The IRS’s criminal division identified “dozens” of potential cryptocurrency tax evaders or cybercriminals after a meeting this week with tax authorities from four other countries. Leaders of tax enforcement authorities from the U.S., Australia, Canada, the Netherlands and the United Kingdom, known as the J5, met this week to discuss ways to deal with tax…
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Form W-8's Being Audited By the IRS for Reliability – It is About Time
The IRS’s Large Business and International (LB&I) division has released a process unit on using a withholding agent’s electronic systems to evaluate the reliability of the information provided by foreign payees on Forms W-8. A withholding agent is a U.S. or foreign person that has control, receipt, custody, disposal, or payment of any item of income…
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BVI Issues its Economic Substance Rules – What You Need to Know?
According to Trident Trust Company the BVI’s Economic Substance Rules, which govern the practical application of the Economic Substance (Companies and Limited Partnerships) Act, 2018, have now been finalized. The Rules were published by the BVI International Tax Authority (ITA) at the beginning of October 2019 and will come into force at the same time as the latest…
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The Netherlands a Tax Haven, but Please Don’t Call us That
According to Foreign Affairs, Dutch officials really don’t like it when someone calls their country a tax haven.In 2009, the Obama administration did just that, naming the Netherlands as one of a number of countries where scores of major American firms had established subsidiaries in order to avoid paying U.S. taxes. In a press briefing,…
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