On April 15, 2016 we posted US Pressured For Beneficial Ownership Rules where we discussed that in a speech by Treasury deputy assistant secretary Jennifer Fowler to a financial crime conference earlier in April noted that the Treasury is in the process of introducing a new rule forcing financial institutions to perform customer due diligence checks on new…
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Trump's Anti-Union Drumbeat Could Be Trouble for the IRS
We previously posted President-Elect Donald Trump Is Less Than Ideal for Tax Advisers? where we discussed that Donald Trump has proposed tax reforms that would: Significantly reduce marginal tax rates for both individuals and businesses, Increase standard deduction amounts to nearly four times current levels, Limit or repeal some tax expenditures, Repeal the…
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IRS Revises List of Qualifying Countries for Automatic Exchange of Information
In a Rev Proc 2016-56,2016-51 IRB, the IRS has updated two lists of countries with which the U.S. has in effect an agreement that requires payors to report certain deposit interest paid to nonresident alien individuals who are residents of the other country under Reg. § 1.6049-8(a) and Reg. § 1.6049-4(b)(5). One list is of…
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A Holiday Summons A Tale of Grinches, Princes, Bankers, Toymakers and Offshore Tax Evasion
Pocedurally Taxing recently posted regarding Dave Breen's, the acting Director of Villanova’s Low Income Taxpayer Clinic, view regarding the case of Greenfield v US; a recent IRS setback in a summons enforcement case out of the Second Circuit. Dave's take on this recent case is that taxpayers and some practitioners may believe that the era of IRS…
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