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Monthly Archives: July 2018

US Removes Beneficial Ownership Registration From Bill HR 6068

The U.S. House of Representatives Committee on Financial Services scheduled a June 14th markup on the Counter Terrorism and Illicit Finance Act (HR 6068) (CTIFA),  which has been stripped of provisions that would require collection of beneficial ownership information at the time of company formation, a necessary step to address this widely-recognized and well-documented vulnerability in…
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Have an Offshore Account with Mirelis InvestTrust? You May Want to Consider the OVDP Program Before Sept. 28!

The DoJ announced on Friday, July 27, 2018today that Swiss-based Mirelis Holding S.A. reached a resolution with the Tax Division. “The agreement reached today demonstrates the Department’s resolve toward ending the practice of using Swiss bank accounts to evade one’s taxes,” said Principal Deputy Assistant Attorney General Richard E. Zuckerman DoJ Tax Division.   “The Department will…
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US Appeals Court Held That IRS' Flat Rejection of Bearer Shares is Invalid

According to Law360, the Internal Revenue Service lost a fight in the D.C. Circuit on July 27, 2018 when the court ruled that it unreasonably interpreted tax law to prevent Marshall Islands-based Good Fortune Shipping from proving it was entitled to a tax break based on its ownership. Good Fortune sought to exclude its U.S.-source gross transportation…
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