AITC December News Flash - Viviane Reding, Vice‐President of the European Commission and the European Union (EU) Justice Commissioner, spoke on the future cooperation with the United States at the 2nd Annual European Data Protection and Privacy Conference in Brussels on December 6. She confirmed that collection and storage of personal information are essential in…
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Offshore Voluntary Disclosure Program Reopens!
IRS Offshore Programs Produce $4.4 Billion to Date for Nation’s Taxpayers; Offshore Voluntary Disclosure Program Reopens WASHINGTON — The Internal Revenue Service today reopened the offshore voluntary disclosure program to help people hiding offshore accounts get current with their taxes and announced the collection of more than $4.4 billion so far from the two previous…
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US moves toward legal action against Swiss bank
(Reuters) U.S. authorities are moving toward taking legal action against Wegelin & Co, which could lead to an indictment of one of Switzerland's last pure private banks, on charges that it enabled wealthy Americans to evade taxes, according to two persons with knowledge of the case. The latest turn in the Wegelin case comes amid…
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Late-Filed State Returns Are Not Returns For Purposes of Discharge in Bankruptcy
In re McCoy, No. 11-60146 (5th Cir. 1/4/12): Debtor's late-filed state income tax returns not considered returns for bankruptcy discharge purposes under plain language of statute. Facts: Taxpayer (T) filed for bankruptcy in September 2007. T received a discharge in January 2008, and in December 2008 returned to commence a post-discharge adversary proceeding against…
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