Financial Regulatory Forum

U.S. government to enhance municipal market regulation

By Reuters Staff
March 2, 2010

WASHINGTON, March 2 (Reuters) – The Internal Revenue Service has agreed to work more closely with the Securities and Exchange Commission to regulate the U.S. municipal bond market, the IRS said on Tuesday, adding the two federal agencies had signed memorandum of understanding.

IRS to take “macro” approach on U.S. foreign bank law

By Reuters Staff
March 2, 2010

By Kim Dixon

WASHINGTON, March 2 (Reuters) – Foreign banks will likely not need to identify holders of millions of U.S. accounts individually, a top U.S. tax official said, in the run-up to a new reporting law aimed at catching wealthy tax dodgers.

Companies to disclose iffy tax estimates – IRS

By Reuters Staff
January 27, 2010

By Kim Dixon

WASHINGTON, Jan 26 (Reuters) – U.S. tax authorities will soon demand that corporations reveal much more detailed financial information about tax shelters and other complex structures when they file their income taxes, the top U.S. tax official said on Tuesday.

U.S. IRS proposes tax preparer regulations

By Reuters Staff
January 4, 2010

By Kim Dixon

WASHINGTON, Jan 4 (Reuters) – The U.S. tax agency will propose new rules to regulate paid tax preparers, including mandatory registration with the government and competency testing for those not already subject to professional exams.

EXCLUSIVE – U.S. revenue service hires “hundreds” for high-wealth tax cheat unit

By Reuters Staff
December 12, 2009

By Kim Dixon

WASHINGTON, Dec 11 (Reuters) – A new U.S. Internal Revenue Service unit set up to catch rich tax cheats hiding their wealth in complex business entities is rapidly taking shape with the hiring of hundreds of employees.

U.S. offshore tax amnesty yields big response – IRS

By Reuters Staff
November 17, 2009

U.S. Internal Revenue Service (IRS) Commissioner Douglas Shulman speaks during an interview with Reuters at his office in Washington October 8, 2009. REUTERS/Hyungwon Kang By Kim Dixon
WASHINGTON, Nov 17 (Reuters) – Some 14,700 rich Americans worried about a U.S. government crackdown on offshore tax cheats came forward to participate in a tax amnesty program, the top U.S. tax official said on Tuesday.

Experts say US tax disclosure bill could deter foreign capital

By Reuters Staff
November 5, 2009

By Karey Wutkowski
WASHINGTON, Nov 5 (Reuters) – Tax experts on Thursday raised concerns that pending U.S. legislation to ramp up disclosure of offshore accounts could scare away foreign capital.

U.S. tax agency to randomly audit 6,000 firms on employment tax issues

October 30, 2009

By Kim Dixon
WASHINGTON, Oct 30 (Reuters) – U.S. tax authorities will start to audit 6,000 randomly selected companies to focus on employment tax issues ranging from executive compensation to fringe benefits, Internal Revenue Service officials said.

U.S. serves tax probe subpoenas in NY area

By Reuters Staff
October 29, 2009

By Kim Dixon
WASHINGTON, Oct 28 (Reuters) – The U.S. government has served subpoenas on wealthy individuals in recent days in the New York area, targeting those who may have evaded taxes using offshore accounts at Swiss bank UBS AG, lawyers said on Wednesday.

U.S. tax bill demands reporting by banks, rich to fight offshore evasion

By Reuters Staff
October 27, 2009

U.S. Senator Max Baucus (D-MT), chairman of the Senate Finance Committee, smiles before the Committee passed the Democratic healthcare reform bill with a 14-9 vote, October 13, 2009 on Capitol Hill in Washington. (File Photo) REUTERS/Jason Reed  (UNITED STATES POLITICS HEALTH)  By Kim Dixon
WASHINGTON, Oct 27 (Reuters) – U.S. Democrats aim to stop rich Americans from hiding assets offshore to evade taxes by slapping penalties on individuals and foreign banks, according to legislation introduced in the U.S. Congress on Tuesday.