On Aug 01 2013, John D. (Jay) Rockefeller IV introduced legislation to close a tax loophole, currently exploited by the cruise industry, that has given cruise lines the ability to avoid paying U.S. income tax. For the past seven years, Carnival and Royal Caribbean – which represent 71 percent of the global cruise industry…
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Joint Filing Does Not Automatically Make a NRA Spouse a RA!
The Chief Counsel's Office release on 6/21/13, CCA 201325013 which addresses whether a nonresident alien who filed, possibly in error, Forms 1040 income tax returns jointly with his wife, who is a U.S. citizen, is now subject to the §6677 penalty for the failure to file information returns required under §6048 with respect to certain foreign trusts…
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Eight Tips for Taxpayers Who Owe Taxes
While most taxpayers get a refund from the IRS when they file their taxes, some do not. The IRS offers several Payment Options for those who owe taxes. Here are eight tips for those who owe federal taxes. Tax bill payments. If you get a bill from the IRS this summer, you should pay it…
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Liechtensteinische Landesbank Turned Over 200 Clients to US government.
We originally posted on Monday, July 22, 2013, Liechtensteinische Settlement with US is Imminent! Now Vaduz-based bank Liechtensteinische Landesbank (LLB) has agreed to pay the US government more than USD23.8 million in return for the dropping of charges of helping American clients evade tax between 2001 and 2011. The forfeiture comprises USD16.3 million of revenues…
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