Trump’s Tax Reform Discussions Intensify

September 14, 2017, Insights

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

July 24, 2017, Insights

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

June 12, 2017, Insights

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

President Trump One Step Closer to Overhauling Obamacare

May 5, 2017, Uncategorized

In a narrow vote Thursday, the House passed a bill to repeal and replace major parts of the Affordable Care Act.  The vote, 217-213, on the President’s 105th day in office, seeks to overhaul the health care law and repeal most of the Affordable Care Act’s (ACA) taxes.  The bill includes tax credits that are refundable and

Automatic Extension Granted for FBARs

April 20, 2017, Insights

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

April 13, 2017, Insights

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

April 6, 2017, Insights

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?

March 10, 2017, Insights

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

January 12, 2017, Insights

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 4, 2016, Insights

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