A White House proposal that would require U.S. multinational corporations to pay a minimum tax on their overseas profits is designed to make the corporate system fairer and discourage companies from moving to lower-tax jurisdictions. The new tax would be designed to prevent other countries from attracting American businesses through low tax rates and the…
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Ex-bank employee fined $25,000 for SAR disclosure
On December 15, 2011, the Financial Crimes Enforcement Network (“FinCEN”) assessed a $25,000 civil money penalty against a bank employee for unlawfully revealing the existence of a Suspicious Activity Report (“SAR”) to the subject of the SAR (“CMP”). FinCEN determined that the bank employee violated the Bank Secrecy Act (BSA) and its implementing regulations by…
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How Much Taxpayer Information is Currently Being Exchanged?
PALO ALTO—U.S. participation in exchange of information agreements does not mean that the Internal Revenue Service automatically releases taxpayer information to any nation that requests it, Douglas O'Donnell, IRS assistant deputy commissioner (International), said Jan. 20. “Every country that's on the receiving end of a specific request is paying very close attention to the narrative…
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Romney offshore accounts contain up to $32 million.
The Miami Hearld reports that Republican presidential candidate Mitt Romney owns investments worth between $7 million and $32 million in offshore-based holdings, which are often used legitimately by private equity firms to attract foreign investors. Such offshore accounts also can enable wealthy investors to defer paying U.S. taxes on some assets. The six Romney offshore holdings…
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