DOJ Says Wyly can’t use Cayman Islands Entity as Ch. 11 Creditor
By Law360 From LexisNexis The U.S. Department of Justice on Wednesday asked a Texas bankruptcy judge overseeing the Chapter 11 bankruptcies of business tycoon Sam Wyly and his sister-in-law to bar a Cayman Island entity controlled by the Wylys from…
Here’s a way to shut down Panama Papers-style tax havens — if we wanted to
By Jon Schwarz From The Intercept It would have been infuriating at any time of the year to learn about the massive tax evasion by the global 0.01 percent revealed by the Panama Papers leak. But it’s especially maddening for…
FATCA deadlines coming up
By Michael Cohn From Accounting Today Banks that deal with international tax reporting are facing a slew of upcoming deadlines and regulations. Among them are those related to FATCA, the Foreign Account Tax and Compliance Act that was included as…
IRS/DOJ Summons seeks to break Singapore Bank Secrecy on Non-Resident’s Account
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…
How the US Congress hands US corporate taxes to Europe
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…
An MIT economist explains the 3 biggest reasons buying a home is better than renting
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….
Cayman Islands: Getting up to date on FATCA – a recap and update
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…
Swiss banks fined for helping U.S. citizens evade taxes
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…
Jamaican jailed in US for US$3.6 million tax refund fraud
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…
[US] IRS targets secret offshore bank accounts
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…
