EBay Reports Losses after Taking a $3 B Tax Charge

While many US-based companies are moving abroad to Ireland and to the Caribbean because of the lower tax rates offered in these locations or moving assets and income to offshore subsidiaries to lower their effective tax rate, the online marketplace…

Pfizer Bids for AstraZeneca to Avoid US Taxes

Pfizer has made a hostile $99 billion bid for London based AstraZeneca in what many analysts see as an attempt to avoid US taxes which seem to be growing without logic or concer. If the merger goes through, Pfizer-AstraZeneca would be based…

US Signs Tax Avoidance Pact with Australia

Ahead of the July 1st implementation of the FATCA or Foreign Account Tax Compliance Act, the US government has signed an intergovernmental agreement with another country – Australia. With the deadline for agreements fast approaching many countries…

Tax Court Rules that Trusts can Materially Participate in Business

The US Tax Court has now ruled that trusts can materially participate in businesses. This ruling will affect the ways in which trusts calculate their taxes as individuals and investors that materially participate in a business are treated differently…

Maine Passes Law Targeting Tax Havens

Over the years increasingly more big businesses in the US have made use of subsidiaries abroad to reduce the amount of taxes they pay in the US. The US federal government has not yet passed laws that specifically target this practice, but many…

Puerto Rico Attracts US Rich with Tax Breaks

As a rule US citizens and Green Card holders are expected to follow US tax laws and pay US taxes wherever they are based. The recent FATCA law also makes it clear that it is aimed at increasing tax compliance among US citizens. The US government…

US Enters into FATCA Tax Evasion Pact with India

The US government has entered into a tax evasion pact in accordance with its FATCA provisions. The FATCA law aims to ensure that US citizens and residents are unable to evade US taxes by holding offshore accounts. While the US has already signed…

States Charge Online Retailers Sales Tax, Increasing Compliance Costs

With increasingly more consumers choosing to make online purchases because of the ease and lower costs, states across the US such as Florida, Texas, Virginia, California, and Indiana have decided to impose a sales tax on items that are delivered…

Tax Considerations When Starting a P2P Service

Technological improvements have led to the rising of new business models. One of these is the P2P or peer to peer business model where two parties that are strangers come together to share resources using a third party platform. They need to…

How a Tax Attorney can Help You

One of the most unsettling feelings a person can have, is owing taxes. It is a major cause for concern to know that the IRS might garnish your wages for unpaid tax debt or even place a tax levy on your bank accounts. If you seem to be under…