Credit Suisse and Zurich Cantonal, have obtained government approval to send the US Department of Justice (USDoJ) lists of American clients who have moved assets out of their accounts to another bank. The so-called 'leaver lists' do not identify clients but do name the destination banks, which the USDoJ will then pursue with further disclosure…
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For Hong Kong Chinese Residents that have U.S. Citizenship; maybe it's Time to re-consider?
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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