Related Posts

UBS and IRS Probably Have a Deal, No Toblerones Involved

300px-Toblerone-1.jpgUBS is going to name names, albeit not all of them, bringing us to ever so close to the bitter end of the whole IRS/UBS standoff.
All the gory details are expected to be released on August 10th, when hopefully everyone will kiss and make up officially.
The focus of the settlement will be around 7,000 or so accounts that are associated with offshore companies and trusts that are possibly tied to some financial shenanigans. Under the potential settlement, UBS won’t turn over any names until after September 23rd, which is the last day for offshore account holders to confess their sinful ways.
Deal Reached in UBS Tax Battle [WSJ]

Henry Louis Gates Can’t Catch a Break

oprah-gates-300a0118.jpgThis is probably not how Henry Louis Gates wants to move on from his arrest that occurred last week.
A foundation created and run by Gates is amending its 2007 tax return after an investigation showed that some funds that were initially characterized as “research grants” were, in fact, compensation. This little whoopsie increased the administrative costs of the foundation to 40% of the spending, up from 1%, which some might say, is a lot.
All it probably adds up to is another headache for a man who is probably most annoyed that his last name is one letter away from being exactly the same as the suffix applied to every scandal that has ever occurred in this country since the early 1970s.
Foundation Run by Harvard’s Gates Is Revising Tax Return After Questions Raised [ProPublica via Inside Higher Ed and TaxProf Blog]