International

Cashing in on tragedy: How not be scammed when donating to Haitian relief efforts

Less than 24 hours after an earthquake devastated Haiti, scammers were trying to profit from the tragedy with everything from emails and web sites asking for donations to phone call solicitations.
Tax

Swiss government bows to court ruling: Will review UBS tax agreement

The Swiss government announced this week that it will respect a Swiss court decision last week that declared parts of a deal reached in August with the United States illegal under Swiss law and would reopen talks with the United States.
Tax

7,500 accept IRS amnesty, speculation program might be extended

The IRS is proudly announcing that it was able to gather up 7,500 volunteers in its international tax evasion net.
A&A

Prince Charles asks for help from U.S. accountants

CPAs can take a leading role in developing the tools and information necessary for companies to embed sustainability issues effectively in their operations.

AICPA calls for permanent funding source for IASB

"We believe it is imperative the foundation find a permanent funding solution for the International Accounting Standard Board's activities," said AICPA President Barry Melancon.
Tax

IRS extends amnesty deadline to October 15

The IRS has announced a one-time extension of the deadline for special voluntary disclosures by taxpayers with unreported income from hidden offshore accounts.
Tax

Amnesty deadline looms for offshore account holders

There is still time for taxpayers who have failed over the years to report income in foreign bank accounts to participate in the IRS Voluntary Disclosure program.
Tax

U.S. and Monaco agree to exchange tax information

The U.S. Department of the Treasury has announced that the United States and Monaco have signed an agreement to allow for the exchange of information on tax matters between the two countries.
A&A

Federal regulators say accounting changes need global reach

Changes in accounting standards, rules, and policies for financial institutions must be coordinated globally in the effort to help avoid a recurrence of the economic crisis.
A&A

New Code of Ethics will facilitate global convergence

Earlier this summer, the International Ethics Standards Board for Accountants (IESBA) issued a revised Code of Ethics for Professional Accountants.

XBRL US announces key findings

XBRL US announced key findings from its first-ever XBRL US Pacific Rim Technology Workshop last week in Santa Clara, California.
Tax

IRS adjusts focus to hedge fund investors

The Internal Revenue’s focus on income from foreign bank and financial accounts could turn to investors in hedge funds with foreign domiciles.
Tax

Contrary to reports, DOJ will continue probe of UBS Swiss bank account holders

Earlier this year we reported that the Securities and Exchange Commission had filed an enforcement action against UBS AG, claiming that UBS aided U.S. citizens in the avoidance of taxes by maintaining secret bank accounts in Switzerland and other foreign countries. UBS agreed to turn over the names of nearly 300 of its Swiss bank account clients, but balked at the U.S. government request to turn over the names of another 52,000 U.S. bank customers.
Tax

IRS Commissioner discusses challenges of global tax arena

Remarks of IRS Commissioner Doug Shulman Before the Organization For Economic Co-Operation And Development Washington, DC, June 2, 2009Thank you for that gracious introduction and warm welcome. It is an honor to speak with you today about international tax issues, which are of utmost importance at this particular point in time.First, let me recognize OECD Secretary-General Gurriìa for his leadership.
Tax

Global indirect tax policies affect many businesses

A recent KPMG Global Indirect Tax Brief provides the latest information on how governments worldwide are striving to raise additional revenues by broadening their indirect tax base. This does not necessarily mean across-the-board tax increases.
Tax

2008 Foreign Bank Account form due June 30

The IRS reports that U.S. persons who have bank and other financial accounts in a foreign country may be required to report those accounts to the U.S. Department of Treasury by the June 30 deadline.With globalization, more people in the U.S. have foreign financial accounts. There is nothing improper about setting up or maintaining such accounts. However, U.S.
Tax

IRS will not impose penalties on delinquent Foreign Bank Account Reports

The IRS is in the process of cracking down on offshore activities and, as part of this process, is encouraging voluntary disclosures from taxpayers who have offshore accounts.
Tax

Will multinational corporations survive the coming tax changes?

Why are business groups, including the U.S. Chamber of Commerce, spitting nails after President Obama's announcement of tax changes on Monday May 4th?U.S. corporations already pay high taxes, 35 percent compared to the average tax rate for other industrialized countries of 24.1 percent. In addition, most countries do not tax the foreign profits of domestic corporations. That means that U.S. multinational corporations are already dealing with fierce competitive disadvantages in the global marketplace.
Tax

U.S. and Switzerland begin negotiations for tax information exchange

The U.S. Department of the Treasury has announced that the United States and Switzerland will begin negotiation of a protocol to amend their bilateral income tax treaty, which entered into force in 1996. Consistent with the announcement made by the Swiss Federal Council on March 13, 2009, the two countries intend to revise the tax treaty so the two countries can exchange information for tax purposes to the full extent permitted by Article 26 of the Organization for Economic Co-operation and Development (OECD) Model Income Tax Convention.

G-20 nations agree to sanctions for tax havens, call for stronger regulation

Leaders at last week's G-20 summit agreed to publish the names of tax havens that refuse to comply with the Organization of Economic Cooperation and Development's (OECD) rules on tax information sharing, a move that very quickly caused the four nations named on the "black list" of uncooperative nations to agree to OECD rules. By Monday, April 7, Uruguay, Costa Rica, the Philippines, and Malaysia pledged to share fiscal information, an OECD spokesman said.

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