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Apple, Inc., which is based in the northern part of California, is best known for its iPhones, iPads and Mac computers, along with several other innovative tech gadgets. It is not as well known for being able to avoid paying the IRS approximately $30 billion in taxes....
Revenue Ruling 2013-14 describes a typical Mexican Land Trust (MLT), or fideicomiso, and concludes that the arrangement is not a trust within the meaning of § 301.7704-4(a).
The IRS is continuing to crack down on undisclosed foreign accounts. One common location for offshore accounts - the Caribbean - is now facing increasing scrutiny by the IRS.To read more, click here.
On May 20, 2013, the Supreme Court decided PPL Corp. v. Commissioner, holding that a British "windfall tax" imposed on privatized British companies has the predominant character of an excess profits tax and is therefore creditable under Internal Revenue Code (IRC)...
Many in California have been subjected to scrutiny from the IRS. Well, this time, it's the IRS that's being investigated. The U.S. Attorney General instructed the FBI to begin an investigation into how the IRS has dealt with certain political groups that are...
Luxembourg has recently agreed to enter into the Model I FATCA Agreement, which provides for an automatic exchange of information between the Luxembourg and American fiscal authorities on bank accounts held in Luxembourg by citizens and residents of the United...
Remember that FBAR reports are due for clients on June 28th, since there are no filing extensions on FBARs and the due date of June 30th falls on a Sunday this year. The filing deadline of June 15th for U.S. citizens and resident aliens living overseas or serving in...
A federal grand jury has indicted Drs. David Leon Fredrick and Patricia Lynn Hough alleging that they conspired to defraud the Internal Revenue Service (IRS) through a series of offshore accounts, using the funds buy homes in Florida, North Carolina and an airplane...
A recent California State Board of Equalization (BOE) decision illustrates California's broad reach to tax non-residents. Specifically, the California Franchise Tax Board (FTB) was able to successfully argue that additional tax was due from a non-California resident...
The tax administrations from the United States, Australia and the United Kingdom announced today a plan to share tax information involving a multitude of trusts and companies holding assets on behalf of residents in jurisdictions throughout the world.The three nations...
