Having an offshore account should not be synonymous with cheating on your taxes.
FORBES: Mitt Romney Is Hardly A Pig When It Comes To Tax Deductions
Sure, he was the key informant about the massive UBS offshore account promotion that ended up bringing in so many dollars.
FORBES: UBS' Bradley Birkenfeld Gets $104 Million, Blows Doors Off IRS Whistleblower Program
But not every failure to report an offshore account constitutes criminal conduct.
FORBES: What Does The Flap Over Romney's Tax Returns Suggest About Disclosure of His Swiss Account?
For richer nations "if a company avoids tax or transfers the money to offshore account what they lose is revenues", Mr Annan said.
Yet now four cases have upheld the IRS in an extraordinary action: serving a subpoena on a taxpayer suspected to have an undisclosed offshore account.
FORBES: Why Every American Should Worry About Bank Record Subpoenas
Competing only on the ability to offer a discount equivalent to sales tax is effectively operating an offshore account, at the expense of your consumers.
While offshore cheating won't disappear, to be sure, and UBS will survive, the new message to taxpayers is that an offshore account "is not impregnable, " says Nathan J.
From there, a banker with no apparent connection to bin Laden might deposit the money in an offshore account or with an intermediary that specializes in "tax optimization, " explains Pieth.
In many cases, the government proves this with evidence that the taxpayer deposited untaxed income into the account, concealed his ownership of the account through sham corporations or denied having an offshore account in response to a specific question by his accountant.
FORBES: What Does The Flap Over Romney's Tax Returns Suggest About Disclosure of His Swiss Account?
Moreover, because the 2009 OVDP closed on October 15, 2009, if Governor Romney had participated in that program, his 2009 return (and likely also his 2008 return) would not evidence his participation in the OVDP, and thus could be released without raising any questions regarding his compliance with his offshore account disclosure obligations.
FORBES: What Does The Flap Over Romney's Tax Returns Suggest About Disclosure of His Swiss Account?
Offshore-account holders must pay a lump sum to make up for unpaid taxes, plus an annual withholding tax.
Some who are not inclined to international travel can simply arrange for a debit card attached to an offshore bank account established over the Internet.
If you own or have signature power over an offshore bank account, you are required to file a special, annual, non-IRS Treasury form by June 30, giving details of the account.
Worried about someone hacking into your offshore bank account?
And the European Commission says both deals may be illegal under the EU savings-tax directive of 2005, because they let offshore-account holders pay a lower rate of withholding tax without having to reveal their identities.
If you have an account with this offshore bank, how could Wells Fargo have your name and details?
FORBES: Wells Fargo Hit With IRS Summons For Tax Haven Account Data
Although this estimate is likely to shrink by at least half when non-technical constraints are taken into account, the offshore wind resource still seems prodigious.
FORBES: Turn Baby, Turn - Offshore Wind Power Poised for Major Growth in U.S.
By 2020, offshore oil production is expected to account for 34% of the global output opposed to 25% in 1990.
The Atlantic provinces won a deal that their earnings from offshore oil and gas would not be taken into account in calculating federal payments to equalise social services across the country.
In offshore banking, there are often considerable additional requirements to open the account to which you may not be accustomed.
The locations and numbers of offshore wind turbines in the London Array wind farm were altered to take account of red-throated divers.
Second, many offshore banks ask about the nature of transactions expected to take place through the account.
Only one 25 percent offshore penalty will be applied with respect to voluntary disclosures relating to the same account.
FORBES: D��j�� vu--Yet Another IRS FBAR Voluntary Disclosure Initiative
Some have gone so far as to suggest that Governor Romney may have failed to disclose that account on his original returns and cured that deficiency by participating in the 2009 IRS Offshore Voluntary Disclosure Program.
FORBES: What Does The Flap Over Romney's Tax Returns Suggest About Disclosure of His Swiss Account?
Yes, many Americans have cheated by hiding income and assets in tax havens offshore, but they are now getting busted by the IRS. The U.S. Foreign Account Tax Compliance Act (FATCA) will force foreign banks to divulge information regarding their U.S. clients, and many offshore tax cheats are considering the extended IRS voluntary disclosure program (see details below).
FORBES: Mitt Romney Is Hardly A Pig When It Comes To Tax Deductions
应用推荐