During 2012, the Internal Revenue Service (IRS) Audited Estate tax returns in greater volumes than any other category of individual tax returns. The 2012 Internal Revenue Service Data Book showed that 29.9% of the 12,582 estate tax returns that were filed in 2011 were audited by the IRS. The figure was a major rise from the…
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Billionaires Flee Havens as Trillions Pursued Offshore
Billionaire Dmitry Rybolovlev, Russia’s 14th-richest person, and his wife, Elena Rybolovleva, have been brawling for almost five years in at least seven countries over his $9.5 billion fortune. More than 30 percent of the world’s 200 richest people, who have a $2.8 trillion collective net worth,Bloomberg Billionaires Index, control part of their personal fortune through…
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Multinationals Be Prepared: Costly Tax Audits On The Rise!
The current trends in global taxation include a sweeping wave of compliance, regulatory requirements, the implementation of the OECD report on Base Erosion and Profits Sharing alongside a push for harmonisation. The development of FATCA legislation from the US, CFC reform and increases in information exchange agreements are also of major impact to multinationals…
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IRS Begins Furlough Notice
As the effects of federal government budget cuts due to sequestration become a reality, we want to keep the dialogue open regarding next steps. Next week, we plan to issue official furlough notices. Some IRS employees will receive them via email, while many campus employees will receive hard-copy letters. Those in non-work status will receive…
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