Companies that take advantage of the varied tax laws of different countries to limit their tax payments claim they're maximizing shareholder returns. The result is that US companies hold huge cash reserves in countries with low tax rates.
G8 leaders, who met in Northern Ireland, developed a ten-point plan, the Lough Erne Declaration, which calls for more information sharing between tax authorities and improved transparency to prevent tax avoidance.
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 is often unable to process tax payments made in foreign currencies on a timely basis or at favorable exchange rates, according to a report from the Treasury Inspector General for Tax Administration (TIGTA).
A new report, “Drivers of Change in the US,” is an analysis of a 2012 survey of 550 members of the ACCA and the IMA who were asked to rank their concerns about the changes and challenges facing the accounting profession now and in the future.
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.
The Big Four accounting firms posted solid revenue growth in 2012 thanks to an improving global economy, increased business deal activity, and, in particular, rising demand for their advisory services.
Gerard Depardieu's departure from France may have been premature. As December rolled to a close, the harsh "temporary supertax" that French President Francois Hollandee sought to impose on individuals he calls "the rich" was soundly rejected.
Kudos is a new, quality-based, international network of accountancy practices, specifically targeted at small and midsized accountancy practices. Member firms must adhere to strict quality procedures that will enhance the services they provide their clients.
Confidence in the global economy fell in Q3 2012, according to a worldwide survey of 2,550 finance professionals, with some 67 percent of respondents saying the global economy is stagnating or reversing.
The Public Company Accounting Oversight Board hosted nearly eighty representatives of auditor oversight bodies from thirty-seven foreign jurisdictions last week during its sixth annual International Auditor Regulatory Institute.
The Institute of Internal Auditors has issued revisions to the International Standards for the Professional Practice of Internal Auditing that will go into effect January 1. The standards are mandatory under the IIA's International Professional Practices Framework.
The IVSC has announced the appointment of Sir David Tweedie as chairman elect of IVSC's board of trustees. Sir David will assume the role October 29, 2012, following the IVSC 2012 Annual General Meeting.
Not only is recording artist Prince in deep with the IRS, but his tax troubles now extend overseas as well. Prince was summoned by the IRS at the request of French authorities to appear before the French tax agency.
Rich foreigners have enjoyed favorable tax treatment from Switzerland for a long, long time, causing the country to become a veritable magnet for the wealthy. However, growing opposition is forcing changes.