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International Tax Enforcement: The Joint Chiefs of Global Tax Enforcement

In FATCA, International Tax by Jason FreemanLeave a Comment

Earlier this year, the IRS launched and joined the Joint Chiefs of Global Tax Enforcement, known as the “J5,” in an effort to crack down on international tax fraud, money laundering, and cryptocurrency-related crimes. The J5 includes agencies from the United Kingdom, Canada, Australia, and the Netherlands, along with the IRS. The initiative involves a stated effort to share information …

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The Paradise Papers Continue to Shed Light on the Use of Offshore Tax Havens

In FATCA, FBAR, Offshore Tax, OVDP by Jason Freeman and Spencer BanksLeave a Comment

The Paradise Papers represent the latest large-scale leak of financial documents believed to link thousands of companies and individuals to hidden offshore accounts and secret tax havens.  The leak was massive, totaling some 1,400GB of data—that translates to an estimated 13.4 million documents covering a period from 1950 to 2016.[i]Nearly half of the leaked documents come from corporate registries in …

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Court Finds Senator Rand Paul and Co-Plaintiffs Lacked Standing to Challenge Foreign Account Reporting Rules

In FATCA, International Tax by Jason FreemanLeave a Comment

In a recent decision, the Sixth Circuit Court of Appeals denied Senator Rand Paul’s (and a host of joined plaintiffs’) effort to enjoin the enforcement of the Foreign Account Tax Compliance Act (FATCA) and foreign bank account reporting (FBAR) rules, as well as challenges to numerous intergovernmental agreements (IGAs) implementing FATCA reporting.  The circuit court upheld the lower court’s ruling …