While the US is pushing to sign up as many countries as possible to an IGA, for Hong Kong & China signing an IGA appears less appealing. Speaking at a PwC Fatca roundtable in Hong Kong on February 6, Anthony Tong, US tax consulting leader for Greater China, said it is the US that would…
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Foreign Trusts With Individual Trustees Are NFFE's & Are Not Subject to FATCA Reporting.
As we reported on Monday, January 28, 2013 in our post Significant Changes in Final FATCA Regulations, the US Treasury Department published final rules governing enforcement of the Foreign Account Tax Compliance Act (FATCA). The regulations indicate that trusts with individual trustees will be NFFEs (non financial foreign entities), whether those individuals are professional trustees are not.…
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Advantages of Using an Offer in Compromise to Settle Payroll Taxes
Very few tax professionals and business owners realize, that just like a personal IRS tax debt, back payroll taxes can be negotiated down using the IRS Offer in Compromise program. Anthony E. Parent, Esq. posted a good article which discuss the six advantages of using an Offer in Compromise to settle back payroll tax debt, which include:…
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Study Shows that US Corporations are increasing the use of Tax Havens to Shift Profits.
A US government investigation has confirmed that American multinational companies are increasingly adopting tax strategies to shift their profits out of high-tax jurisdictions such as Canada and the UK. The Congressional Research Service analyzed profit data from multinational companies and compared reported profits and other business activity in lower-tax jurisdictions versus higher-tax countries like the United…
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