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As we wrote recently, the Supreme Court of Israel was considering a challenge to the legality of the Foreign Account Tax Compliance Act, or FATCA. FATCA is a U.S. law under which banks and other financial institutions outside the United States are required to report...
The Foreign Account Tax Compliance Act, or FATCA, has major implications for people with dual citizenship in Israel and the United States. Under FATCA, foreign financial institutions are to provide account information for taxpayers holding more than $50,000 in foreign...
If you have foreign bank accounts, you are probably already aware of how important it is to report these accounts to the U.S. Government. Under the Bank Secrecy Act (BSA), any United States person (citizen or resident) who has a financial interest in or signature...
Facebook's current market value is estimated at $350 billion. Given its sustained success, Facebook may be in a better position than most companies to deal with the rigors of an audit. With this said, it could be facing a tax debt of many billions of dollars. In a...
The IRS has devoted fewer resources to auditing business taxpayers in recent years. While this fact is cold comfort to any company that has endured or is enduring IRS scrutiny, the fact remains that the IRS has not devoted the time or personnel to business audits that...
Dark Wings Dark Words. If you are in the financial industry you might have GOT a Raven recently from your banking overlords, or more likely an envelope. Whatever, those of you who watch Game of Thrones will understand that reference, but I digress. Banking...
Hello Loyal readers! Psych! You have to pay taxes. Death and taxes people, death and taxes. But Uncle Ben has a little something to make that stinging realization a bit better. As I keep saying over and over and over again, the Tax Code is a thrilling read. Explosive,...
Last time on Celebrity Tax Lives.... We discussed a "Mean Girls Tax System" and "Leeches, Parasites and Gift Horses" and the connection to us real people as well. And now the explosive FINALE where everything changes...and nothing will ever be the same...but actually...
Last time on Celebrity Tax Lives... We Discussed "Big Bad Advisors", "Every day is awesome", and "Records are for losers." And now the conclusion... 7. A Mean Girls Tax System Celebrities get their money in weird ways and from weird places. Self-employed individuals...
Hello loyal readers! The glitz! The glamour! The Bling! Celebrity scandals are always a hot topic, be it romance, divorce and even tax evasion. Recently Mr. Robert De Niro had a tax issue and the gossip columns went nuts. De Niro was able to smooth things over as an...