The 2017 Tax Cuts and Jobs Act (TCJA) certainly led to confusion around the country and mixed reactions. At the same time, it also laid out the groundwork for a program that would have great benefits for high-net-worth individuals, the Opportunity Zone Program.
Recent information reveals that those responsible for deforestation and overfishing have been funneling their money through tax havens. This means that despite the heavy environmental toll of these actions, the companies responsible cannot be held accountable in most ways, from corporate tax to fines.
Much of the debate regarding tax havens and offshore accounts focuses on evasions of those in Europe or the United States. However, Chinese sellers have come under scrutiny recently, particularly those selling on Amazon and eBay and operating in Europe.
American citizens with offshore assets are running out of time to participate in the U.S. Offshore Voluntary Disclosure Program (ODVP). The IRS announced several months ago that it will be closing this program on September 28.
Most high-net-worth individuals who take advantage of offshore accounts to pay lower taxes are aware that the EU created a blacklist of tax havens about a year and a half ago.
Spain is among the countries with a strong reputation of being tough on tax evasion, something Manchester United manager Jose Mourinho has recently discovered
The leaders of various British Overseas Territories recently made headlines when they entered talks with the ministers in hopes of reversing the UK’s decision to end bank secrecy related to offshore tax havens.
For years, high-net-worth individuals have been using offshore bank accounts in countries considered to be tax havens to reduce their annual taxes. With increasing attention pointed to these tax havens and many governments beginning to crack down on the low tax associated with them, some see Bitcoin as a potential alternative to the traditional offshore bank.
Early in August, the minister for finance confirmed that the Irish revenue commissioners brought in nearly 88 million Euros during the initiative to tackle the common problem of offshore tax evasion.
President Trump tends to take bold actions on a weekly, if not on a daily basis, including with his planned tax cuts. Recently, those in the know heard about a potential plan that would cut $100 billion in taxes, something which would likely benefit high-net-worth individuals instead of the average person.