Apple Served with a $14.6 Billion Tax Bill

September 1, 2016, Uncategorized

Apple was ordered to pay up to 13 billion euros ($14.6 billion) plus interest after Ireland illegally reduced the company’s tax bill according to the European Commission.  The ruling is considered to be the biggest tax ruling ever made by the European Union involving a single company.  The “special treatment” Apple received with respect to the

Swiss Agree to Provide Information to U.S. Tax Authorities on HSBC Accounts

July 28, 2016, Insights

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

Soccer Star Messi Sentenced to 21 Months for Tax Fraud

July 8, 2016, Insights

On July 6, a Spanish court found Lionel Messi and his father, Jorge Horacio Messi, guilty of 3 counts of tax evasion and sentenced them to 21 months in prison. This is part of ongoing tax fraud charge the father and son have been fighting for years. Spanish tax officials charged both with defrauding Spain

UBS Ordered to Release French Account Holder Details

July 7, 2016, Insights

Switzerland’s Federal Tax Administration has ordered UBS to provide account information to French authorities. The order concerns UBS account numbers pertaining to current and former France-based clients based on data from 2006 and 2008, the bank said in a statement July 5. The request from France is related to information received from German authorities, who

New Tax Rules Proposed to Combat Tax Evasion

May 11, 2016, Insights

President Barack Obama announced last Friday a rule that would require companies to disclose more information about their owners as part of a crackdown on tax evaders and money launderers. The “Due Diligence Rule” has been in the works since 2012 and is meant to prevent criminals from using shell companies to evade taxes and hide

Asgard Worldwide Speaks to NFL Draftees and Parents on Having the Right Team in Place

May 4, 2016, Insights

Asgard Worldwide Principal, Sherwin Simmons, and Business Consultant, Monty Garside, presented at the 2016 NFL Draft Luncheon last Thursday in Chicago to a group of former NFL players, parents of current NFL players and prospective draftees on the importance of having a professional team in place.  The luncheon was an opportunity for parents to network

Best and Worst Passports for Traveling the World

March 24, 2016, Insights

U.S. passports are no longer viewed as the best travel documents when it comes to having the greatest potential to travel the world.  A recent study, the 2016 Visa Restrictions Index, reveals that Germany is in fact the best passport to have, allowing its citizens the ability to enter 177 out of 218 countries and

Brazil Releases Rules of Amnesty Program

March 16, 2016, Insights

Starting April 4, individuals and companies will be allowed to register in a Brazilian program to repatriate undeclared foreign funds and assets. Brazil’s official newspaper announced yesterday a sign-up period from April 4 to October 31, 2016.  Requirements include a 15 percent income tax and a 15 percent fine on any hidden funds returned to

Swiss Banks Reveal Their Secrets to Helping Wealthy Americans Evade Taxes

November 7, 2015, Insights

Over 40 Swiss Banks have signed amnesty agreements this year with the U.S. Justice Department that required disclosing the tricks they used to help customers hide assets, as well as provide the names of any bankers and middlemen who aided them with the flow of untaxed money. The banks have also persuaded thousands of Americans

IRS Expatriation List Triples in Third Quarter

November 7, 2015, Insights

The number of individuals who have chosen to expatriate for the third quarter is more than double that of the second quarter. The U.S. Department of Treasury released the Internal Revenue Service’s quarterly list, which shows that just fewer than 1,500 individuals have renounced their U.S. citizenship or terminated their long-term U.S. residency for the