Category: New York

Ten Percent of S&P 500 Companies Avoid Paying U.S. Taxes

When it comes to taxes, corporate America is getting a bit less corporate. And a bit less American. Fueled by a wave of inversions, a record 54 companies in the Standard & Poor’s 500 Index of leading U.S. firms are now at least partially exempt from the corporate income tax…. – Continue reading

Conor Crowley, Managing Director, Vizor Software to Speak at Knowledge Congress’ Live Webcast

New York, NY, April 08, 2015 –(PR.com)– The Knowledge Group/The Knowledge Congress Live Webcast Series, the leading producer of regulatory focused webcasts, has announced today that Conor Crowley, Managing Director, Vizor Software will speak at a 2-hour webcast entitled “FATCA for Government Agencies: What You Need to Know in 2015… – Continue reading

Mylan makes $29B bid for rival drugmaker Perrigo

Mylan-Perrigo deal would combine two generic drugmakers that recently left the U.S. for Europe. NEW YORK — In a deal that would combine two generic drugmakers that recently left the U.S. for Europe, Mylan says it wants to buy Perrigo for $205 per share, or $28.86 billion. Shares of both… – Continue reading

Art: A market laid bare

An arrest over allegations of price fixing has increased calls for tighter regulation of the booming sector On a late February morning, Yves Bouvier arrived at the Monaco home of one of his best clients. He expected Dmitry Rybolovlev, the Russian billionaire owner of AS Monaco football club, to pay… – Continue reading

No Agreement On BEPS Foreign Company Income Definition

Law360, New York (April 06, 2015, 3:10 PM ET) — A draft report released Friday by the Organization for Economic Cooperation and Development on strengthening controlled foreign-company rules to crack down on tax evasion said there are substantial disagreements among member states about how to best define CFC income. The… – Continue reading

New Russian CFC Rules Will Impact Inbound U.S. Tax Planning

According to recent estimates, the number of wealthy Russians investing in the United States ballooned in 2014 as a result of political turmoil and a disintegrating ruble causing Russians to seek a safe haven for their wealth abroad. The amount of private net capital flowing out of Russia hit $120… – Continue reading

Rupert Murdoch’s US empire siphons $4.5b from Australian business virtually tax-free

Rupert Murdoch’s media empire in the US has siphoned off $4.5 billion of cash and shares from his Australian media businesses in the past two years, virtually tax free. According to calculations by University of NSW accounting academic, Jeffrey Knapp, over the past 10 years, Mr Murdoch’s companies here have… – Continue reading

Tax Pros Wary After IRS Hires Quinn Emanuel Litigators

Law360, New York (April 06, 2015, 4:47 PM ET) — Microsoft Corp. recently brought to light the IRS’ hiring of litigators from Quinn Emanuel Urquhart & Sullivan LLP to assist with examining the tech company’s transfer pricing activities, and some tax professionals say the agency’s unprecedented move is troubling. In… – Continue reading

The Knowledge Congress Has Scheduled a Live Webcast on Emerging Issues: FATCA Goes Global Live Webcast

New York, NY, April 03, 2015 –(PR.com)– The Knowledge Group/The Knowledge Congress Live Webcast Series, brings together the world’s leading authorities and industry participants through informative two -hour webcasts. It has scheduled a live webcast entitled: “Emerging Issues: FATCA Goes Global LIVE Webcast” This two-hour event is scheduled on April… – Continue reading

Swiss Asset Manager Admits He Helped Americans Evade Taxes

(Bloomberg) — A former Swiss asset manager pleaded guilty to helping U.S. clients hide millions of dollars in offshore accounts and avoid paying federal income taxes. Peter Amrein, 53, a Swiss citizen, told U.S. District Judge Sidney Stein in Manhattan Tuesday that from 1998 to 2012 he helped Americans evade… – Continue reading

Russia extends deadline for reporting Controlled Foreign Companies (CFC)

[NEW YORK] A Swiss asset manager pleaded guilty on Tuesday to participating in a scheme to help US citizens hide millions of dollars in Swiss bank accounts and evade paying taxes. Peter Amrein, 53, entered his plea in Manhattan federal court to conspiring to defraud the United States and Internal… – Continue reading

Cash-flush corporations at center of income-tax debate

U.S. multinationals represent the healthiest segment of the economy, with higher profits and more than $1 trillion of cash on hand. This has kept corporate tax reform alive as a political issue. ON Semiconductor had a solid 2014, boosting net income by 36 percent to $196 million on revenue of… – Continue reading

Tax Evasion Case Against Billionaire Art Dealer Guy Wildenstein Exposes Dirty Money Trail

The tax man is coming for Guy Wildenstein, and may file charges against a wealth management company in the Bahamas in connection to the case against the billionaire art dealer. As reported by the Globe and Mail, the French agency that investigates tax evasion has recommended that a judge charge… – Continue reading

Swiss Private Bank BSI SA Admits Aiding U.S. Tax Cheats, Will Pay $211 Million

In a deal with U.S. prosecutors, Swiss private bank BSI SA agreed today to pay a $211 million penalty and hand over leads on more than 3,000 accounts with U.S. ties, as well as the actual names of an undisclosed, but presumably much smaller group of U.S. account owners. The… – Continue reading

Lynch admits she had whistleblower’s evidence on banksters

Chose not to prosecute HSBC despite money-laundering documentation NEW YORK – President Obama’s attorney-general nominee, Loretta Lynch, admitted to the Senate Judiciary Committee that her investigators in the money-laundering probe of HSBC were aware of evidence compiled by whistleblower John Cruz but she chose, nevertheless, not to bring criminal charges…. – Continue reading

Does The U.N. Matter In The Tax World?

The OECD’s base erosion and profit-shifting project has dominated the international tax scene for over a year. Ever since the G-20 tasked the organization with finding solutions to the perceived problem of multinationals paying low effective tax rates, the international tax community has talked about little else. The OECD hoped… – Continue reading

Valeant Pharma raises bid for Salix

NEW YORK — Faced with the prospect of letting another deal slip through its fingers, Valeant Pharmaceuticals International substantially increased its bid for Salix Pharmaceuticals on Monday, putting a quick end to a bidding war with Endo International. Valeant said it would now pay about $11bn, or $173 a share,… – Continue reading

For the Record | Saudi Cabinet Session – Mar 16th

SUSRIS serves as your chronicle of developments in the Saudi-US relationship, in the Kingdom and in the region. As part of our service we archive the daily news reviews produced by the Saudi-US Trade Group and selected press clippings and other resources. You can find these archives and more on… – Continue reading

Offshore investors’ NYC hotel deals to hit $3B in 2015: report

UPDATED, March 16, 4:10 p.m.: Offshore investors are breaking into the hotel market at a rapid rate, and despite what it may seem like from recent headlines, not all are arriving from China. The buyers – many of them hailing from Qatar, Kuwait, Malaysia and Singapore – were involved in… – Continue reading

Expert Global Commission Responds to One-sided Tax Debate

Responding to widespread anger about corporate tax avoidance, the impacts of such avoidance on inequality and poverty, and concerns that current tax reform processes are inadequate, a new nonpartisan body-the Independent Commission for the Reform of International Corporate Taxation (ICRICT)-has been established to propose reforms from the perspective of the… – Continue reading

Stocks and Tax Management: The Curious Logic of Tax ‘Avoidance’ vs. ‘Evasion’

NEW YORK (TheStreet) — Bank of America (BAC) has just been accused of using U.S. government-insured depositor money to finance trades facilitating “dividend tax arbitrage.” This is the practice of moving stocks around to different jurisdictions so that the ultimate client beneficial owner of the stock minimizes the tax he… – Continue reading

Bank Leumi Investors Decry Shady Dealings

MANHATTAN (CN) – Israel’s largest bank helped procure sham loans for clients and advised them to dodge taxes in other ways, a shareholder class action says. Michael Porat, a citizen of Israel, filed the 57-page complaint against Bank Leumi and various international subsidiaries in New York County Supreme Court. Sixty-one… – Continue reading

Citigroup unit probed by more authorities over money laundering

[NEW YORK] Citigroup Inc said additional government authorities have started probes of possible breaches of anti-money laundering laws at its Banamex USA unit. The Financial Crimes Enforcement Network, a unit of the US Treasury, and the California Department of Business Oversight have asked the company for information on its compliance… – Continue reading

Transfer Pricing Audits: With Changes on the Horizon, Upfront Planning Is Key

Transfer pricing policy in the United States is guided by Section 482 of the Internal Revenue Code (and by the Organization for Economic Cooperation and Development under its Base Erosion and Profit Shifting initiative), and its application is not limited to cross-border transactions. In fact, some states, such as New… – Continue reading

Le Perigord owner pleads guilty in tax case

NEW YORK â?? A founder of famed New York City restaurant Le Périgord faces a potential three-year prison sentence that could take him away from the paragon of traditional French cuisine after he pleaded guilty to hiding income in offshore bank accounts. Georges Briguet, 77, admitted during a Brooklyn federal… – Continue reading

Ackman Says Tax Inversion Rules Could Lead to U.S. Drugmakers Selling to Overseas Buyers

(Bloomberg) — The backlash against acquisitions meant to skirt U.S. tax laws could spur more midsize U.S. drugmakers to sell to overseas buyers, Bill Ackman, the billionaire activist hedge fund manager, said Thursday. Takeover activity in 2014 was highlighted by U.S. companies — including Medtronic Inc. and Pfizer Inc. —… – Continue reading

Swiss banker arrested in Germany over U.S. tax case: lawyer

Feb 7 (Reuters) – A former Swiss banker charged by U.S. prosecutors with helping wealthy Americans evade taxes has been arrested in Germany pending extradition to the United States, his lawyer said on Saturday. Roger Keller, a onetime client adviser in Zurich at Wegelin & Co, was one of three… – Continue reading

US Freedom Capital offers solutions to minimize or eliminate US taxes for non-US investors

Many wealthy foreigners considering their options for investment, permanent residency or citizenship in the US are concerned about the US tax policy. Many have heard of the US income tax on worldwide income, but in reality, astute advisors can mitigate or eliminate the additional expense. US Freedom Capital, the premier… – Continue reading

‘The age of financial privacy is over’

Jonathan Weiss hasn’t lived in the US for 25 years. But that didn’t keep his foreign bank account from being frozen in the wake of new US tax laws. Find out how you can avoid the same fate at the hands of FATCA. “I had been living in Switzerland for… – Continue reading

U.S. and China Team Up to Launch Global Tax System

In the world of offshore asset protection and personal finance, you regularly come across the claim that there are only two countries that actively tax their residents’ worldwide income: the United States and Eritrea. All other countries only tax income earned at home. That’s apparently no longer true. It turns… – Continue reading