November 2013

The weak link  – Cleaning up trusts and similar entities will hurt money-launderers, but it will need a lot of political will

Political / Economic Commentary, Tax Planning for Singapore, U.S. Tax Planning /

http://www.economist.com/news/international/21589462-cleaning-up-trusts-and-similar-entities-will-hurt-money-launderersbut-it-will-need-lot WHEN Mark Morris, a Zurich-based tax consultant with a conscience, requested a meeting with the European Commission to explain the many devious ways in which tax evaders were using shell companies and other vehicles, a bored official offered him 20 minutes. “Once I started describing all the loopholes,” Mr Morris recalls, “his eyes lit […]

The weak link  – Cleaning up trusts and similar entities will hurt money-launderers, but it will need a lot of political will Read More »

FBAR Penalties

FBARs and Banking, Tax Planning for Singapore, U.S. Tax Planning /

Effective July 1, 2013, FBARs must be filed electronically using the E-Filing System maintained by the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (“FinCEN”).  This mandatory electronic filing requirement applies to all FBARs, and to amendments of previously filed FBARs, that are submitted by individuals or by entities on or after the effective

FBAR Penalties Read More »

Should You Opt Out Of IRS Offshore Amnesty?

Tax Planning for Singapore, U.S. Tax Planning /

http://www.bna.com/opt-irs-offshore-n17179879879/ Since 2009, many U.S. persons with foreign accounts and income have sought shelter from the IRSonslaught. Not everyone has entered the IRS voluntary disclosure program. Still, it can be the safest move and the only one guaranteeing no prosecution. You may fear that if you don’t enter the program, you might be caught and

Should You Opt Out Of IRS Offshore Amnesty? Read More »

Unreported Bank Account In Singapore?

Interesting Jurisdictions, Tax Planning for Singapore, U.S. Tax Planning /

http://www.reuters.com/article/2013/05/05/us-singapore-banks-crime-idUSBRE9440CM20130505 Note: The above reference link was live on November 2013, but it has since been taken down. (Reuters) – Banks in Singapore are urgently scrutinizing their account holders as an imminent deadline on stricter tax evasion measures forces them to decide whether to send some of their wealthiest clients packing. The Southeast Asian city-state has

Unreported Bank Account In Singapore? Read More »