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Monthly Archives: July 2013

Liechtensteinische Settlement with US is Imminent!

July 22, 2013

Liechtensteinische Landesbank is close to reaching a settlement with the US Department of Justice, which is threatening to prosecute it for allegedly abetting tax evasion by American clients.

LLB would become the third European bank, after Switzerland's UBS and Wegelin, to settle with U.S. authorities clamping down on offshore banks they accuse of helping wealthy Americans to avoid paying tax.

The tiny European principality of Liechtenstein has been quicker than Switzerland to succumb to pressure on its banking secrecy laws, but its banks have struggled with the resulting drop in client assets.


LLB now expects the settlement to cost it up to CHF47 million (USD50 million), rather than the CHF16 million originally budgeted.

In March it announced plans for a 25 per cent staffing cut following the closure of its Swiss operation.

And what about ALL THOSE NAMES OF US DEPOSITORS?

Undeclared Income from an Offshore Bank Account?
 
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:

Reuters

Read more at: Tax Times blog

Tax Practitioners Protest End of e-Services Tools

July 22, 2013

A petition of nearly 4,000 practitioner signatures has gone to the IRS to urge it to reverse its decision to retire two e-Services products used to file disclosure authorizations and resolve IRS account problems.

In June, the IRS said that it plans to retire the Disclosure Authorization and Electronic Account Resolution e-Services products on August 11 “due largely to low usage” (see “IRS to Shut Down Disclosure Authorization and Electronic Account Resolution Apps.”)

According to New River Innovation, the makers of Beyond 415, a Web software designed to help practitioners with best practices and automation for post-filing work and the entity that submitted the petition, “An overwhelming number of practitioners were upset and disappointed to learn that they would lose the convenience of interacting with the IRS electronically.”

"Overwhelming" practitioner response to this issue, according to New River, “spurred a grassroots movement to petition the IRS to abandon its plans to retire  the e-Services products or replace the products with other electronic solutions. Various tax professional associations are also pushing the IRS to reconsider its decision.”

Disclosure Authorization, in particular, is popular among practitioners because it offers an efficient alternative to filing authorizations with the IRS Centralized Authorization File unit, which experiences long average processing times, New River added in a statement.

"This is a critical component to help advisors get their taxpayers clients right with the IRS", said Ronald A. Marini, Esq. of Marini & Associates, PA a Nationwide  Tax Resolution Law Firm.

 Need Help with the IRS?

Contact the Tax Lawyers

of 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:

Accounting Today

 

Read more at: Tax Times blog

IRS Launches New FATCA Web Page

July 19, 2013

 

The IRS has redesigned and updated its FATCA web pages to include:

  1. A new landing page for US financial institutions  that  addresses  their FATCA responsibilities.  
  2. Another new page provides information for governments interested in Intergovernmental Agreements (IGAs).   
  3. A link for the FATCA registration website will be added  in August, when the registration system opens.
Need FATCA Help?

Contact the Tax Lawyers

of 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).  
 
 
 
 

Read more at: Tax Times blog

OECD launches Action Plan on Base Erosion and Profit Shifting

July 19, 2013

National tax laws have not kept pace with the globalization of corporations
and the digital economy, leaving gaps that can be exploited by multi-national corporations to artificially reduce their taxes.

OECD’s Action Plan on Base Erosion and Profit Shifting (BEPS) offers a global roadmap that will allow governments to collect the tax revenue they need to serve their citizens. It also gives businesses the certainty they need to invest and grow.

Produced at the request of the G20 and introduced at the G20 Finance Ministers’ meeting in Moscow, the Action Plan identifies 15 specific actions that will give governments the domestic and international instruments to prevent corporations from paying little or no taxes. 

  • Establishing international coherence of corporate income taxation
  • Restoring the full effects and benefits of international standards
  • Ensuring transparency while promoting increased certainty and predictability and
  • From agreed policies to tax rules: the need for a swift implementation of the measures

 
Domestic and international tax rules should relate to both income and the economic activity that generates it. Existing tax treaty and transfer pricing rules can, in some cases, facilitate the separation of taxable profits from the value-creating activities that generate them.
 
The Action Plan will restore the intended effects of these standards by aligning tax with substance – ensuring that taxable profits cannot be artificially shifted, through the transfer of intangibles (eg patents or copyrights), risks or capital, away from countries where the value is created.
 
Greater transparency and improved data are needed to evaluate, and stop, the growing disconnect between the location where financial assets are created and investments take place and where MNEs report profits for tax purposes.
 
Requiring taxpayers to report their aggressive tax planning arrangements and rules about transfer pricing documentation, breaking-down the information on a country-by-country basis, will help governments identify risk areas and focus their audit strategies.
 
And making dispute resolution mechanisms more effective will provide businesses with greater certainty and predictability.

 
 Want To Know How To Prepare For These New OECD Tax Rules?
 
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:

Businesslife.co

Read more at: Tax Times blog

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