Tax & Accounting Blog

Danish Chocolate Tax

Danish Chocolate Tax

If a proposed tax on chocolate is passed by the Danish Parliament you can expect to pay a lot more for a chocolate bar or cake in Denmark next year. The Chocolate Tax which is expected to pass this week and go into effect on January 1st would levy an extra six Danish Kroner ($1.05) on every … Read More

New IRS Form to Report Foreign Assets

New IRS Form to Report Foreign Assets

The IRS recently released a draft of new Form 8938 that requires taxpayers to report on certain foreign financial assets for tax year 2011. This reporting is part of FATCA (Foreign Account Tax Compliance Act), which strives to improve compliance of U.S. taxpayers who have offshore assets. This new IRS filing requirement does not replace the taxpayer’s … Read More