Swiss Banks could Face Larger than Expected Fines over Tax Evasion

As Credit Suisse revealed that it had agreed to a $2.6 billion fine to settle the US Department of Justice charges of helping wealthy Americans evade taxes, other Swiss banks that are under probe for similar activities as well as analysts are…

MoneyGram Claims Bank Status in Tax Dispute

The IRS and MoneyGram are involved in a tax dispute that revolves around the definition of the word bank. While MoneyGram agrees that the word bank is not part of its name, it should be entitled to tax deductions available to banks because it…

Supreme Court Agrees to Hear Maryland Tax Case

The US Supreme Court has agreed to hear a Maryland tax dispute that Maryland’s appellate court had ruled in favor of tax payers. The dispute centers around the fact that in some circumstances Maryland imposes a double tax on incomes for which…

US Authorities Track Tax Evaders across the Globe

The greedy US authorities have broadened the scope of their probe into tax evasion using overseas accounts to include Singapore, Cook Islands, and other regions of the world. They cannot wait to spend other people’s money on things Americans…

Pfizer Drops AstraZeneca Bid, Tax Issues Still Prominent

Pfizer has dropped its bid to acquire UK-based AstraZeneca, however, some of the tax concerns the bid raised continue to be relevant in the US. Pfizer made an unsolicited bid for UK-based AstraZeneca partly to benefit from the lower tax rates…

Government Workers Owe $3.3 B in Taxes to IRS for 2013

Each year the IRS releases data about delinquent tax payers. This year it said that 3.3 percent of federal workers have not paid their taxes for 2013. However, this percentage is still better than the general public of whom 8.7 percent have…

Tax Attorneys are Shocked to Learn that Stan Curtis is Guilty of Filing False Tax Returns

Tax attorneys are usually the last persons to be appalled when learning that celebrities file tax returns. But the case of Stan Curtis has left them shell-shocked and at a loss for words. For the uninitiated, Stan Curtis is an entrepreneur,…

An Anti-Private Sector US Senator Moves to Block Inversion Tax Loophole

Pfizer’s move to acquire AstraZeneca as part of its strategy to shift its tax home to the UK and avoid high US taxes is now facing another hurdle. One job killing and anti-business US Senator has moved to block the tax loophole that permits…

Democrats to Propose Tax Laws to Prevent Inversion

The Democrats are set to introduce tax laws that prevent inversion in both houses of Congress. In recent times many companies have been in the news for changing their tax domicile from the US to a country with a lower corporate tax in order…

Credit Suisse CEO Faces Calls to Quit over US Tax Probe

Yet another prominent Swiss politician has called for the resignation of Brady Dougan, CEO, Credit Suisse, after the bank has been under probe over its alleged role of helping wealthy US citizens avoid taxes by using offshore accounts. Dougan’s…