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Monthly Archives: September 2012

United Kingdom Signed Bilateral FATCA Agreement


WASHINGTON – The U.S. Department of the Treasury announced today that it has signed a bilateral agreement with the United Kingdom to implement the information reporting and withholding tax provisions commonly known as the Foreign Account Tax Compliance Act (FATCA).
 
Enacted by Congress in 2010, these provisions target non-compliance by U.S. taxpayers using foreign accounts. The bilateral agreement signed this week is based on the model published in July of this year and developed in consultation with France, Germany, Italy, Spain, and the United Kingdom and marks an important step in establishing a common approach to combatting tax evasion based on the automatic exchange of information.
 
These provisions target noncompliance by U.S. taxpayers using foreign accounts. Signing the bilateral agreement sets forth a way to tackle tax evasion based on the automatic exchange of information.

“Today’s announcement marks a significant step forward in our efforts to work collaboratively to combat offshore tax evasion,” said Treasury Assistant Secretary for Tax Policy Mark Mazur.
 
“We are pleased that the United Kingdom, one of our closest allies, is the first jurisdiction to sign a bilateral agreement with us and we look forward to quickly concluding agreements based on this model with other jurisdictions.”
 
The Treasury Department is in communication with several other governments who have expressed interest in concluding a similar bilateral agreement to implement FATCA and expects to sign additional bilateral agreements in the near future.
 
The Treasury Department and the IRS also are continuing to work towards finalizing the regulations implementing FATCA in the near term.
 


If you have Unreported Income From Foreign Banks, contact the Lawyers at Marini & Associates, P.A. for a FREE Consultation at www.TaxAid.usorwww.TaxLaw.msor Toll Freeat 888-8TaxAid (888 882-9243).

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Source:

US Treasury



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FORMER US AIRWAYS PILOT SENTENCED IN NORTH CAROLINA TO 10 YEARS IN PRISON FOR TAX FRAUD

WASHINGTON – Charles A. Davis, 63, formerly of Mooresville, N.C. was sentenced today in U.S. District Court to 120 Months in Prison for committing tax fraud, the Justice Department and Internal Revenue Service (IRS) announced. U.S. Judge Richard L. Voorhees in the Western District of North Carolina also ordered Davis to serve 12 Months of Supervised Release after his prison term and Pay $538,569 as restitution to the IRS.

If you have Tax Problems, contact the Tax Lawyers at Marini & Associates, P.A. for a FREE Tax Consultation at www.TaxAid.us or www.TaxLaw.ms or Toll Free at 888-8TaxAid (888 882-9243).

Source:

DOJ

Read more at: Tax Times blog

Tax Court Holds That No Abuse Discretion By IRS Appeals Officer in Denying Offer

The Internal Revenue Service's rejection of a taxpayer's offer in compromise of $28,000 for a tax liability of more than $150,000 was not an abuse of discretion, because the taxpayer failed to prove any special circumstances warranting

During the CDP hearing the settlement officer advised petitioner that the OIC would not be accepted because petitioner’s Form 1120 submitted with the OIC showed loans to shareholders of $443,887as of October 1, 2007, and $468,888 as of September 30, 2008.

Both settlement officers encountered multiple pieces of evidence in the administrative record which stated that outstanding loans to shareholders payable to petitioner existed, including the first Form 1120.  
 
Additional information relevant to the shareholder loan issue was then requested, and both OICs were rejected when petitioner failed to provide satisfactory evidence that no loans to shareholders existed. The information requested of petitioner was not available to the settlement officers internally (indeed, many of the internally available records stated that loans to shareholders existed), and no blanket request from petitioner was made.  

Therefore the Tax Court found that the IRS's determinations were not arbitrary, capricious, or
without sound basis in fact or law.
If you need an Offer in Compromize, contact the Tax Lawyers at Marini & Associates, P.A. for a FREE Tax Consultation at www.TaxAid.us or www.TaxLaw.ms or Toll Free at 888-8TaxAid (888 882-9243).

 
 

 

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Swiss – US Tax Deal Terms Not Likely to Ease if Romney wins

A Romney White House would make the same demands as the current
administration has before agreeing to wipe the slate clean for 11 Swiss banks suspected of helping wealthy Americans evade taxes, Switzerland's Finance Minister said.
Switzerland needs the tax deal so that it can normalise its banking relations with the United States, but Widmer-Schlumpf has played down expectations that Switzerland could force a breakthrough before the November election, suggesting the ball is firmly in the U.S. court.

After the election in November, it would be several months before a new administration came in, then three or four more for new officials to get up to speed, Widmer-Schlumpf said.

Asked if the U.S. political line would change if Romney won the election, she said she thought not.

Our take is that repealing FATCA is political suicide for either party. How can either party justify repealing law which is designed to convert former tax dodgers into taxpayers?

If you have Unreported Income From Swiss Banks, contact the Lawyers at Marini & Associates, P.A. for a FREE Consultation at www.TaxAid.usor www.TaxLaw.msor Toll Freeat 888-8TaxAid (888 882-9243).

Call US before Uncle Sam finds you!

Source:

 

Read more at: Tax Times blog