressive Tax Planning' by multinational companies. The global paradigm change in the fight against tax avoidance and evasion is set to be taken further by G20 leaders. The EU, with its considerable expertise and experience –…
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