International

Tax

Online FATCA Registration System Now Offered by the IRS

The IRS on August 19 unveiled a new online registration system for financial institutions that need to register with the agency under the Foreign Account Tax Compliance Act (FATCA).
Tax

Maximizing Returns or Unethical Tax Avoidance?

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.
Tax

Eliminating Tax Evasion Is Core Piece of G8 Ten-Point Plan

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.
Tax

IRS Summons Wells Fargo for Data on Offshore Accounts

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.
Tax

TIGTA Addresses IRS' Trouble Processing Foreign Currency Tax Payments

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).
Technology

Report Summarizes Eight Emerging Trends with Potential to Significantly Impact Global Business

Deloitte recently released its inaugural "Business Trends 2013" report outlining eight trends expected to be crucial strategic drivers for global business.
A&A

Accountants' Worries Range from Fuel Costs to Value of US Dollar

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.
Tax

Treasury and IRS Issue Final FATCA Regulations

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.
Practice

Big Four Firms' Growth Led by Advisory Services

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.
Education & Careers

Beyond Borders – Ernst & Young Assists Global Entrepreneurs

When Angela Gomez had the chance to push her passion for entrepreneurship and her professional skill set to the max by volunteering to assist global entrepreneurs, she jumped at the chance.
Tax

Gerard Depardieu Just Says No to Supertax

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.
A&A

Kudos International Network

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.
A&A

ACCA/IMA Survey Finds Business Confidence Falls Again

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.
A&A

PCAOB's Sixth Annual International Auditor Regulatory Institute

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.
Tax

Combating Offshore Tax Evasion, Implementing FATCA

The Treasury is engaging with a broad coalition of foreign governments to effectively implement FATCA - it is a milestone in establishing an intergovernmental approach to combating tax evasion.
A&A

IIA Approves Revised Standards

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.
A&A

Sir David Tweedie, Former IASB Chair, to Lead IVSC

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.
Tax

The Prince of Tax Trouble?

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.
Tax

Swiss Low-Tax Gig Is Up for Wealthy Foreigners

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.
Tax

Whistleblower Receives $104 Million from IRS for Exposing UBS

In what is considered the largest whistleblower award issued to a single individual, the IRS has given $104 million to the man who exposed a massive tax fraud by Swiss bank UBS.

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