In New Zealand, if you understate your income tax in your tax return, you may be subject to a shortfall penalty. The shortfall penalties are as follows: Not taking reasonable care: 20% Unacceptable tax position: 20% Gross carelessness: 40% Taking an abusive tax...
Tax evasion: Today the IRS disclosed that the revenue authorities of Australia, the United Kingdom and the United States are sharing ‘a substantial amount of data’ obtained on tax cheats from sources that the agency would not fully disclose. Assets hidden...
In a significant move today the US Department of the Treasury and the Internal Revenue Service have set down the final regulations for the Foreign Account Tax Compliance Act (FATCA). The proposed regulations were issued in February 2012 and after almost a year of...
If you are thinking about expatriating, beware of taxation under Section 877 and 877A of the Internal Revenue Code – Expatriation to avoid tax, and tax responsibilities of expatriation. Covered expatriates are subject to specific taxing mechanisms under...
