Tag: tax evasion
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From the Tax Law Offices of David W. Klasing – The Difference Between Tax Avoidance vs. Tax Evasion
IRVINE, Calif., Feb. 7, 2025 /PRNewswire/ — Federal tax law attempts to delineate a very clear distinction between tax avoidance, which can at worst only expose the Tax Practitioner and his or her client to potential civil tax penalties, and tax evasion, for which criminal tax penalties may apply to all parties concerned. The Supreme Court in Gregory…
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Your Foreign Company and Tax
Word is that Morgan Stanley in NYC has reduced their Wealth Manager staff by 15% because a) Annual filing of data to automatic report in compliance to the OECD Common Reporting Standard is a minimum cost annually of $600.00 per account and they have 2.5 Trillion under management, so you can just imagine the reporting costs;…
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Mnuchin’s Offshore Companies Underscore Need to Tackle Tax Havens in Tax Reform
Statement by FACT Deputy Executive Director Clark Gascoigne WASHINGTON – The offshore companies controlled by Treasury Secretary-designate Steven Mnuchin featured prominently in his Senate confirmation hearings held last week in Washington. It was revealed that the former investment banker managed companies with assets in Anguilla and the Cayman Islands, both widely recognized as tax havens.…
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Greek Government Reports Nearly EU 1 Billion in Tax Evasion Fines, Asset Seizures
The Government of Greece has opened hundreds of tax evasion cases against citizens suspected of hiding assets outside of country borders, already assessing some EU 810 million in fines from suspected scofflaws, according to Special Financial Prosecutor Panagiotis Athanasiou. The government, which began examining suspected income tax evaders in early 2015, recently ratcheted up efforts…
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How widespread is tax evasion?
New study puts a cost on “round-tripping,” a method investors use to avoid the tax collector. by Peter Dizikes | MIT News Office Tax evasion is widely assumed to be an eternal problem for governments — but how widespread is it? For the first time, a new study, co-authored by an MIT professor, has put…
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Tax Mitigation vs. Tax Evasion
Most of the bad word of mouth associated with offshore investment, tax havens and the like involves an interchange of the phrases ‘tax mitigation’ and ‘tax evasion’. As the focus of tax law in the United States and elsewhere turns to tightening a grip on ‘lost’ revenue from offshore investment holders (a seemingly punitive series…