International Business News - Tax http://www.ibtimes.com All articles are copyrighted by IBTimes.com 400 100 http://www.ibtimes.com/ http://www.ibtimes.com/images/top_logo_ibt2_3.gif Congressional investigators on Thursday will report their findings about the use of the Cayman Islands as a tax haven by thousands of U.S. companies. The Government Accountability Office, a congressional watchdog agency, investigated a five-story building in the Caymans that is listed as the business address for more than 12,000 U.S. companies. http://www.ibtimes.com/articles/20080724/ahead-of-the-bell-tax-haven-hearing.htm Thu, 24 Jul 2008 06:19:04 EDT A defendant in a scheme to defraud the D.C. tax office out of nearly $50 million has been sentenced to 6 1/2 years in prison. A federal judge on Wednesday sentenced 33-year-old Ricardo Walters, of Ft. Washington, for possession of stolen property and money laundering. http://www.ibtimes.com/articles/20080723/man-gets-6-1-2-years-in-washington-dc-tax-scandal.htm Wed, 23 Jul 2008 15:54:22 EDT The Massachusetts House voted overwhelmingly Tuesday in favor of a plan to give consumers a two-day break from the state sales tax next month. By a 139-15 vote, lawmakers agreed to withhold the state's 5 percent sales tax from most items up to $2,500 that are sold during the weekend of Aug. 16-17. Boats, cars and meals and tobacco products are excluded, as are telecommunication services and gas, steam and electricity utilities. http://www.ibtimes.com/articles/20080722/massachusetts-sales-tax-holiday-advances.htm Tue, 22 Jul 2008 15:43:29 EDT Advocates of a North Dakota income tax cut have turned in petitions to put the idea on the ballot, saying they have more than enough names to guarantee a statewide vote in November. http://www.ibtimes.com/articles/20080722/advocates-of-nd-income-tax-cut-turn-in-petitions.htm Tue, 22 Jul 2008 11:56:34 EDT Arkansas Gov. Mike Beebe may ask lawmakers next year to give a windmill-blade maker more time to qualify for a 25-year income tax break, his office said. http://www.ibtimes.com/articles/20080722/ark-gov-mulls-more-time-for-companys-tax-break.htm Tue, 22 Jul 2008 10:26:34 EDT New York tax auditors this year more than doubled the number of letters asking residential filers to justify state tax refund claims, saying they are cracking down on hundreds of millions of dollars in tax fraud. http://www.ibtimes.com/articles/20080721/ny-asks-182-000-filers-to-justify-tax-refunds.htm Mon, 21 Jul 2008 17:56:47 EDT The political vision of a summer gas tax holiday died a quick death in Congress, losing to a view that federal excise taxes on gasoline and diesel fuel will have to go up if they go anywhere. http://www.ibtimes.com/data/articleimgs/94378-gas-tax-highways.jpg http://www.ibtimes.com/articles/20080720/dream-of-gas-tax-holiday-falters-over-job-losses.htm http://www.ibtimes.com/articles/20080720/dream-of-gas-tax-holiday-falters-over-job-losses.htm Sun, 20 Jul 2008 07:31:07 EDT The political vision of a summer gas tax holiday died a quick death in Congress, losing to a view that federal excise taxes on gasoline and diesel fuel will have to go up if they go anywhere. http://www.ibtimes.com/data/articleimgs/94101-gas-tax-highways.jpg http://www.ibtimes.com/articles/20080719/dream-gas-tax-holiday-faltered-over-job-losses.htm http://www.ibtimes.com/articles/20080719/dream-gas-tax-holiday-faltered-over-job-losses.htm Sat, 19 Jul 2008 13:27:20 EDT A state appeals court ruled in favor of the Alabama Department of Revenue in a sales tax refund case Friday that could have cost the state more than $30 million. http://www.ibtimes.com/articles/20080718/ala-court-rules-in-states-favor-on-tax-refunds.htm Fri, 18 Jul 2008 15:15:40 EDT John McCain says his proposal to suspend the gas tax for three months this summer may need to be extended longer if high gas prices continue to take a toll on the economy. http://www.ibtimes.com/articles/20080718/mccain-eyes-longer-gas-tax-reprieve-to-aid-drivers.htm Fri, 18 Jul 2008 09:52:06 EDT Prosecutors said Friday they have recovered 110 million euros ($174 million) in back taxes through an investigation of tax evasion by German citizens using banks in the tiny tax haven of Liechtenstein. http://www.ibtimes.com/articles/20080718/german-tax-probe-nets-174m.htm Fri, 18 Jul 2008 08:42:15 EDT John McCain said Thursday that his proposal to suspend the gas tax for three months this summer may need to be extended longer if high gas prices continue to take a toll on the economy. http://www.ibtimes.com/data/articleimgs/93209-mccain-2008.jpg http://www.ibtimes.com/articles/20080717/mccain-eyes-longer-gas-tax-reprieve-to-aid-drivers.htm http://www.ibtimes.com/articles/20080717/mccain-eyes-longer-gas-tax-reprieve-to-aid-drivers.htm Thu, 17 Jul 2008 18:32:47 EDT A new report shows that tax collections during the first three months of the New York's budget year fell $195 million short of projections while overall receipts were higher. http://www.ibtimes.com/articles/20080717/ny-comptroller-tax-collections-fall-195m-short.htm Thu, 17 Jul 2008 16:22:32 EDT UBS is no longer providing offshore banking and securities services to U.S. residents through its branches in Switzerland, the bank says, responding to accusations it helped wealth Americans avoid paying taxes when setting up accounts there. http://www.ibtimes.com/articles/20080717/ubs-ends-offshore-banking-services-to-us-residents.htm Thu, 17 Jul 2008 14:42:02 EDT The Idaho attorney general has concluded that state tax commissioners broke no laws by settling tax protests with large, often out-of-state corporations. http://www.ibtimes.com/articles/20080717/ag-says-idaho-tax-commission-did-nothing-illegal.htm Thu, 17 Jul 2008 11:02:52 EDT The U.S. Internal Revenue Service has asked the Swiss government to help in an expanding investigation of alleged tax evasion by U.S. clients of banking giant UBS AG. http://www.ibtimes.com/articles/20080717/irs-seeks-swiss-help-in-tax-probe.htm Thu, 17 Jul 2008 10:17:00 EDT Harriette Walters was generous with her friends. She showered the people she met with cash they used to buy fancy vacations, designer goods, fur coats, cars and homes. Those friends included a bank teller, hair salon owner, luxury goods saleswoman and an IRS tax official. But federal prosecutors say the gifts were more than generosity. http://www.ibtimes.com/articles/20080717/prosecutor-accused-leader-of-dc-fraud-shared-cash.htm Thu, 17 Jul 2008 08:11:29 EDT A man wanted by Liechtenstein for leaking secret banking information that identified millionaire tax cheats across Europe and the United States has described to congressional investigators how money was concealed. http://www.ibtimes.com/data/articleimgs/93002-congress-tax-havens-ubs.jpg http://www.ibtimes.com/articles/20080717/senate-offshore-tax-abuses-may-total-100b-a-year.htm http://www.ibtimes.com/articles/20080717/senate-offshore-tax-abuses-may-total-100b-a-year.htm Thu, 17 Jul 2008 15:52:47 EDT A U.S. Senate subcommittee accused banks in Switzerland and Liechtenstein of helping wealthy Americans evade billions in taxes each year, and urged the establishment of tougher laws to combat offshore tax havens around the world. http://www.ibtimes.com/articles/20080717/senate-ubs-liechtenstein-aided-us-tax-cheats.htm Thu, 17 Jul 2008 07:09:56 EDT A U.S. Senate subcommittee accused banks in Switzerland and Liechtenstein of helping wealthy Americans evade billions in taxes each year, and urged the establishment of tougher laws to combat offshore tax havens around the world. http://www.ibtimes.com/articles/20080716/senate-ubs-liechtenstein-aided-us-tax-cheats.htm Wed, 16 Jul 2008 22:01:44 EDT