Earlier this year it seemed the United States would skirt recession or at worst find a shallow bottom and recover handily in the early part of 2009. However, there’s been a dramatic shift in circumstances in the intervening months, and this is no longer a matter of skinny dipping. After the impact of the . . . → Read More: The U.S. Economy in Recession: A Look at the Numbers
Many wealthy Americans have been using offshore services provided by foreign banks to evade tax. Things may now get a little difficult.
Until now foreign banks could funnel hundreds of billions of dollars overseas on behalf of American clients without disclosing their names to the Internal Revenue Service (IRS) under a program known . . . → Read More: Coming in 2010: New IRS Rules to Fight Tax Evasion