Because they reported their offshore income, they should be in the clear on bigger problems.
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The situation will just get worse in the months ahead for those hiding assets and income offshore.
Hiding income offshore, abuse of charitable organizations and deductions, abusive retirement plans, and misuse of trusts made the list again.
The Fourth Circuit Court of Appeals has handed the IRS a victory in its war on offshore accounts and income.
If an individual falsifies his or her tax claim by concealing their income in offshore accounts, banking secrecy laws in countries like Switzerland have in the past helped to keep that income hidden by making it a crime for the banks and their employees to disclose information about clients.
And, rein in their transfer pricing abuses, with these companies hiding income in offshore tax havens?
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To verify your investment income, an offshore bank may ask for information about your investments and where they are held.
Using a "blocker" corporation allows investors to delay the payment of the 3.8% tax by letting income build up in the offshore fund.
Committee staff briefed the press this morning on the ways Microsoft and Hewlett Packard, for example, are using the tax code and offshore entities to shift billions in net income to low tax countries.
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With no state income tax and only a small one on investment income, Florida is a popular offshore haven for full-time live-aboards.
The U.S. Internal Revenue Service is auditing how Google Inc. avoided federal income taxes by shifting profit into offshore subsidiaries, according to a person with knowledge of the matter.
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).
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FSCs are shell companies in offshore tax havens through which American firms channel foreign income to avoid tax.
Siddalls said It sounds as if Gilly is a French resident, and as such, she would be liable to French taxation on her worldwide income and assets, even if "offshore".
Which is that much of that cash pile is offshore and would be subject to the high corporate income tax if it were returned to shareholders, who would then pay tax again on that income.
But if those cash reserves are offshore, and bringing them back would spark a corporate income tax bill, it might be that the bonds have been issued domestically in order to get money that can be used domestically.
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On Monday, the Subcommittee said Apple had used "a complex web of offshore entities" to avoid paying billions of dollars in US income taxes.
Investors who aren't under Uncle Sam's thumb can move their money elsewhere, bidding up prices and driving down yields on other fixed-income assets in the U.S. and offshore.
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Some of Apple's cash is parked offshore and would first be taxed at U.S. corporate income-tax rates if returned to stockholders.
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Gilly should also be aware that if she leaves her money offshore French social taxes also apply at 11% on any investment income such as bank interest, as there is no 'nil' band for social taxes for French residents.
This rule can apply where there is a relatively greater amount of indebtedness in the U.S. than offshore, and net interest expense exceeds a specified percentage of adjusted taxable income.
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Rich individuals will shelter or defer income, or find ways to move it (or themselves) offshore.
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Central and South America lost operating income in drilling and production, hindered by the U.S. moratorium on offshore drilling in the Gulf of Mexico following BP's Deepwater Horizon disaster.
They've been pushing everything from hidden offshore accounts, bogus domestic trusts and discredited "tax protester" arguments (say, that the income tax isn't legal) to abusive insurance, deferred compensation and charitable deduction schemes.
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.
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