We previously posted "FATCA: Updates for Hong Kong, Philippines, New Zealand and Singapore" where we discussed FATCA Updates for Asia and Singapore's media release last May 14th, where it indicated its intent to enter into an intergovernmental agreement (IGA) with the U.S. The US is coming close to sealing a Foreign Account Tax Compliance Act (FATCA) deal with Singapore…
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IRS Advisory Council Releases 2013 Annual Report
The Internal Revenue Service Advisory Council (IRSAC) today released its annual report featuring recommendations on a wide range of tax administration matters. IRSAC is an advisory group to the entire agency. IRSAC’s primary purpose is to provide an organized public forum for senior IRS executives and representatives of the public to discuss relevant tax issues.…
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Green Card Holders Can Be Deported For Not Filing FBAR & OVDP May Not Be The Cure?
On Tuesday, February 21, 2012, we posted Filing False Returns is a Deportable Felony - Supreme Court, where we discussed that the U.S. Supreme Court Feb. 21, 2012 decided that lawful permanent residents who have pled guilty to charges related to the filing of false tax returns that resulted in a loss to the government of…
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Baucus International Tax Overhaul Draft Released
Senate Finance Committee chairman Max Baucus, D-Mont., has released the first in a series of discussion drafts for overhauling the Tax Code, with the first set of proposals focusing on international tax reform. The proposal details ideas on how to reform international tax rules to spark economic growth, create jobs and make U.S. businesses more…
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