U.S. District Judge Kimba M. Wood of the Southern District of New York entered an order on Nov. 7, 2013, authorizing the IRS to issue summonses requiring: Bank of New York Mellon (Mellon) and Citibank NA (Citibank) to produce information about U.S. taxpayers who may be evading or have evaded federal taxes by holding interests…
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Tina Turner – By Adopting Foreign Citizenship are you Still Subject to the US Exit Tax?
According to an “activity” report from the U.S. Embassy in Bern, Switzerland, long-time Swiss resident Tina Turner” was in the embassy Oct. 24 to sign her “Statement of Voluntary Relinquishment of U.S. Citizenship under Section 349 (a)(1) of the INA” — the Immigration and Naturalization Act.She has merely 'relinquished' her US citizenship rather than formally 'renouncing' it,…
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British a Territories are no longer “Tax Havens”!
UK Prime Minister David Cameron made the following announcement in the House of Commons: ‘I do not think it is fair any longer to refer to any of the Overseas Territories or Crown Dependencies as tax havens.They have taken action to make sure that they have fair and open tax systems’. The Prime Minister's comments…
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IRS Implements Shorter Processing Time for Taxpayer Authorizations
According to Beyond 4/15, the IRS announced that it would now process all tax authorizations within 5 business days (IRM Procedural Update #WI-21-1113-1609 dated Nov. 7, 2013), compared with its estimate of 10 days after the retirement of the IRS e-Services Disclosure Authorization tool on Sept. 3. This announcement affects the timeframe for practitioners to…
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