Bill to Implement Expanded Foreign Bank Reporting Proposals Expected to be Enacted Soon

Legislation that would put in place the provisions of the Foreign Account Tax Compliance Act, with a host of new reporting and disclosure requirements for…

U.S. Official Rules out Renegotiation of Accord with Switzerland on UBS Data

The United States is unwilling to renegotiate an agreement with Switzerland under which the Swiss government promised to…

Connecticut Offshore Amnesty Program Expected to Collect $5 Million

A Connecticut program that allowed state taxpayers with unreported income from hidden offshore accounts to come forward to participate in a voluntary disclosure agreement has…

New York Continues Arrests of Non-Filers of State Tax Returns

The New York State Department of Taxation and Finance Feb. 2 announced that 18 individuals across the state were arrested on…

Treasury Completes Negotiations for New Income Tax Treaty with Chile

The Treasury Department Jan. 26 said it has concluded negotiations on…v

Administration Will Take Close Look at Subpart F, Foreign Tax Credit, Officials Say

SAN ANTONIO—Treasury International Tax Counsel Manal Corwin Jan. 22 said the administration will take a close look at Subpart F and the foreign tax credit in the…

Efforts Continuing to Track Down Individuals, Banks Hiding Offshore Assets

The government is continuing concerted efforts to track down U.S. individuals, foreign individuals, and foreign banks that hid or helped to hide assets from U.S. tax, senior officials said Jan. 20…

Fourth Circuit Finds Probation Sentence in Tax Evasion Case Not Reasonable

The U.S. Court of Appeals for the Fourth Circuit Jan. 13 found that a district court judge committed a significant procedural error in…

IRS Voluntary Disclosure Program Poses Threat To Foreign Banks

It is a tried-and-true prosecutorial strategy that makes up in effectiveness what it lacks in subtlety—prosecute a lesser party to a criminal matter and induce his or her cooperation against the major players by threatening a lengthy prison sentence if he or she does not cooperate and leniency if he or she does.

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