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UK: IP exit tax proposals
13 hours ago ago from Intellectual Property Tax
The discussion document on controlled foreign companies produced by HM Treasury at the end of January includes proposals for a variation on the UK exit tax to apply for intellectual property assets moved overseas. At the moment, if a company moves assets to another group company overseas, there will be a tax charge on any gain in value of that asset since it was originally acquired by the UK group this applies to intellectual property as ...
Related contentFBAR: Civil Pentalties
4 hours ago ago from IRS Tax Audit News
IRS FBAR FAQ #15 (posted on 5/06/09) states: Taxpayers who fail to report foreign bank/financial accounts face civil penalties (based on the entity tax reporting due). What are some of the civil penalties that might apply if I don't come in under voluntary disclosure and the IRS finds me? How do they work? The following is a summary of potential reporting requirements and civil penalties that could apply to a taxpayer, depending on ...
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