International taxes

Panama and the U.S. have at least one thing in common: Neither has agreed to new international standards to make it harder for tax evaders and money launderers to hide their money.

Banks that deal with international tax reporting are facing a slew of upcoming deadlines and regulations.

Leaked files from a Panama law firm that creates shell companies show that politicians, criminals and celebrities worldwide have used banks and shadow companies to hide their finances, according to a series of reports by the International Consortium of Investigative Journalists.

The roughly 8 million Americans who live abroad automatically get a couple additional months each year to file their taxes. Don’t expect them to be grateful.

The American Institute of CPAs has written to the Internal Revenue Service recommending some changes in the IRS’s proposed regulations for country-by-country reporting by multinational corporations of financial information to curb tax avoidance.

Although a recent ABC News/Washington Post Poll found just 6 percent of voters who lean Republican and 4 percent of those who lean Democrat rank taxes as the most important issue impacting their vote, one in five public company tax directors feel differently.

Apple Inc., facing a European Union probe into its fiscal affairs in Ireland, told a panel of EU lawmakers Tuesday it pays all taxes due in the nation and doesn’t get an unfair advantage compared with other companies there.

Foreign bank account report filings surpassed the 1 million mark last year, up more than 8 percent from 2014, the Internal Revenue Service reported Tuesday.

Sales tax technology vendors have been expanding their efforts to help small and midsize businesses cope with the dizzying array of tax rates and rules across states, localities and countries.

The American Institute of CPAs recommended the Treasury Department and the Internal Revenue Service make a number of changes to improve the Offshore Voluntary Disclosure Program and the Streamlined Filing Compliance Procedures that allow U.S. taxpayers to voluntarily disclose previously unreported offshore assets and comply with U.S. tax laws.

The Internal Revenue Service is seeking to force UBS Group AG to turn over records on an account in Singapore held by a U.S. citizen, potentially opening a new front against offshore tax evasion beyond Switzerland.

Facebook Inc. will stop routing advertising sales of its largest U.K. clients through Ireland, increasing its British tax bill by millions of pounds in a bid to improve transparency after facing criticism on tax avoidance.

The American Institute of CPAs is asking the Treasury Department to provide tax relief to the cross-border savings accounts of U.S. and Canadian citizens.

Despite government disapproval, corporate inversions still have fans

The Internal Revenue Service has followed up on the Obama administration’s opening of diplomatic relations with Cuba by releasing a new revenue ruling that removes certain restrictions on income earned in Cuba.

The Organization for Economic Cooperation and Development has agreed on a new framework that will allow all interested countries and jurisdictions to participate in drawing up international tax rules.

The Treasury Department has issued a newly revised U.S. Model Income Tax Convention to provide the baseline text it will use when negotiating tax treaties with other countries. It was last updated in 2006.

Google saved $2.4 billion in worldwide taxes in 2014 by shifting 10.7 billion euros ($12 billion) in international revenues to a Bermuda shell company, Alphabet Inc., the parent of the Web-search provider, regulatory filings show.

Swedish home furnishings giant Ikea has become the latest multinational company to be accused of dodging taxes.

Treasury Secretary Jacob Lew has reportedly fired off a letter to officials in the European Union complaining about recent tax investigations of U.S.-based multinationals like Apple, McDonald’s, Amazon and Starbucks.