The Resource Assessing tax liabilities is one thing, collecting them abroad is another : new case shows international reach of the IRS

Assessing tax liabilities is one thing, collecting them abroad is another : new case shows international reach of the IRS

Label
Assessing tax liabilities is one thing, collecting them abroad is another : new case shows international reach of the IRS
Title
Assessing tax liabilities is one thing, collecting them abroad is another : new case shows international reach of the IRS
Creator
Subject
Language
eng
Summary
People have many misconceptions when it comes to international tax. A recent case, Dewees, highlights several common fallacies, including: (1) if a taxpayer enters into the Offshore Voluntary Disclosure Program (OVDP) in order to resolve past international tax non-compliance on the most favourable terms possible, the IRS will simply forget about such taxpayer if he or she later decides to stop participating in the OVDP; (2) the IRS will be compassionate in determining whether penalties for unfiled Forms 5471, Information Return of U.S. Persons with Respect to Certain Foreign Corporations, should be asserted; and (3) if a taxpayer lives abroad and lacks U.S. assets, then the IRS will not be able to collect any U.S. tax liabilities. This article analyses and debunks these widespread myths, using Dewees as a point of reference
Citation source
In: Journal of taxation. - New York. - Vol. 127 (2017), no. 5 ; p. 205-217
http://library.link/vocab/creatorName
Sheppard, H.E
Geographic coverage
North America
Language note
English
http://library.link/vocab/subjectName
  • case law
  • tax liability
  • penalties
  • voluntary disclosure
  • collection of tax
  • exchange of information
Label
Assessing tax liabilities is one thing, collecting them abroad is another : new case shows international reach of the IRS
Instantiates
Publication
Label
Assessing tax liabilities is one thing, collecting them abroad is another : new case shows international reach of the IRS
Publication

Library Locations

    • IBFD Library AmsterdamBorrow it
      Rietlandpark 301, Amsterdam, 1019 DW, NL
      52.37366609999999 4.9336932
Processing Feedback ...