The Liechtenstein Connection


The IRS warned that some 100 Americans were likely to be caught up in its investigation in cooperation with other countries of tax evasion in Liechtenstein. Any U.S. taxpayer hiding income and gains in the tiny principality in the European Alps would do well to “make a prompt and complete disclosure to the Internal Revenue Service,” then Acting Commissioner Linda Stiff said in a news release (see also “Voluntary Disclosure to the IRS: A Viable Option,” JofA, March 08, page 40).

The investigation gathered steam earlier this year when German authorities armed with records of a bank owned by Liechtenstein’s royal family targeted scores of Germans, including several prominent figures. The chief executive of Germany’s postal service resigned after his arrest on charges of evading nearly $1.5 million in taxes. Liechtenstein, smaller than Washington, D.C., is wedged between Austria and Switzerland. It is not a member of the European Union or of the Organization for Economic Cooperation and Development, which has labeled it an uncooperative tax haven.

SPONSORED REPORT

Revenue recognition: A complex effort

Implementing the new standard requires careful judgment. Learn how to make significant accounting judgments and document them and collaborate with peers for consistent application.

TECHNOLOGY Q&A

How to create maps in Excel 2016

Microsoft Excel 2016 has two new mapping capabilities. J. Carlton Collins, CPA, demonstrates how to make masterful 2D and 3D maps in Excel 2016.

QUIZ

News quiz: Economy and health care changes top CPAs’ list

CPA decision-makers’ economic outlook and the House Republicans’ proposed tax changes as part of replacing the Patient Protection and Affordable Care Act received attention recently. See how much you know with this short quiz.