October 27, 2021

IRS/DOJ Summons seeks to break Singapore Bank Secrecy on Non-Resident’s Account

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By Scott D. Michel & Mark E. Matthews From Caplin & Drysdale, Chartered In late February 2016, the Justice Department filed an action in federal court to compel UBS’s branch in Miami to produce bank records of a Singapore account purportedly owned by a taxpayer who lives in China and is under IRS audit. With […]

How the US Congress hands US corporate taxes to Europe

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By Jeffrey Sachs Director, Earth Institute at Columbia University From Huffington Post The American Congress is so incompetent that it is arbitrarily handing billions of dollars of U.S. tax revenues to Europe. The issue involves tax manipulation by America’s top IT and pharmaceutical companies, including Google, Apple, Amazon, Microsoft, Gilead and others. These companies should […]

An MIT economist explains the 3 biggest reasons buying a home is better than renting

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By Erik Brynjolfsson, Quora From Business Insider “What do economists think about buying vs renting a house?” originally appeared as a question on Quora. Below we are republishing an answer from Erik Brynjolfsson, director of the MIT Initiative on the Digital Economy. First, the right way to think of your asset portfolio is to include both liabilities […]

Cayman Islands: Getting up to date on FATCA – a recap and update

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By Tim Dawson Cayman Finance From Mondaq What is FATCA? FATCA refers to US legislation more fully known as the Foreign Account Tax Compliance Act and includes the US Treasury regulations implementing it. It was enacted as part of the Hiring Incentives to Restore Employment Act of 2010 (otherwise known as the, “HIRE Act”) on 18 […]

Swiss banks fined for helping U.S. citizens evade taxes

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From CBC Crédit Agricole, Dreyfus Sons, Baumann avoid criminal charges after hiding assets from IRS Three Swiss banks, including a unit of France’s Crédit Agricole SA, will pay a total of more than $130 million US to the U.S. Justice Department to avoid possible prosecution for helping Americans evade taxes, the department said on Tuesday. […]

Jamaican jailed in US for US$3.6 million tax refund fraud

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From CARIBBEAN360 FLORIDA, United States, Friday December 4, 2015 – A well-known Jamaican-born community activist in South Florida has been jailed and ordered to pay USUS$3.68 million in restitution for using her tax preparation business to facilitate an income tax refund fraud. Pamella Watson, a certified public account, was sentenced to six and a half […]

[US] IRS targets secret offshore bank accounts

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By Lisa Smith From iExpats US taxpayers with secret bank accounts in Belize are about to feel the full force of the Internal Revenue Service (IRS). A federal court in Miami has issued summonses against Belize Bank International and Belize Bank aiming to identify accounts controlled by US taxpayers from 2006 until 2014. Belize banks […]

FACTA: Expect the unexpected (and the worst) in tax treatment and disclosure of offshore assets, particularly for Indian assets

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By Parag Patel in NRI Tax From The Economic Times On July 9, 2015, India and the US signed an agreement to implement the Foreign Account Tax Compliance Act (FATCA) that will facilitate exchange of information between the two countries starting on October 1, 2015. FATCA was signed by Revenue Secretary Shaktikanta Das and US […]

CARICOM: A collective bargaining unit for rights

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By Sir Ronald Sanders From CARIBBEAN360AUGUST 21, 2015 BRIDGETOWN, Barbados, Friday August 21, 2015 – The Caribbean regional integration project is often described and criticised almost entirely on the uneven benefits of trade to member countries. But, important as it is, there is more to the Caribbean Community and Common Market (CARICOM) than trade. While […]

IRS applies the §956 indirect investment rule to a partnership loan [Cayman Islands CFC]

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By Lowell D. Yoder, Esq. McDermott Will & Emery, Chicago, IL From Newly Enhanced! Premier International Tax Library Monday, October 6, 2014 – The IRS recently issued a Chief Counsel Advice (CCA) applying the §956 indirect investment rule to a loan made by a foreign partnership to one of its CFC partners, which used the […]