The enormous value of whistleblowers has once again been demonstrated with the release this of an investigation by the International Consortium of Investigative Journalists into off-shore holdings of people and companies in more than 170 countries and territories hiding trillions of dollars in income and assets. Deutsche Bank was one of the banks the ICIJ…
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GAO Reports a Big Increase in FBAR Reporting – Maybe It Is A Result of IRS Enforcement Efforts?
The number of American taxpayers reporting foreign accounts to the Internal Revenue Service (IRS) doubled to 516,000 between 2007 and 2010, according to the US Congress' General Audit Office (GAO). The GAO investigation also found that 6 per cent of US taxpayers who took up the IRS' 2009 offshore tax amnesty received penalties of USD1…
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IRS Increases Estate Tax Audits
During 2012, the Internal Revenue Service (IRS) Audited Estate tax returns in greater volumes than any other category of individual tax returns. The 2012 Internal Revenue Service Data Book showed that 29.9% of the 12,582 estate tax returns that were filed in 2011 were audited by the IRS. The figure was a major rise from the…
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Billionaires Flee Havens as Trillions Pursued Offshore
Billionaire Dmitry Rybolovlev, Russia’s 14th-richest person, and his wife, Elena Rybolovleva, have been brawling for almost five years in at least seven countries over his $9.5 billion fortune. More than 30 percent of the world’s 200 richest people, who have a $2.8 trillion collective net worth,Bloomberg Billionaires Index, control part of their personal fortune through…
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