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New On The Network Today
This feed is published daily with selected new or updated
content from across our network. For a list of network sites, many of
which feature daily news, see below. |
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| 29/07 New
Lowtax Editor Column, by Kitty Miv |
| 28/07 New
PBTG Editor Column, Caroline, PBTG editor |
| 27/07 UK Launches Raft Of Tax Consultations, Tax-News.com |
| 26/07 Fat
Tax On The Menu
, Jeremy Hetherington-Gore blog entry |
| 23/07 Sarkozy Seeks 'Fiscal Convergence' With Germany, Tax-News.com |
| 20/07 Singapore
Base For Tuvalu OIFC, Tax-News.com |
| 19/07 Expats
Turn Backs On US Taxes, Tax-News.com |
| 16/07
Congress Approves US Financial Reform Bill, Tax-News.com |
| 15/07 New
Lowtax Editor Column, by Kitty Miv |
| 15/07 St
Vincent & The Grenadines, Investors Offshore special feature |
13/07 Tax-News.com
Jersey Review 2010-2011 |
| 12/07 Goodbye
To All That, Jeremy Hetherington-Gore blog entry |
| 09/07
Antigua Pursuing Trade Sanctions Against US, Tax-News.com |
| 08/07 New
Lowtax Editor Column, by Kitty Miv |
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06/07 Hong
Kong Full PBTG Guide, added to Personal Business Tax Guide |
| 05/07
Australian Mining Tax Agreement Reached, Tax-News.com |
| 02/07 Online
Trading For Expats, Investors Offshore special feature |
| 29/06 EC
To Extend Common System Of VAT, Tax-News.com |
| 28/06
Lowtax Dubai, annual update |
| 25/06 Jersey
Considers Tax Future, Tax-News.com |
| 22/06 VAT
Hiked In UK Emergency Budget, Tax-News.com |
| 21/06 Steady
Progress In TPP Negotiations, Tax-News.com |
| 18/06 Singapore
- Another Hong Kong?, Investors Offshore special feature |
| 15/06 Swiss
Parliament Approves UBS Agreement, Tax-News.com |
| 14/06 Ethical
Moonshine, Penelope Wise blog entry |
| 11/06 Germany
Purchases Stolen Tax Data Disc, Tax-News.com |
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08/06 Dubai
Full PBTG Guide, added to Personal Business Tax Guide |
| 07/06 G-20
Shelves Global Bank Tax, Tax-News.com |
| 04/06
Lowtax Panama, annual update |
| 01/06
Lowtax Luxembourg, annual update |
| 31/05
OECD And EU Strengthen Tax Cooperation, Tax-News.com |
| 28/05
Lowtax Guernsey, annual update |
| 25/05
Lowtax Jersey, annual update |
| 24/05 Lithuania
Summary PBTG Guide, added to Personal Business Tax Guide |
| 21/05
Lowtax Liechtenstein, annual update |
| 18/05 Latvia
Summary PBTG Guide, added to Personal Business Tax Guide |
| 17/05 Offshore
And The Euro, Jeremy Hetherington-Gore blog entry |
| 14/05 IO
Focus: Barbados, Investors Offshore special feature |
| 03/03
Personal Business
Tax Guide, PBTG, has launched! |
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| Providing essential tax news and information for globally
mobile artists, contractors, entrepreneurs, professionals, small businesses,
sportspersons and entertainers. |
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| Lowtax Network Sites |
| Lowtax Network Portal:
'Low-tax' business and investment in the top 50 jurisdictions covered in
exceptional detail. |
| Tax News: Global
tax news, continuously updated through the day. |
| Investors Offshore:
The independent offshore and alternative investment guide for expatriates
and the globally aware investor. Sponsored by HSBC
Bank International. |
| Law & Tax
News: Daily news and background data on tax and legal developments
for international business. |
| Offshore-e-com:
A topical guide to offshore e-commerce focused on tax and regulation. |
| Lowtax Library:
One of the web's largest and most authoritative business and investment
information sources. |
| US Tax Network:
The resource for free online US taxation information, covering: corporate
tax, individual tax, international tax, expatriates, sales and e-commerce
tax, investment tax. |
| NEW! Personal
Business Tax Guide: Providing essential tax news and information
on business for contractors, entrepreneurs, professionals, small businesses,
artists, sportspersons and entertainers. |
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Senate Bill To Modernize US Federal Tax Lien System,
by Mike Godfrey, Tax-News.com, Washington 19 April 2007
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Citing $570 million in cost savings for federal taxpayers, Sen. Carl Levin,
(D-Mich.), and Sen. Norm Coleman, (R-Minn.), have introduced legislation to modernize
the federal tax lien system by moving it from paper-based filings in local recording
offices to electronic filings on a national tax lien registry accessible through
the internet.
“Outdated laws are forcing the IRS to waste taxpayer dollars on an old-fashioned,
inefficient, and burdensome paper tax lien filing system that could be easily
replaced by a modern electronic filing system that could save taxpayers a half
a billion dollars over the next ten years,” explained Levin, continuing: “Using a
centralized, electronic filing system instead of a decentralized system requiring
tax liens to be filed on paper in over 4,000 local recording offices across
the country would save millions of taxpayer dollars, while actually improving
taxpayer service. Liens would be filed faster, errors would be easier to correct,
and, once resolved, liens could be released quicker - in 10 days instead of
the 30 days now permitted.”
“The current federal tax lien system is costly, antiquated, and generally
unreliable. Tax liens are an essential tool to recover unpaid taxes, which is
why we need to bring the system into the twenty-first century,” added
Coleman. “Our legislation is a common-sense solution that would modernize
the tax lien system and save more than $500 million over the next ten years.
In short, the bill would enable the IRS to file federal tax liens electronically
and would post all federal tax liens on the IRS website. Registering federal
tax liens on-line will dramatically reduce paperwork and will save more than
$220 million dollars in filing fees alone. Posting the liens on-line will make
tax lien information more readily available to the public and will make it easier
for federal contracting officials to make sure that the federal government is
not handing over hard-earned taxpayer dollars to tax-cheating federal contractors.”
Tax liens are a key tool used by the IRS to collect funds from persons
who are delinquent in paying their taxes. Notices of tax liens must be made
public. Currently, tax lien notices are made public by filing them in one or
more of 4,100 local recording offices.
The bipartisan Tax Lien Simplification Act is the result of investigations
into abusive tax shelters, offshore tax havens, and tax delinquent federal contractors
conducted over the last four years by the US Senate Permanent Subcommittee on
Investigations, on which Levin serves as the Chairman and Coleman serves as
the Ranking Member. During the course of those investigations, the Subcommittee
learned of the existing, decentralized system for filing federal tax liens and
the high costs of maintaining it. The Internal Revenue Service, for example,
maintains a service center dedicated to monitoring dozens of varying local requirements
regulating the format and legal styling applicable to tax lien filings; preparing
those liens in the proper format; requesting local officials to file the liens;
paying lien filing fees; tracing and replacing lost filings; correcting errors;
and, once resolved, releasing appropriate liens.
The bill would replace the local filing system with a centralized, federal
tax lien registry that would be operated by the IRS and made accessible and
searchable by the public on the internet at no cost. Each federal tax lien would
use the same format and be made effective from the date and time of its recording
in the national registry, in the same manner as now occurs with local filings.
Once the underlying tax liability was resolved, the IRS would have 10 days instead
of the current 30 days to release the tax lien and remove it from the registry.
The bill would give the Treasury Secretary authority to issue regulations or
other guidance for the tax lien registry. The Treasury would be required to
make the registry secure and prevent data tampering. Before the registry was
implemented, the Treasury Secretary would also be required to review the information
currently included in public tax lien filings to determine whether any of that
information should be excluded or protected from public viewing on the internet.
For example, the Treasury Secretary would be expected to prevent the disclosure
of social security numbers that are currently included in many public tax lien
filings, but, if disclosed on the Internet, could facilitate identity theft.
The bill is thus expected to provide greater protection of some taxpayer information
than occurs in current tax lien filings.
The bill would require the registry to be operational by January 1, 2009, but
would allow continued use of the existing local filing system for an appropriate
time to ensure a smooth transition.
The IRS has estimated that, over ten years, the new system would result in
taxpayer savings of approximately $570 million. The savings would come from
the elimination of state filing fees, IRS personnel costs, travel costs related
to local filing problems, and the cost of lost taxes when the IRS makes an error,
or a tax lien filing is misplaced or delayed.
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