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Archive for International

Russia’s “Citizenship Reporting” Requirements – The U.S. Next? Your Taxes May Be Scrutinized!

John Richardson

The law does not make dual citizenship illegal; it is merely a reporting requirement.

Federal Law No. 142-FZ on Amendment of Articles 6 and 30 of the Federal Law on Russian Federation Citizenship and Individual Regulations of the Russian Federation, which took effect on 4 August 2014, makes it a criminal offence for Russian nationals to conceal dual citizenship or long-term residence abroad.

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Canadian Tax Help – How Does Accounts Receivable Affect Profitability?

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How do past due invoices impact my company’s profitability?

Although Accounts Receivable (AR) is considered an asset, having slow turnover of receivables can negatively affect your company’s bottom line.

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Ending FATCA: Keith Redmond On The Harm Of FATCA And Universal Tax Jurisdiction

Keith Redmond

For this blog post, we bring an interview with Keith Redmond, a Multi-Cultural Global Management Executive working with cross cultural issues for over 20 years, who is currently the International Senior Consultant at Leaders Across Borders.

Keith is an American overseas, based in France. He has strong views about the harm of FATCA unfairly punishing a large group of Americans who are living overseas. He is fighting for these views by testifying in Congress in January.

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Mr. FBAR As A Role Model For President Putin And The Russian Government

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It has been widely reported that American actor Steven Seagal has joined American boxer Roy Jones in becoming a citizen of Russia. By becoming Russian citizens, Mr. Seagal and Mr. Jones are now subject to Russia’s Currency laws, which include the requirement to report their non-Russian bank accounts to the Kremlin. Messrs Seagal and Jones may admire Russia. That said, it’s clear that the Kremlin admires the U.S. Treasury in general and Mr. FBAR – America’s most important citizen – in particular.

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Canadian FAQ #209 – Capital Assets On A Balance Sheet

Grant Gilmour

What are Capital Assets on a Balance Sheet? The Capital Assets category appears under Long Term Assets on a Balance Sheet. It is also referred to as Property, Plant and Equipment. This section is comprised of various property such as buildings, machinery, computers, vehicles and other equipment.

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Tax Authorities To Have Access to Beneficial Ownership Information By 2018!

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The EU Council recently agreed on a proposal granting access for tax authorities to information held by authorities responsible for the prevention of money laundering. The directive will require EU member states to enable access to information on the beneficial ownership of companies. The effective date will apply from January 1, 2018.

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Interlinked System Of Beneficial Ownership Registers Coming Soon – Fighting Against Tax Crimes

William Byrnes

The European Commission expects to have in place by next year an interconnected, pan-European system of beneficial ownership registers, as part of the fight against money laundering and tax evasion, the European Commissioner, Věra Jourová, tells MEPs of the Inquiry committee into the Panama Papers scandal.

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Ex-Swiss Banker Heads To Trial For Conspiracy To Evade Taxes

Ron Marini

We posted 144 Offshore Banks & Now Financial Advisors Are Turning Over Your Names To The IRS where we discussed the Government has added 47 more banks and financial advisors to this list bringing the number to 144 total banks and foreign financial advisors. Included in this list as #137 is Stefan Buck (effective 11/15/16).

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Canadian Tax FAQ – Prepaids on a Balance Sheet

Grant Gilmour

What are Prepaids on a Balance Sheet? The Prepaids category appears under Current Assets on a Balance Sheet. Prepaids represent expenses that are paid in advance for a future period.

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Hewlett-Packard Defrauded in the Acquisition of Autonomy for $11 Billion

williambyrnesnov

A federal grand jury indicted former CEO of Autonomy Sushovan Hussain, 52, a citizen and resident of the United Kingdom, with conspiracy to commit wire fraud and multiple counts of wire fraud. According to the indictment filed last Nov. 10, Hussain allegedly engaged in a scheme to defraud purchasers and sellers of securities of Autonomy Corporation plc (Autonomy) and Hewlett-Packard Company about the true performance of Autonomy’s business, its financial condition and its prospects for growth.

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Canadian FAQ #207 – Inventory On A Balance Sheet

Grant Gilmour

The Inventory category appears under Current Assets on a Balance Sheet. It is a common category used for companies from the manufacturing and distribution sector. Inventory is comprised of raw materials, work in progress (WIP), and finished goods.

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False Form 8854 Used As Part Of “Willful” FBAR Prosecution

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The primary story is of a U.S. professor who pleaded guilty to an FBAR violation and was subjected to a 100 million FBAR penalty. Notably the “tax loss” was 10 million dollars and the FBAR penalty was 100 million dollars. It appears that Mr. FBAR is becoming an important tool in the arsenal used by the United States Treasury.

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