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Monthly Archives: February 2013

Study Shows that US Corporations are increasing the use of Tax Havens to Shift Profits.

A US government investigation has confirmed that American multinational companies are increasingly adopting tax strategies to shift their profits out of high-tax jurisdictions such as Canada and the UK.
The Congressional Research Service analyzed profit data from multinational companies and compared reported profits and other business activity in lower-tax jurisdictions versus higher-tax countries like the United Kingdom and Canada.

In the tax year 2008, they declared 43 percent of their overseas profits in Bermuda, Ireland, Luxembourg, the Netherlands, and Switzerland, while placing only 7 per cent of their foreign investments in those countries.
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Source:

Reuters

 

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US Tax Court Finds Taxpayer Liable For Transferee Liability

U.S. Tax Court held in T.C. Memo. 2013-32 that the taxpayer George Schussel, was subject to transferee liability, because he caused his corporation to evade income taxes, the Jan. 31

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Interim Guidance For Fresh Start II Program For OIC & Payment Plans

The IRS SB/SE Division released interim procedural guidance SBSE-05-0112-0264 on the Fresh Start II program, dated January 27, 2013 which included revisions to Internal Revenue Manual Section 5.19.1.

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Read more at: Tax Times blog