Tax Law, Privacy, Finance & Banking

Big Incentives for Investments in Cybersecurity

by Javier Siervo | Berkeley Research Group, LLC on 5/17/2013

Recently, Maryland Governor Martin O’Malley signed into law the Cybersecurity Investment Incentive Tax Credit. The credit is to be used against the state income tax of a Maryland cybersecurity company. To be eligible for the...more

New IRS reporting rules raise privacy concerns

by Bilzin Sumberg Baena Price & Axelrod LLP on 10/17/2012

Originally published in the Daily Business Review on October 16, 2012. New IRS regulations that require banks to report non-U.S. taxpayers' bank deposit interest, which could then be shared with their home countries,...more

Will The IRS Report Non-U.S. Taxpayers’ Bank Deposit Interest To Foreign Governments?

by Bilzin Sumberg Baena Price & Axelrod LLP on 9/26/2012

Banks’ Reporting Requirements Raise Privacy Concerns - Effective January 1, 2013, U.S. financial institutions will be required to annually report bank deposit interest earned by non-U.S. residents to the IRS. Currently,...more

FBAR Scam

by Charles (Chuck) Rubin on 7/17/2012

A recent article warns of a current email scam that attempts to trick recipients into sending bank account to the scammers. The email comes with “Report of Foreign Bank and Financial Accounts (FBAR)” in the heading, and...more

An Intergovernmental Approach to FATCA: US Treasury Issues Joint Statement From the United States, France, Germany, Italy, Spain...

by White & Case LLP on 3/16/2012

On February 8, 2012, the Department of Treasury (the “Treasury”) and the Internal Revenue Service (the “Service”) issued proposed regulations under the Foreign Account Tax Compliance Act (“FATCA”). FATCA establishes a new US...more

Access Request for Advice to Minister Regarding Tax Amendments is Denied

by Dentons on 3/2/2012

In a recent decision, the Ontario Court of Appeal has permitted Ontario’s Minister of Finance to withhold draft policy option memos from disclosure in response to an access to information request. The requester sought records...more

Insight on Estate Planning - February/March 2012

by Adler Pollock & Sheehan P.C. on 2/1/2012

In This Issue: - Does your trust need a protector? - Privacy, please! Keep family matters out of the public eye by avoiding probate - Consider a “stretch” to maximize and preserve IRA benefits - Estate Planning...more

Bank Secrecy May Be Dead In California!

by Sanford Millar on 3/25/2011

Senate Bill 86 is on its way to the governor’s desk and he is likely to sign it in days. Why is this a big deal and how does SB 86 kill bank secrecy, well contained in the bill is new Revenue & Taxation code section 19266....more

California to Compel Banks to Disclose Delinquent Taxpayer Account Date

by Sanford Millar on 3/21/2011

SB 86 just passed by the legislature includes a new provision for collection and enforcement of California tax liabilities. New Revenue and Taxation Code §19266 establishes the Financial Institutions Record Match System. The...more

Adozione modelli organizzativi ex-art. 6 D.Lgs 231/2001 Partecipate Comune di Pescara

by Renato Ranieri on 2/28/2011

La presente delibera è indirizzata a tutte le società partecipate dal Comune di Pescara, laddove il Comune ha una partecipazione totalitaria e/o di maggioranza nel capitale sociale ed i servizi svolti per conto...more

Summer’s Last Gasp: Notice 2010-60- Preliminary Guidance Under FATCA

by Sutherland Asbill & Brennan LLP on 12/10/2010

INTRODUCTION Issued during the afternoon of the last Friday in August, Notice 2010-60 1 (the Notice) was soon emailed around the world even though it was evening in Europe and the middle of the night in Asia. Eagerly...more

North Carolina's Audit Practice Violates the First Amendment

by Sutherland Asbill & Brennan LLP on 10/27/2010

On October 25, a U.S. District Court granted Amazon.com, LLC’s (Amazon) motion for summary judgment and held that the North Carolina Department of Revenue (Department) was not entitled to demand both product and customer...more

HSBC Next Tax Haven Bank Under Attack?

by Sanford Millar on 10/27/2010

According to press reports a former employee of HSBC Private Bank in Geneva, Switzerland stole computerized account data on 80,000 accounts and delivered the information to French authorities. There is no indication how many...more

Tax Consequences for Customer Data Theft

by Sanford Millar on 9/28/2010

Identity theft is not a trivial issue. The costs to our national, state and local economies, businesses and individual consumers are substantial. According to Forbes, the 2009 estimated cost of identity theft was $54 billion....more

Tax Consequences of Theft of Customer Data

by Sanford Millar on 9/10/2010

Theft of customer data is not limited to identity theft, at least the kind where the thief uses stolen identities to defraud merchants, banks and destroy credit of consumers. An important example of what can happen when...more

Thinking About An Offshore Account - "Don't Ask, Don't Tell" Is Best Policy

by Brian Mahany on 8/1/2010

Just "asking" about opening an offshore account might cause increased IRS scrutiny....more

IRS-UBS Deal Likely Brought to Swiss Voters

by Darrin Mish, Tampa Tax Attorney on 6/28/2010

Last year, the IRS and Switzerland’s UBS Bank hammered out a deal where UBS agreed to disclose names of 4,450 American depositors suspected of stashing the cash in their UBS accounts to avoid paying taxes, against Swiss...more

It's Your Business- Spring 2010

by McNees Wallace & Nurick LLC on 5/20/2010

IN THIS ISSUE: FTC to Begin Red Flags Rule Enforcement; Helping Employees without Hurting Your Business: Legal Considerations in Making Employee Loans; More than Good Manners-Personal Goodwill May Reduce Taxes. Please see...more

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Tax Law › Privacy › Finance & Banking