Essay on "Income Tax and Accounting for International Businesses"
Essay 3 pages (1012 words) Sources: 1 Style: APA
[EXCERPT] . . . .
Income Tax and Accounting for International BusinessesIn the wake of the current economic crisis and increasing national debt, transparency in financial institutions and more coherent international enforcement of taxation policy has become a greater concern for the federal government. According to the Wall Street Journal, the Internal Revenue Service (IRS) has asked a federal judge to force payment-card processor First Data Corporation to disclose the names of clients suspected of evading federal taxes through the use of offshore accounts (Kendall 2009). According to U.S. tax law, any bank account must be reported as income to the IRS, even if that bank account is in the Cayman Islands, Belgium, Switzerland, or Ireland, to name just a few of the most popular countries used in offshore banking (Pollick 2003).
Still, despite this law, offshore bank accounts have been used to "hide profits from illegal activities" or underreport business or investment earnings, although the IRS is now trying more aggressively to limit such maneuvers than it did in the past (Pollick 2003). "Prosecutors allege that an unspecified number of merchants have opened offshore bank accounts and directed First Data, a privately held company in Colorado, to deposit credit-card and debit-card transactions into those accounts" (Kendall 2009). No longer can these clients hope that their privacy to do such illegal or quasi-legal deeds will be protected.
Previously, the offshore banks "were not obligated to report the existence of these [offshore] accounts, and the account holders could legally pay little to no taxes to the host country. In recent years, however, the rules governing an o
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"First Data complied with a similar IRS summons in 2004. The agency… READ MORE
Quoted Instructions for "Income Tax and Accounting for International Businesses" Assignment:
Only from the Wall Street Journal, select an article dated between April 13 and 18 that discusses one of the following topics:
(a) Economic growth; (b) Income Tax or Accounting for International Businesses; (c) Corporate governance;
(d) Business Organization Theory; or (e) International Sales and Marketing (including advertising).
After reading and analyzing the article,typed paper explaining how your chosen article relates to the principles of international business covered the basic accounting model; income tax principles; stock options; and business strategy and organization.
Please Attach the original article to me.Do Not choose an article talking about gains and losses of the stock market.
How to Reference "Income Tax and Accounting for International Businesses" Essay in a Bibliography
“Income Tax and Accounting for International Businesses.” A1-TermPaper.com, 2009, https://www.a1-termpaper.com/topics/essay/income-tax-accounting/8475. Accessed 6 Jul 2024.
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