California residents are probably beginning to gather all their documents in preparation for filing their taxes soon. The IRS is becoming aware of taxpayers who are not in compliance with the requirements of IRA distributions and are issuing a warning that they will...
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Month: December 2012
U.S. and Norway Sign Competent Authorities Agreement Clarifying Sourcing of Income
Tax Analysts is reporting that on December 19, the IRS released an agreement signed by U.S. and Norwegian competent authorities that clarifies special sourcing provisions in the Norway-U.S. income tax treaty with regard to income received for performing...
Tax controversy arises with California organization
There are a substantial number of criteria that must be met for an organization to be considered exempt from taxes. Normally, a 501 (c) 3 status allows certain organizations to be free from paying taxes based on their organization's not-for-profit goal. To meet the...
Switzerland Announces Watered-Down Plan to Avoid Untaxed Assets
Reuters is reporting that on December 14, 2012, the Swiss government announced a plan in an effort to clean up the country's image as a haven for untaxed assets. The plan, however, fell short of a requirement which would have required banking clients to prove that...
IRS Extends and Revises its Voluntary Classification Program
The Internal Revenue Service (IRS) announced that it is revising and expanding eligibility for its Voluntary Classification Settlement Program (VSCP), extending the program through June 30, 2013. The VSCP is available to businesses, tax-exempt organizations and...
U.S. Treasury and Ireland finalize Anti-Tax Evasion Pact
Reuters is reporting that the United States (US) and Ireland have agreed to share information about wealthy citizens' financial accounts in an agreement intended to combat tax evasion. This pact marks the latest in a series of bilateral agreements announced in recent...
Starbucks Offers To Voluntarily Pay More United Kingdom Corporate Taxes
The New York Times recently reported that Starbucks offered to pay Great Britain around $16 Million dollars in corporate taxes in order to quell the protests against the retail coffee giant, when it was revealed that Starbucks had not paid corporation tax in the U.K....
Franchise Tax Board Announced New Chief Counsel
On December 10th, 2012, Franchise Tax Board (FTB) Executive Officer, Selvi Stanislaus, announced Jozel Brunett as the FTB's new Chief Counsel. Ms. Brunett has been with the FTB for 18 years. Ms. Brunett was most recently director of the Tax Administration and...
Switzerland Initials U.S. Pact against Tax Evasion
Bloomberg News reports that the Swiss government has initialed an agreement with the United States (US) which helps American authorities crack down on wealthy citizens evading taxes in their home country.The US adopted Foreign Account Tax Compliance Act (FATCA) in...
California Sales Tax Increase Effective January 1, 2013
In the November election, California voters passed Proposition 30, and as a result the statewide sales and use tax rate will increase one quarter of one percent (0.25%) beginning on January 1, 2013. The higher tax rate will apply for four years; January 1, 2013...
