2013

Facebook ÄòLikes Tax Schemes to Avoid Paying Uncle Sam

by BRIANNA EHLEY The Fiscal Times   Well, the U.S. government isn’t going to “like” this: Facebook shifted a little over $1 billion in profits earned overseas to the Cayman Islands last year. The world’s largest social networking site avoids hefty tax bills on most of its international earnings by using a web of subsidiaries in

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U.S. Employee Working in Iraq and Afghanistan Could Not Exclude Portion of Earnings from Income

Because a U.S. employee’s tax home was in the United States rather than a foreign country, he could not exclude his overseas earnings from income. Daly v. Comm’r, T.C. Memo. 2013-147 (6/6/13). James and Candace Daly were married and lived in Utah. James was a U.S. citizen and worked full time for a communications company.

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The weak link  – Cleaning up trusts and similar entities will hurt money-launderers, but it will need a lot of political will

http://www.economist.com/news/international/21589462-cleaning-up-trusts-and-similar-entities-will-hurt-money-launderersbut-it-will-need-lot WHEN Mark Morris, a Zurich-based tax consultant with a conscience, requested a meeting with the European Commission to explain the many devious ways in which tax evaders were using shell companies and other vehicles, a bored official offered him 20 minutes. “Once I started describing all the loopholes,” Mr Morris recalls, “his eyes lit

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FBAR Penalties

Effective July 1, 2013, FBARs must be filed electronically using the E-Filing System maintained by the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (“FinCEN”).  This mandatory electronic filing requirement applies to all FBARs, and to amendments of previously filed FBARs, that are submitted by individuals or by entities on or after the effective

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Should You Opt Out Of IRS Offshore Amnesty?

http://www.bna.com/opt-irs-offshore-n17179879879/ Since 2009, many U.S. persons with foreign accounts and income have sought shelter from the IRSonslaught. Not everyone has entered the IRS voluntary disclosure program. Still, it can be the safest move and the only one guaranteeing no prosecution. You may fear that if you don’t enter the program, you might be caught and

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