Buffett in Share Swap with Graham to Reduce his Possible Tax Payout

Warren Buffett owned Berkshire Hathaway has entered into an asset and share swap with Graham Holdings in order to avoid paying tax on capital gains, filings with regulatory authorities show. The filings show that either party can call off the…

IRS Revises Guidelines on US Possessions

Those who reside in US possessions such as Guam, US Virgin Islands, American Samoa, Puerto Rico, and Northern Mariana Islands now have to follow the revised IRS guidelines for property owned or income obtained. Some of them will have to file…

U.S. Businesses Oppose Australian Plan against International Profit Shifting

Australia had proposed a plan to the G20 to curtail international profit shifting by businesses. Many countries in the G20, including the US, have agreed that business giants such as Apple and Google have been shifting profits to low tax countries…

Tech Giants Park Funds Offshore to Avoid US Taxes

Major US tech companies such as Microsoft, Apple, Google, and IBM, has structured their businesses in such a manner that a large share of their profits go to subsidiaries in lower tax countries. This has enables the four major tech companies…

US-Canadian Border Deal will Affect Taxes of Canadian Travellers

The US and Canada have entered into an agreement that will require Canadians and US citizens who enter and leave the countries to swipe their passports at both borders. This information will also be shared by the governments of both countries.…

American Airlines Accused of Running Sham Office in Small Town to Avoid Taxes

The regional Transportation Authority has accused American Airlines of running a sham office in a small town to claim that it purchases aviation fuels from there to avoid paying sales tax in Chicago. The agency had made the same accusation against…

Tax Options for U.S. Citizens Living Abroad

U.S. citizens living abroad need to pay not only local taxes but also U.S. taxes. Moreover, they have to fill in a host of forms such as the FinCEN Form 114 and the FATCA Form 8938. Unless they do this, their local banks can ask them about this…

Paladin Labs Founder Gains from U.S. Tax Loophole

A tax loophole that has been called inversion has helped Jonathan Goodman make a sizeable profit for his share of Paladin Labs. This Canada based company was sold to Endo so that it could take advantage of the inversion loophole to move its…

Treasury Releases Major FATCA Guidelines

The U.S. Treasury has released a set of major guidelines for the FATCA or the Foreign Account Tax Compliance Act. These guidelines also carry the current set of changes made to the regulations after problems were pointed out with the earlier…

Scam Artists Pose as IRS Officials to Con Tax Payers

There have been many complaints of scam artists posing as IRS officials and obtaining Social Security numbers and other financial information from tax payers. Many people have fallen for the scam because they sound genuine and threaten the citizen…