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.
Indian tax authorities have accused Volkswagen of evading ₹1.4 billion in taxes by misclassifying car imports over 12 years. The company now faces a potential tax liability of $2.8 billion, including
The UK’s tax gap has widened according to latest figures from HM Revenue & Customs (HMRC). New data from HMRC shows that the UK missed out on £46.8bn of tax liabilities in the 2023-2024 financial
Five EU countries criticize BEFITReservations could put proposal at riskThe EU faces a hurdle in passing a plan to establish a new set of common rules for calculating the tax base of large companies
BRUSSELS, 26th November, 2024 (WAM) — Italy’s Bruna Szego was chosen as the chair of the European Union’s new Anti-Money Laundering Authority (AMLA) on Monday following a three-hour