Global Feed

Millions of Americans are thinking about travel this holiday week. So is Congress, but on a larger scale. As the House and Senate work out details of a long-term transportation bill, one funding road sign is clear. International travelers will help pay for domestic road and transit projects. Photo courtesy Mike via Flickr CC Lawmakers in both chambers have agreed on a provision that would direct the State Department to deny passports to taxpayers who are "seriously delinquent" in their tax payments. State also could rescind existing passports of affected taxpayers. The highway bill funding measure is projected to bring... Read more →

Tax evasion is a global problem. Around the world, countries are struggling to make sure that their citizens are paying the taxes they owe. Here in the United States, we try both the stick (audits and even criminal prosecution in some cases) and the carrot (tax breaks) to encourage compliance. The Internal Revenue Service has sweetened the tax reporting pot, especially for those who are hiding their funds in out-of-country accounts. While many tax havens are in tropical locales, you can find places to hide money from the tax man all over the world. For some, the United States is... Read more →

When Donald Trump finally released his tax plan on Sept. 28, he included a provision he says would encourage U.S. based-companies to companies to bring their overseas earnings -- and jobs and tax payments -- home. Companies nowadays operate, and pay taxes, well beyond the boundaries of the county in which they are headquartered. Image by Effervescent Me via Flickr. Trump's proposal for a one-time repatriation of corporate cash held abroad at a discounted 10 percent tax rate is nothing new. One of his GOP presidential nominee competitors, former Florida Gov. Jeb Bush, previously released his tax plan that calls... Read more →

Greece, despite another bailout from Eurozone lenders, is still struggling to get its economy together. Now it faces another internal threat: bartering. The New York Times reports that as the Mediterranean country "grapples with a continued downturn, bartering is gaining traction at the margins of the economy" because money is just not readily available. Liz Alderman writes: "Graphic artists are exchanging designs for olive oil. Accountants swap advice for office supplies. In the agricultural heartland and on the Greek islands, informal bartering, which has historically helped communities survive, has intensified as more people exchange fruits, vegetables, other crops, equipment, clothing... Read more →

As the global refugee crisis continues to grow, Pope Francis has a warning for churches. Open your doors to these displaced people or pay taxes. Photo by R LeMoyne courtesy United Nations The Pontiff's message about caring for those in need shouldn't come as a surprise. He has spent his life ministering to the poor and he's carried that message with him as the head of the Catholic Church. But his no-nonsense assessment of how some churches take tax advantage of their special status has taken some aback. Heavenly guidelines for worldly acts: "On Judgment Day we already know how... Read more →

I don't have children, and I never played one on TV. But I was a kid once and I still remember the early money lessons from my parents. This little guy is too young for a discussion about money and taxes, but a solid financial education for current and future taxpayers could be key to improving a country's tax compliance rate. Most notably, everything has a price. One year when my younger brother and I had exceptionally long Christmas lists, we defended our extreme requests by noting that the items would come from Santa Claus. Our mom, not wanting to... Read more →

For many international travelers, exploring another country offers a bonus: picking up a few items at the airport's duty-free store. Duty-free shopping at the Oslo, Norway, airport; image courtesy Wikimedia Commons OK, for some travelers, the tax-free airport shopping is the best thing about their trips. And they buy much more than a few items. In case you've missed this experience, duty-free shops sell products without collecting the local import tax. In Europe, duty-free shops in airports and ports are tax-free shops, too, which means you don't pay the value added tax, or VAT (aka Europe's version of sales tax),... Read more →

As Greece continues its efforts to get its finances in order, the country still is struggling with tax collection. Many businesses throughout the Mediterranean nation try to do as much business as possible in cash. The lack of record keeping for cash transactions makes it easier for them to avoid paying tax. Apparently, though, it's not just sellers of goods at Greek markets who are looking for ways to skirt the country's taxes. A component of a respected cultural institution has come under scrutiny. Greek officials have launched a tax fraud inquiry into one of the country's most visited archaeological... Read more →

The highway funding bill that President Obama signed today may be short-term (money runs out again on Oct. 29) when it comes to providing money for roads and infrastructure, but it will have some lasting tax effects. Here are some of the tax highlights from the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015. More mortgage reporting: Mortgage lenders already issue annual statements, either the official Form 1098 or an approved substitute document, to borrowers and the Internal Revenue Service. This form goes to homeowners who paid at least $600 loan interest during the tax year and... Read more →

Americans and Canadians share a lot of things. There's the coast-to-coast border. There are National Hockey League teams. There's even a common language, or two for French-speaking residents in both countries. We do not, however, share the same tax system. Canada-United States border marker image by rlyx6x via imgur Some tax scammers, though, are hoping they can find a few Canadians who might not notice that they're using a script cribbed from crooks south of the 49th parallel. Blair Rhodes, in a report for the CBC, tells of a recorded message being left on Canadians' answering services: "Notice against your... Read more →

You can't blame tax cheats if one of Martha and the Vandellas' biggest hits has been playing on a loop in their heads of late. Thanks to a new global effort, tax evaders will have nowhere to run to, nowhere to hide. Crossing borders to chase down tax cheats: Tax Inspectors Without Borders, or TIWB, is a new initiative from the United Nations (UN) and the Organization for Economic Cooperation and Development (OECD). Its goal, is as its name indicates, is to send trained tax professionals from richer OECD nations into other, less-developed member countries to help beef up tax... Read more →

Greece's future, both financially and as part of the Eurozone, remains unclear as the Mediterranean country and its creditors struggle to come to an agreement on what should be done about its persistent inability to pay its bills. UPDATE Monday, July 13, 2015: European leaders agree to tough Greek rescue plan. In simplest terms, the Greeks borrowed more money than they can pay back. The New York Times offers a more detailed look at how Greece got to this financial crisis point. At issue now is a three-year bailout of 53.5 billion euros, or $59 billion. It's not a new... Read more →

Most folks are bargain hunters, but women face some definite obstacles in getting the best price on many common consumer goods. For years, studies have consistently shown that women pay more than men for items like shampoo, deodorant, razors and shaving gel. The only thing that's changed is just how much more we pay, as inflation ups the prices every year. NBC correspondent Jeff Rossen's May 28 report for the Today Show details the price differentials between men's and women's personal hygiene products. This so-called pink tax now stands at around $1,400 a year more that female shoppers pay for... Read more →

The economy has picked up, but times are still tough for many, including Uncle Sam. He loses millions every year in tax money because people don't pay what they owe. Some of these so-called tax gap losses come from accounts U.S. taxpayers have in other countries. The Internal Revenue Service has been trying for years to locate these accounts and get the taxes due. Remember, we have a worldwide tax system instead of, like most other nations, a territorial tax system. Territorial vs. worldwide taxes: Under a territorial system, taxes are paid to the country in which the money is... Read more →

About the only thing that gets people more worked up than the amount tax they pay is the amount of tax that others don't pay, specifically because the nonpayers are cheating on their returns. That's why the Internal Revenue Service has a whistleblower program, where you can turn in suspected tax cheats. If your information pans out, you might even collect a nice reward. The United States is not alone in offering financial incentives for leads on tax scofflaws. Her Majesty's Revenue and Customs (HMRC), the United Kingdom's version of our IRS, also pays for information on tax dodgers and... Read more →

Looking for something to do this weekend? The Internal Revenue Service has some suggestions. If you pay estimated taxes or are a civilian or military taxpayer living outside the United States, you should spend the coming Saturday and Sunday working on your taxes since they're due Monday, June 15. Yeah, I know. It's not really the start of summer celebration you were hoping for. But it's one that must be heeded or you'll find yourself owing Uncle Sam more. Here's the calendar scoop. Estimated taxes If you get income that's not subject to payroll withholding, you need to make these... Read more →

The Vatican takes scripture seriously, especially Mark 12:17. "Jesus said to them, 'Render to Caesar the things that are Caesar's, and to God the things that are God's.' And they marveled at him." It's not quite amazement, but it is definitely interesting to see the Holy See signing on to the Foreign Account Tax Compliance Act. Panoramic photo of St. Peter's Square, the basilica and obelisk, from Piazza Pio XII in Vatican City courtesy I, Dfmalan via Wikimedia CC. FATCA, FBAR facts: Known in tax-speak at FATCA, this federal law generally requires U.S. citizens and resident aliens to report any... Read more →

Technology is great, until it isn't. Thousands of British husbands and wives discovered that recently, as computer problems prevented them from claiming a marriage tax break. A spouse or civil partner can transfer up to £1,060 ($1,619 U.S.) of his or her personal tax-free allowance to a spouse or partner who doesn't pay income tax. The tax shift was estimated to save more than four million U.K. couples and 15,000 civil partners up to £212 ($324 U.S.) a year. Thousands of eligible couples, however, were unable to take advantage of the tax break, which was to be administered via a... Read more →

Do you do things because other people do? You know, the kind of actions that always prompted my mom to ask, "If everyone jumped off a cliff, would you, too?" Sorry, Mom, but apparently that is what we do. We are sheep. Or at least that's what a sizable chunk of United Kingdom taxpayers did when it came to paying Her Majesty. When the British government saw that a lot of folks weren't paying their taxes on time, it turned to behavioral experts for help. These psychologists, anthropologists and other observers of human nature suggested that a couple of lines... Read more →

You've got to give props to Italian tax officials for their persistence. Last fall, Italy's highest court overturned the tax evasion convictions of fashion icons Domenico Dolce and Stefano Gabbana, whose luxe label bears their surnames. That, however, has not deterred Italian tax collectors. Now they are going after high-end jewelers Paolo and Nicola Bulgari. The brothers, whose watches and bracelets adorn the wrists of the world's wealthy, are accused of tax evasion. An item from the new Bulgari, or BVLGARI in the trademarked classical Latin lettering that appears in their packaging and ads, line of Serpenti jewelry. Click image... Read more →