Tuesday, 29 July 2014
Last updated 4 hours ago
Sep 28 2009 | 11:33am ET
The U.S. Internal Revenue Service is setting its sights on hedge funds.
The tax agency is pushing its New York-based staff to launch cases against hedge fund and other companies that have sought to skirt paying taxes with loans that originate in the U.S. but are approved offshore. The move is the latest by the IRS to cut down on alleged tax evasion by companies with offshore entities.
“We understand that foreign corporations and nonresident aliens may have used other strategies to originate loans in the United States, giving rise to effectively connected income,” Steven Musher, associate chief counsel for international at the IRS, wrote to New York field director Kathy Robbins. “We encourage you to develop these cases, and we stand ready to assist you in the legal analysis.”
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…