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Massive, Secret Offshore System Hid Billions of Dollars

TweetShareSharePin0 Shares And a blurry timeline for Democratic legislative priorities. President Joe Biden told House Democrats to delay action on the bipartisan infrastructure bill until they can agree on a scaled-back tax and spending package to fund the rest of his economic agenda. How long that will take is anybody’s guess. Senate Democratic leader Chuck

Massive, Secret Offshore System Hid Billions of Dollars

TweetShareSharePin0 Shares A blurry timeline for Democratic legislative priorities. President Joe Biden told House Democrats to delay action on the bipartisan infrastructure bill until they can agree on a scaled-back tax and spending package to fund the rest of his economic agenda. How long that will take is anybody’s guess. Senate Democratic leader Chuck Schumer

Isle of Man banking data leak reveals how sharing banking data can identify offshore strategies and improve beneficial ownership transparency.

TweetShareSharePin0 Shares Beneficial ownership transparency is a crucial strategy for tackling illicit financial flows. It involves identifying the individuals (natural persons) who ultimately own, control, or benefit from a legal vehicle like a company, trust or partnership. Individuals engaging in illegal or illegitimate activities, however, find it quite easy to hide themselves behind legal vehicles,

EU To Table A Digital Tax Proposal In October

TweetShareSharePin0 Shares by Ulrika Lomas, Tax-News.com, Brussels 15 September 2021 The European Commission has committed to tabling a proposal for a digital tax in October, whether or not an international agreement surfaces from OECD-led talks on new international tax rules for the world’s largest firms. The pledge was made after members of the European Parliament

US Lawmakers Approve New Cryptoassets Reporting Rules

TweetShareSharePin0 Shares by Mike Godfrey, Tax-News.com, Washington 25 August 2021 The US Senate has approved the inclusion of new provisions in the bipartisan infrastructure bill to require intermediaries involved in cryptocurrency trading to report details about transactions. Despite concerns raised by various lawmakers that the provisions fail to provide clarity about who the reporting

Hong Kong Discusses US Termination Of Shipping Tax Pact

TweetShareSharePin0 Shares by Mary Swire, Tax-News.com, Hong Kong 25 August 2021 The Hong Kong Government has said it is looking at potential measures to support the shipping industry following the decision by the US Government to terminate the two territories’ agreement that exempted shipping industry income from tax. US authorities announced in October 2020

Wyden Takes Aim At US Pass-Through Income Tax Break

TweetShareSharePin0 Shares by Mike Godfrey, Tax-News.com, Washington 06 August 2021 Senate Finance Committee Chair Ron Wyden (D-OR) has introduced legislation to overhaul the 20 percent deduction for pass-through income introduced into US tax law in 2017. The deduction – also called the Section 199A deduction – allows individuals to deduct up to 20 percent

US IRS Flags Deadline For Q2 Estimated Tax Payments

TweetShareSharePin0 Shares by Mike Godfrey, Tax-News.com, Washington 09 June 2021 The US Internal Revenue Service has issued a reminder to taxpayers who pay estimated taxes that they have until June 15 to pay their estimated tax payment for the second quarter of tax year 2021 without incurring a penalty. Estimated tax is the method

Countries Discuss Post-Pandemic Tax Agenda At UN Council Meeting

TweetShareSharePin0 Shares by Ulrika Lomas, Tax-News.com, Brussels 12 May 2021 Experts speaking at the UN’s Economic and Social Council’s annual Special Meeting on International Cooperation in Tax Matters concluded that the international community must do more to tackle tax base erosion and profit shifting and offshore tax evasion. Among other pressing topics, tax policy

US IRS Reminds Of FBAR Filing Obligation

TweetShareSharePin0 Shares by Mike Godfrey, Tax-News.com, Washington 15 April 2021 The Internal Revenue Service is reminding US citizens, resident aliens, and any domestic legal entity that the deadline to file their annual Report of Foreign Bank and Financial Accounts (FBAR) is still April 15, 2021. The extension of the federal income tax filing due
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