The leader of the British Virgin Islands says the Caribbean territory has started talks with the US Treasury to comply with a law designed to counter offshore tax evasion. The tiny islands are one of the world’s top offshore trust jurisdictions and the incorporated registry for hundreds of thousands of companies. Premier Orlando Smith said August 20,…
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Swiss Banks Agree to Plan to End Past US Tax Evasion Issues!
Swiss banks are ready to pay hefty fines for sheltering United States tax fugitives under the terms of a new deal given the green light by the Swiss government on Wednesday. While official details will not be concluded until the US signs the agreement, both the cabinet and the Swiss Bankers Association (SBA) said the deal should…
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U.S. Turns Up The Pressure On Swiss Banks!
Thousands of Swiss bank workers have seen their data handed over to justice authorities in the United States and are now living with a considerable amount of uncertainty. Two years ago the US Department of Justice (DOJ) started investigating about ten Swiss banks suspected of helping thousands of wealthy Americans illegally evade taxes. …
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Foreign Tax Credit Compliance Tips!
The foreign tax credit laws are complex. Below are some quick summaries of the more complex areas of the law long with links to web pages on IRS.GOV with additional helpful resources. Foreign Sourced Qualified Dividends If a taxpayer receives foreign sourced qualified dividends and/or capital gains (including long-term capital gains, unrecaptured section 1250…
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