How much global offshore tax evasion exists? It’s a difficult number to pin down. One thing some parties can agree on — from academics to civil society — is that the OECD’s exchange of information frameworks, especially its automatic exchange of information (AEOI) standard, has reduced banking secrecy over the past several years. Recently, the
Taxes
Topline The Supreme Court heard oral arguments Tuesday in a case concerning whether a couple had to pay taxes on an investment they didn’t profit from—potentially calling a significant number of provisions in the tax code into question and thwarting Democrats’ efforts to impose a wealth tax on the richest Americans depending on how the
Tax Notes chief correspondent Amanda Athanasiou discusses the growing global popularity of carbon border adjustment mechanisms, the EU’s new regime, and how border adjustments can be used to support carbon pricing and environmental policy. This transcript has been edited for length and clarity. David D. Stewart: Welcome to the podcast. I’m David Stewart, editor in
All eyes will be on the Supreme Court on Tuesday, Dec. 5, 2023, as oral arguments are presented in Moore v. United States. The case centers on a 2017 Tax Cuts and Jobs Act provision that requires companies to pay tax on previously untaxed foreign profits. Facts The petitioners, Charles and Kathleen Moore, own a
Swiss private bank Banque Pictet et Cie SA has admitted that it conspired with U.S. taxpayers and others to hide more than $5.6 billion in 1,637 secret bank accounts in Switzerland and elsewhere, and to conceal from the IRS the income generated in those accounts. The bank entered into a deferred prosecution agreement and agreed
Want to know why the budget deficit is enormous and growing? One reason is that when one political party in Congress proposes new tax cuts or new spending, the other party offers its own deal in return: We’ll accept your tax cuts and new spending but only if you agree to ours. And neither side
They show up in celebrity divorces (think Kevin Costner), big bankruptcies (think FTX) and financial fraud cases. But you don’t have to be famous to benefit from the help of a deep diving accounting pro. By Kelly Phillips Erb, Forbes Staff As a stay-at-home mother of three involved in a nasty divorce, the Virginia woman
Earlier this week, many businesses received an email with a header asking, “Did You Take the Necessary Steps Required to Access Business Services Online (BSO) Employer Services? The Filing Deadline for Wage Reporting is Approaching!” The e-mail included exhortations to “Act Now! Time is Running Out!” This raised suspicions for some. A taxpayer forwarded it
If you have a big wad in a pretax IRA, sit down with your accountant now. Taxes are likely headed higher. By William Baldwin, Forbes Staff Tax rates are going up. Do your conversions now. That’s a starting point in the complex game of IRA manipulation. But the general rule must be accompanied by footnotes
Jeffrey Harmon of Lexington, S.C., was sentenced to 24 months in prison for preparing and filing false individual income tax returns for himself and his clients. According to court documents and statements, Harmon owned and operated TFL Worldwide, a tax preparation business, in South Carolina. To reduce his and his clients’ tax liability, Harmon consistently
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