Following a leak in April of the so-called “Panama Papers,” documents evidencing assets being hidden by shell companies owned by some of the world’s most powerful and influential leaders and…
Panama Papers Reveal Hidden Assets of Worldwide Elite
Dubbed the “Panama Papers,” an extensive 11 million document trove from Panamanian law firm Mossack Fonseca was leaked to Süddeutsche Zeitung, Germany’s largest national subscription newspaper; it has been analyzed…
Pursuant to Internal Revenue Code § 170, contributions to certain charitable organizations are tax-exempt. Generally, contributions to foreign organizations are not tax-deductible. Certain foreign organizations, however, can be treated as…
Justice Department and IRS Continue to Crackdown on Switzerland, Expand Investigation into Belize
The U.S. Justice Department recently projected that it would collect more than $1.36 billion from 80 Swiss banks and other Swiss financial firms that encouraged U.S. taxpayers to hide money…
It is not uncommon for foreign individuals from abroad to attend university in the United States on a F-1 Student Visa. In general, nonresident aliens who are present in the…
Traditionally, when a U.S. person would find themselves spending long times abroad and potentially living in a foreign country, they would start to make investments in the local economy. Most…
U.S. Correspondent Banks Cut Ties with Mexican Institutions
A correspondent bank is a financial institution that provides services on behalf of another financial institution. They can conduct business transactions, accept deposits and gather documents on behalf of the…
In 2014, Uli Hoeness, a celebrity soccer manager in Germany, was sentenced to three and a half years in prison for evading € 28.3 million in taxes. The case was…
As tax season approaches, taxpayers should be aware of an ongoing IRS phone scam. Callers will generally contact taxpayers and represent themselves to be IRS agents and state that money…
Recent Changes to IRC § 1202 Small Business Stock Gains Exclusion
In December 2015, the Protecting Americans from Tax Hikes Act of 2015 (“PATH Act”) was passed by Congress and signed into law and with it made certain tax breaks permanent,…
The IRS maintains a list of Foreign Financial Institutions or Facilitators, essentially a blacklist of institutions which have been determined to be complicit in evasion of U.S. taxes. While taxpayers…
The Treasury and IRS are poised to amend regulations under Chapters 3 and 4 of the Internal Revenue Code regarding the Foreign Account Tax Compliance Act (“FATCA”). These changes will…
