November 17, 2019

Facebook, Coke could face tax hit after ruling against Medtronic

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By Lynnley Browning and Sony Kassam Bloomberg News From Accounting Today Last week, Medtronic Plc suffered a legal setback in its bid to avoid a $1.4 billion U.S. tax bill — a ruling that may have costly implications for other multinationals battling the Internal Revenue Service over the use of overseas payments to lower their […]

Making a living scamming the scammers

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By Jamie Rigg From engadget Kitboga’s made a career out of wasting time. “Well, my grandchildren were over and it’s something about a pornography virus,” says the soft voice of an elderly woman over the phone. “I unplugged my computer right away,” she continues, and after she explains her worries in a little more detail, […]

US: Ninth Circuit decision for IRS affects shifting of income to tax havens

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By Peter J Reilly From Forbes The Ninth Circuit is generating a lot of excitement this week.  Probably most exciting is its ruling that open carry is a constitutional right protected by the Second Amendment.  But this is a tax blog, so I get to write about Altera Corporation & Subsidiaries v IRS.  It is […]

Not-so-homegrown home sales

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By Alison Rich From The MReport There’s international appeal in U.S. real estate, and, according to recent IRS data, certain countries seem especially smitten with it, ZillowResearch reports. Back in 2015, non-resident foreigners sold $10.5 billion of U.S. real estate, trouncing the amount sold in 2014 ($8.4 billion) and also in 2013 ($7.5 billion), Zillow […]

Stanford investing billions offshore in Central America and Caribbean, tax returns show

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By Brian Contreras From Stanford Daily Stanford has nearly 10 billion dollars invested in Central America and the Caribbean, analysis of the University’s tax returns shows. Held offshore in places like Bermuda and the Cayman Islands, much of this money is not subject to taxes, including the 1.4 percent tax on University endowment earnings implemented […]

US: Dominican national pleads guilty to identity theft and fraud

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By NELSON A. KING From Caribbean Life The United States Department of Justice (DOJ) says a Dominican Republic national who lived in Lawrence, Mass., has been sentenced to 11 years in prison after pleading guilty in the middle of his trial in connection with stolen identity refund fraud. The Justice Department said on Thursday that […]

How reinsurers help hedge funds shelter taxes

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By Sonali Basak From Bloomberg It’s not the warm waters that have attracted so many corporations to places like Bermuda, the British Virgin Islands and the Cayman Islands. It’s how these havens help keep profits from tax collectors. To prevent U.S. companies from shifting earnings offshore, Republicans in the U.S. House of Representatives are weighing […]

Womack sentenced to federal prison for lying under oath [about her Cayman Islands businesses]

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By James Dornbrook From Kansas City Business Journal Kansas City businesswoman Cheryl Womack was sentenced to one year and six months in federal prison without parole and ordered to pay $1.7 million in restitution to the Internal Revenue Service. Womack pleaded guilty in April 2016 to impeding an IRS investigation by lying under oath about […]

WSJ: IRS Using New Tools to Find If You Are Hiding Money Overseas

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By F McGuire From Newsmax The Internal Revenue Service reportedly is getting better at finding secret stashes of overseas cash. As a result of the government’s prying eyes, “tax evaders are receiving harsher penalties than ever, including prison,” The Wall Street Journal reported. Since a crackdown began in 2009, more than 55,800 people have paid […]

Cayman Islands: FATCA repeal on agenda of US Republicans

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From IFC Review. Washington’s Foreign Accounts Tax Compliance Act, known as FATCA, will be assailed afresh as lawyers and lobbyists renew efforts to repeal the law as part of President Donald Trump’s tax reform, reports Cayman Compass. Washington-based Jim Jatras, a Republican and co-leader of the Campaign to Repeal FATCA, says “lots is happening,” and […]