Category: Individuals

Richard Kaplan: Additional Rauner tax-return disclosures probably won’t reveal much

Various reporters, editorialists and politicians are clamoring for Bruce Rauner, the Republican candidate for governor of Illinois, to release more of his tax returns — specifically, the detailed schedules that accompany the “top sheets” that he already has released. They probably will be disappointed, even if Mr. Rauner complies with… – Continue reading

EBT scheme’s defeat will protect £2.4m, says HMRC

A tax avoidance scheme that routed a film financing venture’s profits via Employee Benefit Trusts at the behest of the venture’s owner, an ex-accountant, has been blocked by a tribunal. Operated by John Dryburgh, a former partner with Deloitte & Touche, the scheme  involved extracting profits from a series of companies named… – Continue reading

Another French footballer on tax evasion radar

Switzerland is cooperating with French tax authorities over an investigation of alleged tax fraud involving former French footballer Marcel Desailly. The notice of Swiss cooperation was published on Tuesday in the Federal Gazette. Desailly, captain of the French football team from 2000 to 2004, allegedly holds or has held assets… – Continue reading

Rauner’s old firm set up Cayman Island funds when he was boss

SRINGFIELD — Republican Bruce Rauner not only has personal investments in the Cayman Islands, but he presided over his former private equity firm as it set up other investment vehicles in the Caribbean tax haven known for its secrecy. The Chicago Sun-Times verified through the Cayman Islands’ government-run online business… – Continue reading

Canadians File Suit To Block FATCA And Prohibit Handover Of U.S. Names To IRS

A lawsuit has been filed by several Canadian citizens against the Canadian Attorney General in Federal Court in Canada. The legal claim challenges the constitutionality of the agreement the Canadian government struck with the United States. The controversial deal between nations was inked under FATCA—the Foreign Account Tax Compliance Act…. – Continue reading

Gibraltar must prepare for FATCA or risk facing consequences

Gibraltar’s financial community must immediately prepare itself for FATCA or it risks getting caught up in the legislation’s strict international net, says an authority from the jurisdiction. Helvetic, a fund adminstrator based in the British overseas territory, says many financial institutions in the area are underestimating the compliance costs of… – Continue reading

Fattah Jr. released on bail following U.S. indictment on theft, fraud and tax-evasion charges

The son of a congressman, who could face time in prison following his federal indictment on theft and tax-fraud charges, was released on bail Tuesday afternoon. Chaka Fattah Jr., 31, is accused of everything from tax fraud to stealing from the Philadelphia School District as part of the wide-ranging indictment… – Continue reading

Romanian fashion designer called for questioning, prosecuted for tax evasion, money laundry

Romanian fashion designer Adina Buzatu was recently prosecuted for tax evasion and money laundry, in a file here the prejudice exceeds some EUR 22.4 million. She was recently placed under accusation by the Directorate for Investigating Organized Crime and Terrorism (DIICOT), according to Digi24. Buzatu is one of the 20… – Continue reading

Super-Rich Gubernatorial Candidate Used Controversial Cayman Tax Gimmick To Maximize His Fortune

Illinois gubernatorial candidate Bruce Rauner (R) made part of his fortune from investments in a Caribbean tax haven, the Chicago Sun-Times reports. But because Rauner won’t release details on his tax filings it is impossible to tell just how much of his wealth comes from those offshore accounts. The newspaper… – Continue reading

TIPS FOR BEING FATCA COMPLIANT

This June the IRS modified its offshore disclosure programs to encourage U.S. citizens to come forward and report their assets and mitigate risk of penalty or prosecution. To help your clients avoid running afoul of FATCA, a bulletin from PwC advises them to: Determine citizenship. In some cases, non-resident Americans are… – Continue reading

Corruption scandal could set back Catalonia’s independence bid

Ex-Catalan premier Jordi Pujol is to be stripped of his honorary privileges after admitting to 34-years’ worth of tax evasion. He ruled the region for 23 years and as such earns an annual pension of over 86,000 euro; has an official car; and is honorary president of the CDC pro-independence… – Continue reading

Ex-deputy tourism minister and her husband arrested on tax evasion charges

A former Croatian deputy tourism minister Vinka Cetinski and her husband Mirko Cetinski, a one-time famous singer, were arrested on Tuesday night on suspicion of tax evasion and are to be transferred to custody in Rijeka on Wednesday, the national broadcaster (HTV) reported on Tuesday night.  The Cetinski couple is… – Continue reading

Judge rules tax fraud case against Messi will go ahead

(Reuters) – A Spanish court will push ahead with the process of prosecuting Argentina and Barcelona forward Lionel Messi for alleged tax evasion despite a recommendation from the public prosecutor the charges be dismissed. The prosecutor argued in June that Messi’s father Jorge was responsible for the family’s finances and… – Continue reading

YOUR TAXES: What you need to know about the US-Israel FATCA agreement

On June 30, the United States and Israel signed an intergovernmental agreement (IGA) regarding FAT CA. FAT CA became effective in the US and other countries on July 1 and will officially take effect in Israel once the Knesset passes enabling legislation. But the Bank of Israel has already instructed… – Continue reading

Many expats weigh giving up US citizenship

Fallout from the Foreign Account Tax Compliance Act Almost 80 percent of Americans living abroad are considering relinquishing their U.S. citizenship to escape the consequences of the Foreign Account Tax Compliance Act, according to deVere Group. That represents an increase of 11 points since last year. The Foreign Account Tax… – Continue reading

FATCA Poses Grave Danger for Human Rights Activists

BEIJING: China and the United States of America have recently signed the Federal Account Tax Compliant Act (FATCA), which requires the Internal Revenues Service (IRS) to disclose to China, the bank account information of Chinese-born pro-democracy activists, who fled their homeland to live in America. According to Forbes, “One of the most insidious… – Continue reading

Andrea Leadsom received £70,000 donation from family firm in tax haven

Andrea Leadsom, a high-flying Treasury minister, received more than £70,000 from a family business, the parent company of which is controlled out of the Virgin Islands tax haven. The payments, which appear to be within the letter of the rules for political donations, have been criticised because of the contrast… – Continue reading

United States: Offshore Tax Enforcement Update: IRS Unveils Major Changes To Voluntary Disclosure Program

Tax Since the 1970s, U.S. taxpayers with foreign banks accounts have been required to annually report their foreign bank account information to the Department of Treasury on a Report of Foreign Bank and Financial Accounts (“FBAR”) by June 30th of each year. In addition to requiring the filing of an… – Continue reading