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United States joins in tracking offshore accounts

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in Small Business Tax

It’s not related to global warming, but countries around the world continue to turn up the heat on scofflaws hiding income in offshore accounts.

Alert: In a new development, the United States, Australia and United Kingdom have announced a collaborative effort to share tax information from a multitude of trusts and companies holding assets on behalf of residents from far-flung places. (IRS News Release 2013-48, 5/9/13)

According to the IRS news release, each of the three nations has acquired a substantial amount of data revealing extensive use of entities organized in various jurisdictions, including Singapore, the British Virgin Islands, Cayman Islands and the Cook Islands. The data not only contain the identities of the individual owners of the entities, but also the advisors who assisted in establishing these structures.

The tax collection agencies—the IRS, the Austral­­ian Tax Office and HM Revenue & Customs, respectively...(register to read more)

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