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Scarinci Hollenbeck remains committed not only to providing top-tier legal services but also to regularly providing information and resources to our client base and internet following. Client Alerts provided by our attorneys supply businesses, municipalities, and more with the latest and relevant legal updates that may impact them and how they might be able to proceed.
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    U.S. Signs Six New Bilateral Agreements to Crack Down on Tax Evasion post image

    U.S. Signs Six New Bilateral Agreements to Crack Down on Tax Evasion

    The U.S. Department of Treasury made positive steps forward in December in its campaign against tax evasion, with the agency signingbilateral agreements with jurisdictions to comply with the tax law provisions outlined by the Foreign Account Tax Compliance Act. In a one-week time span in mid-December, Malta, the Netherlands, The Islands of Bermuda, and three UK […]

    Author: Frank L. Brunetti

    Link to post with title - "U.S. Signs Six New Bilateral Agreements to Crack Down on Tax Evasion"
    U.S., France Sign Intergovernmental Agreement to Combat Offshore Tax Evasion post image

    U.S., France Sign Intergovernmental Agreement to Combat Offshore Tax Evasion

    The U.S. Department of the Treasury and the government of France have partnered up to combat egregious tax law violations carried out through the use of offshore accounts, the federal department said. The two countries have signed an intergovernmental agreement (IGA) to implement the Foreign Account Tax Compliance Act (FATCA). IGAs have been instrumental in helping countries […]

    Author: Frank L. Brunetti

    Link to post with title - "U.S., France Sign Intergovernmental Agreement to Combat Offshore Tax Evasion"
    U.S. Officials Granted Access to Bank Records in Tax Evasion Probe post image

    U.S. Officials Granted Access to Bank Records in Tax Evasion Probe

    A federal judge granted a request made by government officials to obtain the account data and identifying information of American banking clients suspected of committing tax law violations through offshore accounts managed by the Bank of N.T. Butterfield & Son. Butterfield currently has several offices throughout the Caribbean and Switzerland, and officials have long suspected […]

    Author: Frank L. Brunetti

    Link to post with title - "U.S. Officials Granted Access to Bank Records in Tax Evasion Probe"
    Treasury Releases New Guidance on FATCA post image

    Treasury Releases New Guidance on FATCA

    The U.S. Department of the Treasury has released new guidance to foreign institutions to help them comply with the new U.S. anti-tax evasion law, most commonly referred to as the Foreign Account Tax Compliance Act (FATCA). Many foreign banks, investment firms and other financial agencies have expressed some concern over the lack of clarity and guidance […]

    Author: Frank L. Brunetti

    Link to post with title - "Treasury Releases New Guidance on FATCA"
    Report: IRS Contract Workers Owe $5.4M in Back Taxes post image

    Report: IRS Contract Workers Owe $5.4M in Back Taxes

    Close to 700 contract workers of the Internal Revenue Service owe the agency $5.4 million in back taxes, according to a report released on Oct. 23 by a Treasury Department inspector general. “The IRS takes tax compliance for taxpayers and those who work for the IRS very seriously,” the IRS said in a statement. “For […]

    Author: Frank L. Brunetti

    Link to post with title - "Report: IRS Contract Workers Owe $5.4M in Back Taxes"
    Aggressive Tax Collection Policies in Greece Frustrate Residents post image

    Aggressive Tax Collection Policies in Greece Frustrate Residents

    Rampant tax evasion in Greece has led state officials to restructure collection practices in an effort to improve public finances and revitalize the economy. However, newly conceived tax laws – 22 in the last two years in Greece – have yielded greater frustration among Greek residents, who feel the country’s policies are unwieldy and ultimately, have […]

    Author: Scarinci Hollenbeck, LLC

    Link to post with title - "Aggressive Tax Collection Policies in Greece Frustrate Residents"
    Private Swiss Bank Closes Over Tax Evasion Dispute With U.S. post image

    Private Swiss Bank Closes Over Tax Evasion Dispute With U.S.

    Private Swiss bank Frey & Co AG announced that it’s closing its doors due to “unsustainable costs” stemming from the country’s dispute with the U.S. over alleged tax evasion. Frey will be the second bank – following Wegelin and Co. – to close after allegations of helping Americans evade U.S. tax law. U.S. authorities have launched […]

    Author: Frank L. Brunetti

    Link to post with title - "Private Swiss Bank Closes Over Tax Evasion Dispute With U.S."
    Ireland Announces Plan To Close Apple's Tax Loophole post image

    Ireland Announces Plan To Close Apple's Tax Loophole

    Following the announcement of several international tax agreements and a higher level of scrutiny over corporate tax strategies, Ireland recently announced its plans to close a tax loophole that a number of companies – most notably Apple, Inc. – have used to significantly lower their tax liabilities. Ireland’s Department of Finance released a new report […]

    Author: Frank L. Brunetti

    Link to post with title - "Ireland Announces Plan To Close Apple's Tax Loophole"
    Will New Tax Strategy Become More Widely Adopted post image

    Will New Tax Strategy Become More Widely Adopted

    Many corporations are implementing strategies to reduce their liabilities under U.S. tax law, but as these practices come under more scrutiny from the Internal Revenue Service, some analysts are questioning whether they will remain viable in the future. For instance, the Financial Times recently highlighted a practice implemented by Google, which allowed it to funnel […]

    Author: Scarinci Hollenbeck, LLC

    Link to post with title - "Will New Tax Strategy Become More Widely Adopted"
    IRS Increases Scrutiny of Small Businesses post image

    IRS Increases Scrutiny of Small Businesses

    The Internal Revenue Service has initiated a large campaign to crack down on offshore tax evasion and other egregious tax law violations that could result in large recoveries of hidden tax income, penalties, and interest. However, the IRS is also increasing its focus on small business tax practices, even if the potential for recovering sizable […]

    Author: Scarinci Hollenbeck, LLC

    Link to post with title - "IRS Increases Scrutiny of Small Businesses"
    IRS Audits Suspended in Light of Government Shutdown post image

    IRS Audits Suspended in Light of Government Shutdown

    The Internal Revenue Service is not immune to the far-reaching effects of the government shutdown, and many key services and responsibilities may be delayed or temporarily suspended. Existing tax law requires that the federal agency continue to collect payments, interest, and penalties, regardless of whether the government is functioning at full capacity. However, those individuals […]

    Author: Frank L. Brunetti

    Link to post with title - "IRS Audits Suspended in Light of Government Shutdown"
    Report: IRS Needs to Reevaluate Tax Gap Estimate post image

    Report: IRS Needs to Reevaluate Tax Gap Estimate

    The Internal Revenue Service needs to improve or update the strategies it uses to estimate the federal tax gap, according to a recent report conducted by the Treasury Inspector General for Tax Administration. The TIGTA analysis argued that the IRS needs to work on the comprehensiveness, accuracy, reliability, and timeliness of the tax gap estimate, particularly as […]

    Author: Frank L. Brunetti

    Link to post with title - "Report: IRS Needs to Reevaluate Tax Gap Estimate"

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