The UK Press is running a series claiming to expose an 'extraordinary global network of sham company directors, most of them from the UK. Nominee directors are exposed as operating thousands of offshore companies, some said to be helping UK residents avoid tax and conceal their assets. They have published profiles of some wealthy individuals…
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Mexican FATCA Agreement Requires New Reporting By BOTH Mexican & US Banks!
We first posted Mexico Becomes the 3rd Country to Sign a FATCAAgreement on Tuesday, November 27, 2012. The Treasury Department has now posted this agreement on its Website. This agreement sets out each Parties’ Obligations to Obtain and Exchange Information with Respect to Reportable Accounts which includes : A. MEXICO REPORTING TO THE US WITH RESPECT TO…
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Pictet & Bank Frey Added to Widening U.S. Probe of 13 Swiss Banks.
We orginally posted on Tuesday, May 8, 2012, Swiss bank Pictet gave data to U.S. in tax probe regarding Swiss bank Pictet statement that it handed over bank account details to U.S. authorities probing cases of tax evasion, as a newspaper reported it had accepted funds from two former UBS clients suspected of having cheated on…
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2013 Brings Increased IRS Scrutiny of Partnerships & Passthrough Entities
Partnerships and passthrough entities will receive much more attention by the IRS's Small Business/Self-Employed Division beginning in 2013. SB/SE is developing an enterprise-wide strategy, in conjunction with the Large Business and International Division, “to address the inherent risks that exist with these sorts of business structures,” Fink said at the Fall Tax Division Meeting…
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