LUXEMBOURG, Dec 6 (Reuters) - In 2005, Amazon rented a historic five-story building in Luxembourg's Grund quarter, right at the bottom of a steep rock-walled valley below the old town. By setting up in Luxembourg, and channeling sales through its units there, the world's biggest online retailer could minimize corporate taxes. Amazon's Luxembourg arrangements have…
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Switzerland Agrees to US FATCA Implementation!
Switzerland has agreed to comply with U.S. disclosure rules on offshore accounts controlled by Americans set for 2014, Swiss president Eveline Widmer-Schlumpf said on Tuesday."We have initialled the agreement," Widmer-Schlumpf said in parliament in response to questions from lawmakers, without providing further details. The agreement, which will come up for final government approval in January,…
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IRS – New Program Targets Underreporting by Form 1099-K Taxpayers
The IRS launched a New Compliance Program targeting the underreporting of income by Merchant taxpayers who receive Form 1099-K information returns from credit card companies and third-party transaction networks. If you receive a letter or notice from the IRS, it will explain the reasons for the correspondence (Audit) and provide instructions. The notice you receive…
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IRS Posts Updated ITIN Procedure!
The Internal Revenue Service has announced updated procedures to strengthen the Individual Taxpayer Identification Number (ITIN) program requirements. The new modifications and documentation standards further protect the integrity of the ITIN application process and strengthen the refund process while helping minimize burden for applicants.ITINs play a key role in the tax administration process and…
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