On June 7, 2019, the Organisation for Economic Co-operation and Development (OECD) released a Memo which is a “summary of ongoing work to assess the impact of increasing tax transparency and exchange of information (EOI) on...more
10/4/2019
/ Bank Deposits ,
Common Reporting Standard (CRS) ,
Cross-Border Transactions ,
Data Management ,
Exchange of Information ,
FATCA ,
International Financial Reporting Standards ,
OECD ,
Offshore Funds ,
Tax Evasion ,
Tax Revenues ,
Transparency
IRS-Criminal Investigation (IRS-CI) is a federal agency department specifically authorized to investigate and prosecute federal income tax crimes. IRS-CI uses data analytics such as models, algorithms, and the millions of...more
8/19/2019
/ Analytics ,
Anti-Money Laundering ,
Criminal Investigations ,
FATCA ,
Financial Crimes ,
Foreign Financial Institutions (FFI) ,
IRS ,
John Doe Investigation ,
Tax Crimes ,
Tax Fraud ,
Tax Planning
The IRS produces a yearly list of Tax Scams known as the Dirty Dozen that Taxpayers may encounter. IRS reiterates that Tax Scams put Taxpayers at Risk when it releases its list of Dirty Dozen Tax Scams. These aggressive...more
7/8/2019
/ Charitable Deductions ,
Failure to Report ,
False Documentation ,
FATCA ,
Identity Theft ,
IRS ,
Offshore Funds ,
Phishing Scams ,
Qualified Disaster Relief Payments ,
Risk Mitigation ,
Tax Credits ,
Tax Deductions ,
Tax Penalties ,
Tax Preparers ,
Tax Scams ,
Tax Shelters ,
Unsolicited Phone Calls
On May 30, 2018, the AICPA (American Institute of Certified Public Accountants) wrote a letter to the IRS to obtain further definition and clarity regarding Virtual Currency (VC) FATCA and FBAR reporting requirements....more
6/10/2019
/ AICPA ,
Anti-Money Laundering ,
FATCA ,
FBAR ,
FinCEN ,
Foreign Financial Institutions (FFI) ,
Future Tax Treatment ,
IRS ,
Reporting Requirements ,
Required Forms ,
Tax Planning ,
Virtual Currency
El 15 de marzo del 2019, el IRS informó que la ocultación de dinero o activos en cuentas extraterritoriales (“offshore”) no declaradas permanece en la lista de las estafas tributarias conocidas come la Docena Sucia o "Dirty...more
5/13/2019
/ FATCA ,
FBAR ,
Filing Requirements ,
Foreign Bank Accounts ,
IGAs ,
Income Taxes ,
IRS ,
Offshore Banks ,
Offshore Funds ,
OVDP ,
Tax Evasion ,
Tax Liability ,
Tax Returns ,
Tax Scams
On March 15, 2019, IRS reported that hiding money or assets in unreported offshore accounts remains on the Internal Revenue Service’s “Dirty Dozen” list of tax scams for 2019....more
5/13/2019
/ FATCA ,
FBAR ,
Filing Requirements ,
Foreign Bank Accounts ,
IGAs ,
Income Taxes ,
IRS ,
Offshore Banks ,
Offshore Funds ,
OVDP ,
Tax Evasion ,
Tax Liability ,
Tax Returns ,
Tax Scams
Ahora que el IRS lleva cuatro años intercambiando datos de FATCA en sus computadoras y se está embarcando en una Campaña de Exactitud de Presentación de FATCA, existe una urgencia especial para los Contribuyentes...more
5/1/2019
/ Cooperative Compliance Regime ,
Delinquency Status ,
Failure to Comply ,
FATCA ,
FBAR ,
FFI ,
Foreign Financial Institutions (FFI) ,
IRS ,
OVDP ,
Passports ,
Reporting Requirements ,
Tax Debt ,
Tax Planning ,
Tax Returns
Now that IRS has four years of FATCA exchanged data in its computers and is embarking on a FATCA Filing Accuracy Campaign, there is a special urgency for noncompliant U.S. Taxpayers that did not previously exist....more
5/1/2019
/ Cooperative Compliance Regime ,
Delinquency Status ,
Failure to Comply ,
FATCA ,
FBAR ,
FFI ,
Foreign Financial Institutions (FFI) ,
IRS ,
OVDP ,
Passports ,
Reporting Requirements ,
Tax Debt ,
Tax Planning ,
Tax Returns
IRS holds information that is sourced from the FATCA reports submitted by Foreign Financial Institutions (FFI) (on Form 8966 - FATCA Report) and by Individual US Taxpayers that have reporting obligations via Form 8938...more
4/1/2019
/ Banking Sector ,
FATCA ,
Foreign Financial Accounts ,
Global Intermediary Identification Number (GIIN) ,
IRS ,
Offshore Funds ,
Reporting Requirements ,
Tax Evasion ,
Tax Planning ,
Threshold Requirements ,
Voluntary Disclosure
Pasaporte -
La capacidad del IRS para negar o revocar los Pasaportes de los Contribuyentes con "deuda tributaria gravemente morosa mayor de $50,000" es un problema abrumante que actualmente enfrentan los Contribuyentes de...more
2/1/2019
/ Back Taxes ,
Controlled Foreign Corporations ,
Delinquency Status ,
FATCA ,
GILTI tax ,
International Travel ,
IRS ,
OVDP ,
Passports ,
Tax Debt ,
Tax Planning
Passport -
The IRS ability to deny or revoke the Passports of Taxpayers with “seriously delinquent tax debt greater than $50,000” is a distressing problem currently being encountered by U.S. Taxpayers...more
2/1/2019
/ Back Taxes ,
Controlled Foreign Corporations ,
Delinquency Status ,
FATCA ,
Foreign Financial Institutions (FFI) ,
GILTI tax ,
International Travel ,
IRS ,
OVDP ,
Passports ,
Tax Debt ,
Tax Planning
El Oficial Responsable (“RO”) de una Institución Financiera Extranjera Participante (“PFFI”) o una Institución Financiera Extranjera (“FFI”) Modelo 2 de Reporte estuvo obligado a presentar la Certificación FATCA de la FFI de...more
El 30 de octubre del 2018, la división Internacional y de Grandes Empresas del IRS (“LBI”) anunció la aprobación de una campaña de cumplimiento que incluye cómo las Instituciones Financieras Extranjeras (“FFIs)) y ciertas...more
On October 30, 2018, the IRS Large Business and International division (LBI) announced the approval of a compliance campaign regarding Foreign Financial Institution (FFI) and certain Non-Financial Foreign Entity reporting of...more
The Responsible Officer (RO) of a Participating Foreign Financial Institution (PFFI) or Reporting Model 2 FFI is required to file the FFI’s FATCA certification of an Entity’s preexisting accounts (COPA) and its Periodic...more
The days of avoiding taxes through hiding money or assets in unreported offshore accounts are gone. Nonetheless, there are still taxpayers with undeclared offshore accounts, as well as the banks and bankers that are...more
El 20 de abril del 2018, los Gobiernos de Costa Rica y los Estados Unidos firmaron una nueva versión de su ACUERDO ENTRE EL GOBIERNO DE LOS ESTADOS UNIDOS DE AMÉRICA Y EL GOBIERNO DE LA REPÚBLICA DE COSTA RICA PARA EL...more
On April 20, 2018, the Governments of Costa Rica and the U.S.A. signed a new version of their AGREEMENT BETWEEN THE GOVERNMENT OF THE UNITED STATES OF AMERICA AND THE GOVERNMENT OF THE REPUBLIC OF COSTA RICA FOR THE EXCHANGE...more
El 11 de Noviembre del 2018, el Departamento de Justicia de los EE. UU. (“DOJ”) informó que el banquero Adrian Baron, el ex Director de Negocios y ex Director Ejecutivo de Loyal Bank Ltd, un banco “off-shore” con oficinas en...more
11/2/2018
/ Criminal Prosecution ,
Department of Justice (DOJ) ,
Enforcement Actions ,
Failure to Comply ,
FATCA ,
Financial Services Industry ,
Foreign Financial Institutions (FFI) ,
IGAs ,
IRS ,
Offshore Funds ,
Reporting Requirements ,
Strict Compliance ,
Tax Evasion ,
Tax Planning
On September 11, 2018, the US Department of Justice (DOJ) reported that banker Adrian Baron, the former Chief Business Officer and former Chief Executive Officer of Loyal Bank Ltd, an off-shore bank with offices in Budapest,...more
11/2/2018
/ Criminal Prosecution ,
Department of Justice (DOJ) ,
Enforcement Actions ,
Failure to Comply ,
FATCA ,
Financial Services Industry ,
Foreign Financial Institutions (FFI) ,
IGAs ,
IRS ,
Offshore Funds ,
Reporting Requirements ,
Strict Compliance ,
Tax Evasion ,
Tax Planning
Una certificación FATCA consiste en respuestas a una o más serie de preguntas que los Oficiales Responsables (RO) de ciertas entidades deben responder y enviar al IRS para confirmar el cumplimiento de las entidades con los...more
A FATCA certification consists of answers to one or more series of questions that the Responsible Officers (RO) of certain entities must answer and submit to the IRS to confirm the entities’ compliance with the requirements...more
On March 13, 2018, IRS announced the termination of the Offshore Voluntary Disclosure Program (OVDP) as of September 28, 2018 (Notice IR-2018-52). ...more
La posesión de moneda virtual, también conocida como criptomoneda, es legal tanto en los EE.UU como en muchas otras partes del mundo. La forma más conocida de moneda virtual es Bitcoin. ...more
9/6/2018
/ 1099s ,
Bitcoin ,
Capital Gains ,
Cryptocurrency ,
Digital Currency ,
FATCA ,
FBAR ,
Filing Requirements ,
Financial Transactions ,
Income Taxes ,
Investment ,
IRS ,
Reporting Requirements ,
Tax Liability ,
Tax Planning ,
Tax Returns ,
Virtual Currency
El 5 de Julio del 2018, el Inspector General del Tesoro para la Administración Tributaria (TIGTA) emitió un informe: https://www.treasury.gov/tigta/auditreports/2018reports/201830040fr.pdf titulado: "A pesar de gastar casi...more