Treasure Hunt Part 1—Congress, Treasury, and the Department of Justice Join in the Search for Offshore Tax Bounty
Author: Payson R. Peabody.
Source: Volume 22, Number 06, July/August 2009 , pp.36-42(7)
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Abstract:
A number of high profile cases, and a bewildering array of efforts, are currently underway to curb perceived offshore tax abuses. Given all of the irons in the fire, and the state of the nation’s fiscal balance, it is nearly certain that there will be significant changes to the tax compliance standards for U.S. and foreign financial institutions in the year ahead. This article, the first in a two-part series, provides an overview of the major legislative, regulatory, and prosecutorial initiatives and gives readers some perspective on where things are likely to stand by the end of 2009.Keywords: UBS; Foreign Bank Account Reporting; Qualified Intermediary; S. 386; S. 509
Affiliations:
1: Of Counsel, Dykema Gossett, PLLC.