Who would've ever thought Beanie Babies would emerge as part of a tax evasion scheme? Only in America. But on September 19, the billionaire creator of Beanie Babies, Ty Warner, was hit with charges of tax evasion.
A surprising number of Americans living abroad are giving up and saying "uncle" to Uncle Sam. In quarter two of 2013, more Americans – 1,130 – renounced their citizenship than in all of 2012. That's in addition to 679 in the first quarter.
If certain Republican lawmakers have their way, the IRS will have less of the taxpayers' money to play around with. A new budget proposal would limit the IRS budget to $9 billion – a reduction of 24 percent.
The United States, Australia, and the United Kingdom have announced a collaborative effort to share tax information from a multitude of trusts and companies holding assets on behalf of residents from far-flung places.
A ruling in a San Francisco federal court on April 29 allows the IRS to seek information on US taxpayers who may have offshore bank accounts in the Caribbean. Judge Thelton E. Henderson authorized the IRS to serve a "John Doe" summons on financial services firm Wells Fargo & Co.
The IRS continues to work on improvements relating to tax reporting of assets held in foreign banking accounts. Now it has released a new draft of Form 8957 that it expects will lead to increased compliance.
The US Department of the Treasury and the IRS jointly issued comprehensive final regulations under the Foreign Account Tax Compliance Act (FATCA) for reporting and withholding taxes on US taxpayers with financial accounts held abroad.