Scarinci Hollenbeck, LLC
The Firm
201-896-4100 info@sh-law.comFirm Insights
U.S., Australia Agree to Battle Tax Evasion
Author: Scarinci Hollenbeck, LLC
Date: March 10, 2014
Key Contacts
Back
Tax evasion is currently a major topic of conversation, with a Senate Hearing in the near future focusing on Swiss banks. In another major move, U.S. Treasury Secretary Jacob Lew said that Australia has agreed to sign a tax evasion agreement, according to Bloomberg Businessweek. The U.S. and Australia have yet to sign the agreement, but plan to do so at the G-20 summit
Tax law strictly prohibits storing money in foreign bank accounts to avoid taxes, but that hasn’t stopped people in the past. This agreement with Australia is a good step toward reducing the amount of safe havens people have to avoid being taxed.
Australia has agreed to terms based on the Foreign Account Tax Compliance Act, which requires financial institutions to report on information about accounts held by U.S. tax payers to the Internal Revenue Service.
“Automatic exchange of information has quickly become the new global standard,” said Lew, who’s in Sydney, Australia to attend a meeting of finance ministers from G-20 major economies. “The G-20 should continue to provide its full support and encourage all nations to adopt the standard.”
Australian treasurer Joe Hockey said in a meeting with Lew that he hopes the G-20 nations can come up with methods to “ensure that there is a greater transparency and better outcomes in the disclosure of tax liabilities and tax collections.”
With the Senate Hearing on Swiss banks coming up, and this agreement between the U.S. and Australia, it is becoming more difficult for people to store funds in offshore accounts for tax purposes. But, there are still plenty of nations that accept these funds, so there is likely a long way to go before offshore-tax evasion is a thing of the past.
- Practices: Tax and Trusts & Estates, International Law & Trade
- Locations: Red Bank, NJ, New York City, Little Falls, NJ
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Related Posts
See all
New York NDA Requirements for Businesses
Non-disclosure agreements (NDAs) remain a critical tool for protecting sensitive business information. However, New York NDA requirements have evolved, and businesses must ensure these agreements are carefully drafted to remain enforceable. In a competitive market like New York City, NDAs are commonly used to protect proprietary information, client relationships, and strategic plans. At the same […]
Author: Dan Brecher
New Jersey Will Contest Grounds Explained
How Courts Evaluate Testamentary Capacity and Undue Influence Will contests in New Jersey are difficult to win, given the strong presumption that a properly executed will reflects the testator’s intent. However, challenges based on lack of testamentary capacity and undue influence remain common, particularly where there are concerns about mental capacity or the involvement of […]
Author: Marc J. Comer
Legal Issues Before Bringing on Investors
Bringing on outside investors can provide the capital and strategic support a business needs to grow. However, raising capital also introduces important legal, financial, and operational considerations. Before bringing on investors, businesses should address key legal issues to reduce risk, streamline investor due diligence, and position the company for long-term success. Early preparation signals that […]
Author: Dan Brecher
SECURE 2.0 RMD Planning Strategies
How the Updated Law Shapes Retirement and Estate Planning The SECURE 2.0 Act of 2022 materially reshapes the required minimum distribution (RMD) landscape, extending tax deferral opportunities while accelerating distribution requirements for many beneficiaries. For high-net-worth individuals and families, these changes are not merely technical. They require a reassessment of retirement income strategies, beneficiary planning, […]
Author: Marc J. Comer
Buying Commercial Property in New Jersey: Legal Guide for Small Businesses
Small businesses considering buying commercial property in New Jersey must evaluate a range of legal, financial, and operational factors. While ownership can offer long-term value and control, it also introduces significant risks if not properly structured. This guide outlines key considerations to help New Jersey business owners make informed decisions, minimize legal exposure, and successfully […]
Author: Robert L. Baker, Jr.
The SEC’s Latest Guidance on Applying Federal Securities Laws to Tokenized Securities
On January 28, 2026, staff of the U.S. Securities and Exchange Commission’s Divisions of Corporation Finance, Investment Management, and Trading and Markets issued a joint statement clarifying how existing federal securities laws apply to tokenized securities. The SEC’s “Statement on Tokenized Securities” does not establish new law, but it does provide greater clarity on the […]
Author: Dan Brecher
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Sign up to get the latest from our attorneys!
Explore What Matters Most to You.
Consider subscribing to our Firm Insights mailing list by clicking the button below so you can keep up to date with the firm`s latest articles covering various legal topics.
Stay informed and inspired with the latest updates, insights, and events from Scarinci Hollenbeck. Our resource library provides valuable content across a range of categories to keep you connected and ahead of the curve.