Switzerland and the United States have signed a controversial deal aimed at cracking down on wealthy American tax dodgers. The accord further undermines Switzerland’s tradition of banking secrecy. The Foreign Account Tax Compliance Act (Fatca) obliges foreign firms to report offshore accounts by US tax payers that amount to more than $50,000. The signing on…
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IRS' Whistleblower Program is in High Gear!
It official that the IRS' Whistleblower Program is in High Gear! The Internal Revenue Service issued its 2012 report to congress regarding the results of its' Whistleblower Program. During FY 2012, the IRS received 332 whistleblower submissions relating to 671 taxpayers that, based on the face of the submissions, appear to meet the threshold of…
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IRS Issues Memorandum For Obtaining an ITIN When Requesting ASFR/SFR Reconsideration.
SBSE-05-0213-009 February 7, 2013 Impacted: IRM 5.21.7 Procedures for Obtaining an ITIN when Requesting ASFR/SFR Reconsideration Current procedures for requesting an ITIN for cases in which ASFR/SFR reconsideration is needed has caused delays and confusion in processing the Form 3870 adjustment. Both the ITIN Operation and the ASFR/SFR unit need the original return to…
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OECD Could Lead to Redefining Global Taxation Rules
The OECD produced this report from the concern of many of it members regarding whether there is fair taxation of the profits of multinational corporations operating in the global market as compared to smaller businesses which operate mainly in domestic market. On February 12, 2013, the OECD released its report Addressing Base Erosion and Profit…
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