We originally posted on Monday, May 6, 2013,Whistleblower Exposes Massive Offshore Corruption!, where we discussed a whistleblower's release of information to the International Consortium of Investigative Journalists concerning off-shore holdings of people and companies in more than 170 countries and territories hiding trillions of dollars in income and assets. Today the IRS announced in IR-2013-48, that the…
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Tax Court Decided That A MD's Asset Protection Trust Was A Sham!
The Tax Court has held, on that trusts established for asset protection by a doctor were shams. The trusts were disregarded and the doctor and his professional corporations owed taxes and penalties, as a result. The Court said that tax motivation alone, is not sufficient grounds for disregarding the trusts. To Determine whether an a An…
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IRS Issues 2010 Foreign Trust Statistics As Reported on Forms 3520 & 3520-A.
The 2010 foreign trust statistics reported on Forms 3520 and 3520-A show an increasing interest in foreign investment by U.S. taxpayers and the impact of changes made in 1996 to information reporting requirements. The number of Form 3520 returns reporting foreign trust transactions and certain foreign gifts rose by 104.1 percent, from 7,956 in 2006…
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Singapore Banks … No Longer a Safe Haven For Tax Cheats!
Banks in Singapore are urgently scrutinizing their account holders as an imminent deadline on strictertax evasion measures forces them to decide whether to send some of their wealthiest clients packing. The Southeast Asian city-state has grown into the world's fourth- biggest offshore financial center but, with U.S. and European regulators on the hunt for tax…
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