The IRS has announced a special voluntary disclosure initiative to return offshore money back into the U.S. tax system and help taxpayers with offshore accounts get compliant. The new initiative is called the 2011 Offshore Voluntary Disclosure Initiative (OVDI) and is similar to the 2009 Offshore Voluntary Disclosure Program (OVDP), the last such amnesty program for taxpayers with international accounts.
U.S. taxpayers are generally required to report their worldwide income on their tax returns, even if that income is not taxable. This is different from the rules in many other countries.
Portugal has now implemented the EU Minimum Tax Directive, introducing into domestic legislation a global minimum tax of 15% for large-scale multinational and domestic groups.The legislation includes
The Internal Revenue Service has wrapped up its annual Dirty Dozen campaign, which it self-proclaims as “the worst of the worst” tax scams. The last few scams in the series leave a lot to be unpacked.
UAE’s Vice President and ruler of Dubai Mohammed bin Rashid Al Maktoum announced a new tax on foreign banks in the emirate on Thursday, representing another change to the country’s tax landscape.
U.S. banking regulators announced on Thursday they were pulling back several documents that urge banks to show caution when dabbling in cryptocurrency and related activities.The Federal Reserve said