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It is becoming tougher for U.S. taxpayers to hide income in offshore bank accounts. The U.S. has been making agreements with various governments to encourage transparency of the financial transactions of U.S. taxpayers overseas. Tax evasion by using offshore bank accounts, especially in tax havens, is rampant. To counter tax evasion, the U.S. government has…

Investigations into Apple Inc’s tax strategy reveal how the multi-national giant evaded taxes in the U.S. by creating an Irish subsidiary. Apple, which is based in Cupertino, California, paid close to no taxes in Ireland while making billions in profit. It is believed the Irish subsidiary of Apple has no employees. Shifting income to low-tax…

U.S. multi-national companies are being investigated to ensure they are complying with the U.S. tax code. During a U.S. Senate investigation of Apple Inc., it was found the company used subsidiaries in Ireland to pay a much lower corporate tax rate and minimize its tax liability in the U.S. Although Ireland denies it gave special…

Questions about Apple’s tax activities led to the discovery that the company used shell companies based in Ireland to keep a large part of its profits in Ireland in order to evade taxes in the U.S. Irish Prime Minister Enda Kenny, who was attending an EU summit on tax evasion said, “Ireland’s corporate tax rate…

A study by the Congressional Budget Office (CBO) predicts that this year’s federal deficit is going to fall to $642 billion. In fact, the U.S. Treasury received a surplus of revenue in April. The surplus touched $113 billion. Even though the reasons for the surplus might be temporary, the decreasing deficit will give policymakers even…

The Obama administration has been working to increase revenue through increasing taxes. For 2013, the month of April brought good news for them, as it made a record for revenue generation. The U.S. Treasury received a surplus of $113 billion for the month, which is the since 2008. The policy of increased revenue generation, coupled…

The economy has shown steady growth. This April, the U.S. treasury received a surplus of $113 billion, which will contribute to decreasing the deficit for 2012. Though it is said that the surplus is majorly due to many short-term factors, it is good news for the economy nevertheless. The Obama administration has been struggling to…

Many taxpayers failed to file their tax returns this year. Yet, they may know that after the filing deadline, the IRS will begin to charge interest and penalties on any tax amount that remains to be paid. Therefore, back taxes resolution must be achieved as early as possible. Taxpayers who didn’t apply for an extension…

Every taxpayer funds Social Security through the taxes they pay so that they can receive its benefits when they retire. Most American families use their 401(k) to support them during financial difficulties, with personal savings, IRAs, and Social Security used after retirement. According to a report, in 1985, about 80 percent of employees depended on…

Social Security is a promise every American citizen receives from the government for basic survival after retirement. Even though all taxpayers fund Social Security through payroll taxes, the benefits they enjoy may not be equivalent to the amount of taxes they paid, due to their level of income through the years. The Social Security wage…