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...
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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...
Unlike California, Michigan Court holds that Multistate Election is Not Available to Taxpayers
On November 20, 2012, a Michigan Court of Appeals ruled that the Multistate Tax Compact (MTC) election is not available for Michigan taxpayers. The Court of Appeals affirmed the lower court's decision that IBM could not elect to apportion its income according to the...
U.S. and Mexico Sign FATCA Implementation Agreement
On November 19, 2012, the Mexican Undersecretary of Revenue, José Antonio González Anaya, and United States Assistant Secretary for Tax Policy, Mark J. Mazur, signed a government-to-government agreement for the bilateral implementation of the Foreign...
United States Signs Bilateral Agreement with Denmark to Implement FATCA
On November 15, 2012, the United States and Denmark signed a reciprocal bilateral agreement and memorandum of understanding laying out a cooperative governmental approach to implementing the Foreign Account Tax Compliance Act (FATCA). This is only the second such...