Tax

U.S. extends its tax reach

One in four financial institutions are unaware of impending U.S. tax legislation which will have global reach, according to a report by RBC Dexia Investor Services. Despite the fact that the U.S.’s Foreign Account Tax Compliance Act (FATCA) was passed in 2010, 26% of financial institutions worldwide have little or no awareness of the legislation. […]

By Staff |September 26, 2011

2 min read

Estate Planning

Avoid sibling rivalry over jointly held property

Many parents are choosing to hold property jointly with one or more children with a right of survivorship.

By Barry Corbin |September 21, 2011

3 min read

Industry

When to blow the whistle

Swiss banker Bradley Birkenfeld joined UBS in 2001. Four years later, Birkenfeld realized that UBS’s practice of storing money for American clients in Swiss bank accounts was illegal. Birkenfeld voiced his concern to his supervisors and UBS’s compliance and legal departments. Since he didn’t receive a response, in 2007 Birkenfeld left UBS and complained to the IRS and SEC, triggering a multibillion-dollar international tax-fraud scandal.

By Richard E. Austin |September 20, 2011

3 min read