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United States News - Business, Taxation & Offshore


LLB-Switzerland Signs US Non-Prosecution Agreement

by Mike Godfrey, Tax-News.com, Washington

Thursday, August 8, 2019

On August 5, 2019, the US Department of Justice announced that Swiss bank LLB Verwaltung (Switzerland) AG has agreed to pay a penalty of USD10.6m to resolve a case in which it was accused of helping US clients to conceal income.Read Full Story


IRS Responds To Altera Ruling On Cost Sharing Arrangements

by Mike Godfrey, Tax-News.com, Washington

Thursday, August 8, 2019

On July 31, 2019, the United States Internal Revenue Service issued a memorandum for all Large Business and International Division employees informing them of the withdrawal of a directive regarding cost sharing arrangements in the light of the recent Court of Appeals ruling in the Altera case.Read Full Story


US Senators Urge 'Fairness' Change To Capital Gains Tax Calculations

by Mike Godfrey, Tax-News.com, Washington

Thursday, August 8, 2019

A group of 21 Republican members of the US Senate have signed a letter to the Treasury Secretary urging him to amend how capital gains tax liability is calculated.Read Full Story


Bulgaria Approves CbC Exchange Agreements With US

by Ulrika Lomas, Tax-News.con, Brussels

Thursday, August 8, 2019

Bulgaria's Council of Ministers earlier this month approved two agreements with the United States allowing for the automatic exchange of country-by-country transfer pricing reports.Read Full Story


IRS Clarifies FTC Rules For French Social Taxes

by Mike Godfrey, Tax-News.com, Washington

Thursday, July 25, 2019

On July 19, 2019, the United States Internal Revenue Service updated its webpage on foreign tax credits to clarify that it will not challenge foreign tax credit claims involving certain French taxes.Read Full Story


IRS's New Enforcement Initiatives Are Aimed At Individuals

by Mike Godfrey, Tax-News.com, Washington

Thursday, July 25, 2019

On July 19, 2019, the United States Internal Revenue Service Large Business and International Division announced six additional compliance campaigns.Read Full Story














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