TAX CHEATS ARE BEING HUNTED AROUND GLOBE
January 2, 2023 - Douglas Myser
TAX CHEATS BEING HUNTED AROUND GLOBE
Tax cheats are being hunted around globe. The G-20 and Organization for Economic Co-operation and Development have an initiative they are calling the BEPS, or Base Erosion and Profit Shifting, which is the strategies that are developed by the rich and various other actors who are using high profile tax attorney's to circumvent the world's tax laws, so they don't have to pay taxes. In many cases the schemes simply involve hiding assets so they don't pay a dime. These schemes were highlighted in the Panama and Pandora Papers, showing Politicians, Sports Stars, Celebrities, and others who simply hid assets in an attempt to pay no taxes to anyone at all. The uncovering of these cheats led a global effort to dismantle these organizations, and set a minimum amount that every person and corporate entity would have to pay. Tax cheats are being hunted around globe.
IRS FRESH START PROGRAM
The BEPS initiative is impressive for its thoughtful and comprehensive approach to global tax avoidance. Libraries could be filled with the content that has gone into these analysis, and the overall strategy that has been developed to thwart the IRS tax avoiders who have used this system of tax attorneys, shell companies, offshore havens, corruption, and lax tax laws, to avoid paying taxes of any kind. CbCR is among the BEPS initiative's four minimum standards, including tax havens, treaty shopping, and dispute resolution, that participating countries are expected to implement. CbCR provides transparency by requiring enormous MNEs with annual gross revenue over $850 million to make annual reports of key data, broken down by jurisdiction, that can reveal their tax avoidance activities. These activities include profits, prices charged to sales, transfer pricing, sales revenue, and tangible assets. If you have one of these entities and need a new tax life, call for a look at the IRS Fresh Start Program.