Switzerland’s tax disputes with the United States and some European nations are “an economic war’’ putting 20,000 jobs at risk, the CEO of Swiss banking giant UBS AG has been quoted as saying. Switzerland has recently tried to shed its image as a tax haven, signing deals with the United States, Germany and Britain to…
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Final Regulations on Treatment of Gain With Stock in Foreign Corporations Issued by IRS
The Internal Revenue Service released final regulations (T.D. 9585) April 23 on the treatment of gain recognized with stock in certain foreign corporations upon distributions. The new rules finalize proposed regulations (REG-147636-08) issued in February 2009 that cross referenced final and temporary regulations (T.D. 9444) involving tax code Sections 367(a) and 367(b) to certain transfers…
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Barnesandnoble.com Owes New Mexico $534,000 in Sales Taxes
A nationally known online bookseller must pay more than a half million dollars in taxes for books, music and movies bought by customers in New Mexico, the state Court of Appeals has ruled in a dispute over the state's power to tax corporate chains and Internet shopping. The court's decision came Wednesday in a case…
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Foreign accounts in Miami to be disclosed….
Tax rule would force banks to disclose identities of foreigners who make US deposits. Over the objections of Florida lawmakers, the U.S. Treasury Department has issued a new rule that will force banks to disclose the identity of foreigners who deposit their money in America. The regulation - which represents a major shift in…
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