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The FATCA registration website is projected to be accessible to financial institutions on August 19, 2013. Other key dates for registration, however, will be extended by six months. After the FATCA registration website opens, a financial institution will be able to...
On July 1, 2013, the California FTB began its Withholding Voluntary Compliance Program for eligible withholding agents who did not remit the required resident, nonresident, and real-estate withholding. Although the unpaid withholding must be paid, with interest, the...
A man who dedicated 40 years of his life to the banking industry may end up doing time in prison as a result of not reporting bank accounts on his U.S. tax returns. The man, who retired in California, has been ordered to pay a fine in the amount of $1.5 million for...
As major nations learn of the tax loss caused by legal tax provisions exercised and optimized by Big Business such as Apple, Dell and Google, the G20 has requested measures to stop companies from shifting profits into tax haven countries.The Group of 20, or G20, is a...
Many decisions are made when starting a new business, including five issues the IRS has identified as key considerations. Whether it is the type of business you will form, the manner by which you report and pay taxes, the account method you may elect or day to day...
The Organization for Economic Cooperation and Development (OECD) has identified four steps necessary for transparency and the automatic exchange of information regarding financial accounts through a cost effective and secure system, in an effort to end offshore tax...
Early this year, the United States Government Accountability Office (GAO) identified an area of tax evasion the IRS may have missed. Specifically, taxpayers with undisclosed offshore accounts who have attempted to come into compliance quietly, and not through one of...
In the National Taxpayer Advocate's 2012 Report to Congress, it issued data highlighting the disproportionate penalties to account holders with undisclosed offshore accounts who participate in the IRS' Offshore Voluntary Disclosure Program (OVDP). Generally, if a...
As you likely are aware, FBARs are due June 30th, which is a date that cannot be extended, even when June 30th is on a weekend, as it is this year. Therefore, FBARs are due to be received by the Department of the Treasury in Detroit, Michigan, by Friday, June 28th. On...
California taxpayers may be interested to know that a couple was recently indicted in federal court on counts of fraud and tax evasion. At the heart of their alleged tax crimes is nearly $1 million the IRS says the couple hid in an offshore account. The couple has...
