Posts Tagged ‘IRS’
US, Australia, UK team up to fight tax evasion
As reported by the IRS, the U.S., Australia and the United Kingdom have announced a plan to share tax information regarding trusts and companies throughout the world. Sharing information regarding these entities, which hold assets for citizens of different jurisdictions, is only the latest
IRS serves John Doe summons on Wells Fargo
The IRS has been granted the authority to serve a summons on Wells Fargo regarding offshore tax evasion. The summons, which concerns information regarding possible accounts at Canadian Imperial Bank of Commerce FirstCaribbean International Bank (FCIB), was authorized by a federal court in
Focus on Form W-2G
Form W-2G, Certain Gambling Winnings, is used to report tax information regarding income related to gambling. This can include money from lotteries, raffles, horse and dog races, casinos and prizes such as cars, houses and trips. Why was this form created? Form W-2G allows the U.S. government to
UK government criticizes large accounting firms
The British Parliament is setting its sights on the Big Four accounting firms when it comes to tax avoidance, according to Accounting Today. The news source reports that the Public Accounts Committee in the British Parliament has criticized large accounting firms regarding their contributions to
IRS must do more to close Tax Gap
A new report from the Treasury Inspector General for Tax Administration (TIGTA) says that the IRS needs to be doing more to close the Tax Gap, according to an article from CPA Practice Advisor. The Tax Gap, which is defined by the IRS as the "amount of tax liability faced by taxpayers that
British Virgin Islands to sign FATCA agreement
The British Virgin Islands (BVI) is the latest territory to jump on board with the Foreign Account Tax Compliance Act (FATCA). The BVI government recently announced that it will be signing a Model I intergovernmental agreement (IGA) with the U.S. in order to comply with FATCA regulations. Model 1
Offshore tax evasion makes ‘Dirty Dozen’ list
The IRS has once again released its annual list of the "Dirty Dozen" tax scams, which range from identity theft to false Form 1099 refund claims. However, one portion of the list seems more relevant than ever considering recent legislation: hiding income offshore. "Over the years,
FATCA’s effects on financial institutions discussed
Implementation of the Foreign Account Tax Compliance Act (FATCA) will require financial institutions to invest in advanced technology to keep up with the regulations, according to an article from BankTech.com. BankTech makes the case that the sheer volume and complexity of the FATCA regulations
