Trump’s Tax Reform Discussions Intensify
President Trump’s discussions of tax reform have been heating up in recent days. Republican Congress leaders are expected to present details of the tax reform the week of September 25. The goals identified by the President include simplifying the tax code, lowering rates for individuals and businesses, and eliminating most of the current deductions. Trump said
Italy Demands Information on Billions Held in Suspect Swiss Accounts
Financial crime investigators in Italy are requesting information to track down the owners of 6.7 billion Euros being held in Switzerland. The request was made following an earlier probe into Credit Suisse activity. In a statement issued last week, the Italian authorities asked for details on more than 10,000 accounts, and it has not yet
IRS Rolls Out Revamped FATCA Registration System
After a four year delay, the IRS has officially launched its newly-revamped registration system for foreign financial institutions to comply with the Foreign Account Tax Compliance Act, according to Accounting Today. FATCA is intended to curtail the abuse of foreign bank accounts to avoid U.S. taxes, and requires that foreign banks and other financial institutions send the
Automatic Extension Granted for FBARs
The Financial Crimes Enforcement Network (FinCEN) announced an automatic six-month extension for taxpayers required to file FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR). Taxpayers who missed the April 17, 2017 deadline now have until October 16, 2017 to submit their FBARs for 2016 without being subject to penalties. FBAR Recap Any
Health Care Reform to “Trump” Tax Reform
Many companies and investors have been eagerly awaiting changes to the U.S. tax system, which have promised to lower corporate taxes and make it easier to bring money from overseas back to the United States. President Trump announced yesterday that he is still focused on the repeal and replacement of Obamacare, and that passing a health
UBS Case to Face Trial in France
UBS Group AG will stand trial in France in a tax-fraud case that could potentially cost the bank fines as much as 4.9 billion euros ($5.3 billion). The bank is accused of helping wealthy clients evade taxes by placing funds overseas. A date has not yet been set for the trial. UBS had been pushing
What Would the Repeal of Obamacare mean for Taxpayers?
In a nutshell, the House Republicans’ Obamacare Repeal and Replacement plan would cut taxes on the wealthy by hundreds of billions of dollars. The plan would, among other things, do away with the 3.8% investment tax that was used to help finance the health care law, as well as a 0.9 percent surcharge on salaries
Deutsche Bank Agrees to Pay $95 Million in U.S. Tax Fraud Case
Deutsche Bank AG has agreed to pay $95 million to resolve a U.S. government lawsuit accusing the German bank of using shell companies to hide significant tax liabilities from the Internal Revenue Service (IRS) in 2000. According to papers filed with the federal court in Manhattan last week, Deutsche Bank admitted to attempting to collect from
Asgard Worldwide Celebrates One Year
October 2016 is a month that has significant meaning to the founders and staff of Asgard Worldwide as we celebrate our first full year in business. We are excited about the growth the company has experienced and humbled by our overall success over the past twelve months. Our commitment is to continue to deliver excellent service to
Swiss Agree to Provide Information to U.S. Tax Authorities on HSBC Accounts
Switzerland said it plans to give information to U.S. tax authorities about accounts at HSBC’s private bank as part of a U.S. investigation into tax evasion. HSBC’s Swiss branch has already paid tens of millions of dollars in fines after admitting to substandard compliance on tax evasion. The information released by HSBC will include data