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
Local Zoning and Land Use Rules Every New Jersey Rental Property Owner Should Understand
Owning a residential rental property in New Jersey involves more than finding tenants and collecting rent. Property owners must comply with a combination of state laws, municipal ordinances, building and housing codes, and zoning and land use regulations. These requirements can affect everything from the number of dwelling units permitted at a property to whether […]
Author: Donald M. Pepe
Real Estate Litigation Explained: Top 5 Disputes and How to Avoid Them
The five most common real estate disputes are breach of contract claims, landlord-tenant conflicts, zoning and land use disagreements, construction claims, and boundary disputes. Understanding why each arises, and taking preventive steps early, can help property owners, tenants, developers, and investors avoid costly litigation. Key Takeaways: Real estate transactions are complex endeavors involving numerous parties […]
Author: Paul Grossman
When a Child Turns 18: The Gap in Your Family’s Estate Plan
Once a child turns 18, parents lose the automatic legal authority to make medical and financial decisions on their behalf, even if the child still lives at home or remains on the family’s insurance. Three documents close that gap: a durable power of attorney, a health care proxy or directive, and a HIPAA authorization. For […]
Author: George McGowan
Business Mediation: An Overview and Practical Tips
Business mediation is a confidential, voluntary process in which a neutral third party helps companies negotiate a resolution to a commercial dispute without going to trial. Because working with a mediator is very different from litigating in the courtroom, it is important to understand how commercial mediation works, when it makes sense for your dispute, […]
Author: Paul Grossman
Top 5 Causes Leading to Construction Defect Litigation
The five most common causes of construction defect litigation are design defects, substandard materials, workmanship defects, code violations, and subsurface defects. Because these flaws can compromise a building’s integrity, functionality, or safety, they frequently lead to disputes involving multiple parties and high financial stakes. Key takeaways: What is Construction Defect Litigation? Construction litigation is complex, […]
Author: Paul Grossman
How to Protect Your New Jersey Business When Going through a Divorce
The most effective ways to protect your business in a divorce are put in place before one begins: a prenuptial or postnuptial agreement, clean separation of business and personal finances, and divorce contingencies built into your operating or buy-sell agreements. If divorce is already underway, the priorities shift to establishing how the business is classified […]
Author: Jay McDaniel
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.