Oct 15, 2009
According to the US Internal Revenue Service (IRS), 7,500 offshore account holders have revealed their details in exchange for leniency on their subsequent judgment. In an effort to curb tax evasion and retrieve tax liabilities avoided through offshore accounts, the IRS is offering a tax amnesty program which sees lower penalties and prosecution avoidance for [...]
According to the US Internal Revenue Service (IRS), 7,500 offshore account holders have revealed their details in exchange for leniency on their subsequent judgment.
In an effort to curb tax evasion and retrieve tax liabilities avoided through offshore accounts, the IRS is offering a tax amnesty program which sees lower penalties and prosecution avoidance for those harboring money overseas. The program which requires submissions to be made by 5pm on October 15th, has now received over 7,500 applications. According to IRS statements, ... Read More
Oct 9, 2009
According to latest reports published by Internal Revenue Service (IRS) the government’s tax revenue fell 25%, compare to the same period last year. The corporate taxpayers paid 56% less, while individual taxpayers payed 20% less. Taking in consideration such significant drops, the Congressional Budget Office estimates that only 14.3% of GDP this year will come [...]
According to latest reports published by Internal Revenue Service (IRS) the government’s tax revenue fell 25%, compare to the same period last year.
The corporate taxpayers paid 56% less, while individual taxpayers payed 20% less. Taking in consideration such significant drops, the Congressional Budget Office estimates that only 14.3% of GDP this year will come from the tax collection. Historically, USA enjoys approximately 18% of GDP from tax revenue.
According to experts, the predominant cause behind the tax revenue downfall is the present ... Read More
Oct 2, 2009
Figures released by the Internal Revenue Service (IRS) show a significant increase in the number of American citizens providing information on underpaid taxes of other’s. The IRS Whisltleblower Office, in its Annual Report to Congress, released October 1st, has stated that 1,246 individual cases have been brought forward throughout the 2008 fiscal year with information [...]
Figures released by the Internal Revenue Service (IRS) show a significant increase in the number of American citizens providing information on underpaid taxes of other's.
The IRS Whisltleblower Office, in its Annual Report to Congress, released October 1st, has stated that 1,246 individual cases have been brought forward throughout the 2008 fiscal year with information regarding tax evaders and individuals committing significant levels of tax fraud. Of the 1,246 cases brought forward, 994 made specific allegations regarding the amount of tax evaded, ... Read More
Sep 21, 2009
The US Internal Revenue Service (IRS) will extend the deadline for those wishing to apply for the offshore account declaration leniency program. Originally scheduled to end on the 23rd of September, the IRS’s leniency program promised to reduce penalties paid by those declaring their UBS accounts. Applications for the program have significantly increased following a [...]
The US Internal Revenue Service (IRS) will extend the deadline for those wishing to apply for the offshore account declaration leniency program.
Originally scheduled to end on the 23rd of September, the IRS’s leniency program promised to reduce penalties paid by those declaring their UBS accounts. Applications for the program have significantly increased following a settlement between the IRS and Swiss bank UBS, which saw the details of 4,450 American owned accounts promised to the IRS. According to IRS officials, over ... Read More
