Scott Michel News
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The Internal Revenue Service effectively handled requests from a large number of offshore bank account holders who signed up for a 2009 partial amnesty, a government watchdog agency said in a report.
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U.S. taxpayers with hidden offshore accounts have until Aug. 31 to decide whether to disclose their holdings to the government without being criminally prosecuted, the Internal Revenue Service said.
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Credit Suisse Group AG, the Swiss bank facing possible U.S. indictment for aiding tax evasion, will likely settle with prosecutors by admitting wrongdoing and paying a penalty that may exceed $1 billion, tax lawyers said.
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The Internal Revenue Service will let taxpayers with undeclared offshore accounts apply for a 90-day extension of the Aug. 31 deadline for coming forward.
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Switzerland is in talks with the U.S. to resolve the issue of untaxed assets held by U.S. citizens in Swiss bank accounts, a government official said.
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U.S. citizens and residents with UBS AG accounts are racing the clock to disclose their secret holdings to the Internal Revenue Service after the Swiss Parliament ratified an agreement to surrender the names of 4,450 bank clients, tax lawyers said.
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U.S. taxpayers with hidden offshore accounts will have a second chance to disclose them to the government without being criminally prosecuted, the Internal Revenue Service said.
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The number of U.S. taxpayers renouncing their citizenship more than doubled to 1,534 in 2010 from 742 in 2009, according to the Internal Revenue Service.
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The Internal Revenue Service has asked U.S. citizens for information about accounts at Julius Baer Group Ltd. and Basler Kantonalbank, Neue Zuercher Zeitung said, citing Scott Michel , a lawyer at Caplin & Drysdale.
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The U.S. Internal Revenue Service is “seriously considering” a new partial amnesty program for taxpayers who report secret offshore bank accounts, Commissioner Douglas Shulman said today.
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