Scarinci Hollenbeck, LLC
The Firm
201-896-4100 info@sh-law.comFirm Insights
Tax Evasion Tops List of Priorities at G-8 Summit
Author: Scarinci Hollenbeck, LLC
Date: June 28, 2013
Key Contacts
Back
The Internal Revenue Service’s recent crackdown on tax evasion and fraud may have initially appeared to be an American phenomenon, but tax law violations appear to be an international issue. As the leaders of the international community meet for the upcoming G-8 summit, tax issues and combating tax evasion are expected to top the list of the summit’s priorities in 2013.
Taxes are central to maintaining countries’ economic viability, and the U.S. along with other developed nations consider closing the tax gap and cracking down on crimes that are taking away from federal revenue to be crucial in strengthening their economies. Currently, the eurozone is in a double-dip recession, while the Japanese trade deficit continues to widen. Economic growth in the U.S., while steady, remains slow. Further, foreign banks that have been found to be complicit in helping Americans evade taxes are facing fines, lawsuits and other financial consequences that may impact their solvency. Most notably, Wegelin and Co., Switzerlands’s oldest bank and the 13th oldest financial institution in the world, was forced to close its doors after admitting to helping U.S. tax evaders carry out their crimes.
In response to these issues, the U.S. has entered into international agreements with several other countries to share information about account holders with offshore accounts. In addition to investigating the more than $8.5 trillion tied up in offshore accounts, the U.S. is also examining the tax habits of the largest corporations, such as Apple, Inc. and Starbucks.
Leaders of the G-8 Summit argue that coordinated global action is essential in helping curb and detect tax avoidance and evasion, according to Reuters. The countries that make up the G-8 – Canada, the United States, the United Kingdom, France, Germany, Italy, Japan, and Russia – plan to encourage territories and popular tax havens to enter into multinational agreements that emphasize transparency and better reporting standards.
- Locations: Red Bank, NJ, New York City, Little Falls, NJ
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Related Posts
See all
Breach of Contract Explained: Types and Consequences
Breach of contract disputes are the most common type of business litigation. Therefore, nearly all New York and New Jersey businesses will likely have to deal with a contract dispute at least once. Understanding when to file a breach of contract lawsuit and how long you have to sue for breach of contract is essential […]
Author: Brittany P. Tarabour
How to Dissolve a Corporation in New Jersey: A Step-by-Step Guide
Closing your business can be a difficult and challenging task. For corporations, the process includes formal approval of the dissolution, winding up operations, resolving tax liabilities, and filing all required paperwork. Whether you need to understand how to dissolve a corporation in New York or New Jersey, it’s imperative to take all of the proper […]
Author: Christopher D. Warren
Gross Lease vs. Net Lease: Understanding the Key Differences
Commercial leases can take a variety of forms, which is often confusing for both landlords and tenants. Understanding the different types, especially the gross lease structure, is important when selecting the lease that best suits your needs. One key distinction between lease types is how rent is calculated and paid. This article addresses the two […]
Author: Robert L. Baker, Jr.
What to Do If You Are Impacted by a Retailer Bankruptcy Part 2
Over the past year, brick-and-mortar stores have closed their doors at a record pace. Fluctuating consumer preferences, the rise of online shopping platforms, and ongoing economic uncertainty continue to put pressure on the retail industry. When a retailer seeks bankruptcy protection, a myriad of other businesses are often impacted. Whether you are a supplier, customer, […]
Author: Brian D. Spector
The Current Administration's Proposals for the Financial Services and Banking Industries Will Affect Your Business
Since his inauguration two months ago, Donald Trump’s administration and the Congress it controls have indicated important upcoming policy changes. These changes will impact financial services policies and priorities. The changes will particularly affect cryptocurrency, as well as banking rules and regulations. Key Regulatory Changes in Cryptocurrency For example, in the burgeoning cryptocurrency business environment, […]
Author: Dan Brecher
Tips for Commercial Landlords Impacted by Wave of Retailer Bankruptcies Part 1
The retail sector has experienced a wave of bankruptcy filings over the last year. Brick-and-mortar businesses in financial distress include big-name brands like Big Lots, Party City, The Container Store, and Vitamin Shoppe. When large retailers seek bankruptcy protection, they are not the only businesses impacted. Landlords can be particularly hard hit. While commercial landlords […]
Author: Brian D. Spector
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Sign up to get the latest from our attorneys!
Explore What Matters Most to You.
Consider subscribing to our Firm Insights mailing list by clicking the button below so you can keep up to date with the firm`s latest articles covering various legal topics.
Stay informed and inspired with the latest updates, insights, and events from Scarinci Hollenbeck. Our resource library provides valuable content across a range of categories to keep you connected and ahead of the curve.