Will Elon Musk Be Able to Deduct His SEC Settlement From His Taxes?
Elon Musk is certainly one of the best-known high-net-worth individuals in the world, and he has recently been under heat from various sources, including the SEC.
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How High-Net-Worth Individuals Benefit from the Opportunity Zone Program
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.
Companies Responsible for Overfishing and Deforestation Are Shielded by Tax Havens
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.
eBay and Amazon Unintentionally Act as Tax Havens for Chinese Sellers
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.
The Deadline for the U.S. Offshore Voluntary Disclosure Program Is Quickly Approaching
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.
A Reminder of the 8 Countries the EU Removed from Its Tax Haven Blacklist Early This Year
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.
Manchester United Manager Accepts One-Year Sentence in Spanish Tax Evasion Case
Spain is among the countries with a strong reputation of being tough on tax evasion, something Manchester United manager Jose Mourinho has recently discovered
British Territories Fight to Maintain Their Tax Haven Secrecy
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.
Bitcoin Wants to Become an Alternative to Offshore Tax Havens for the Rich
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.
Irish Revenue Department Pulled in 88M Euros During Offshore Tax Evasion Haul
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.