Las explicaciones generales de la Administración de Biden sobre las Propuestas de Ingresos de la Administración para el año fiscal 2024 analizan la propuesta de informes de intercambio de información por parte de...more
El 3/24/23, FinCEN emitió su primer conjunto de materiales de orientación para ayudar al público a comprender los próximos requisitos de reportes de información sobre los beneficiarios reales (“BOI” – “Beneficial Ownership...more
The Biden Administration General Explanations of the Administration’s Revenue Proposals for Fiscal Year 2024 discusses the proposal for exchange of information reporting by financial institutions and offshore digital asset...more
On 3/24/23, FinCEN issued its first set of guidance materials to aid the public in understanding upcoming beneficial ownership information (BOI) reporting requirements taking effect on January 1, 2024. BOI refers to...more
The Biden’s Administration 2024 Revenue Proposal includes US taxpayer reporting requirements for foreign digital asset accounts. The proposal would be effective for returns required to be filed after December 31, 2023. Tax...more
On 9/29/22 FinCEN issued the very anticipated Final Rule establishing a beneficial ownership information reporting requirement, pursuant to the bipartisan Corporate Transparency Act (CTA). The Final Rule will require most...more
Form 1040 2022 changes the crypto terminology from “virtual currency” to “digital assets”. The purpose of the change in terminology could be interpreted as a “head up” to taxpayers that the IRS is looking more closely as...more
El 12/30/22, el IRS emitió el Aviso 2023-11 con el propósito de proporcionar alivio de informes FATCA a las FFI Modelo 1 que no han podido obtener los TINs (“Tax ID Numbers”) de los EE. UU. para sus cuentas preexistentes que...more
On 12/30/22, the IRS issued Notice 2023-11 with the purpose of providing FATCA reporting relief to Model 1 FFIs who have been unable to obtain US TINs for their pre-existing accounts that are US reportable accounts. In turn,...more
El 29 de septiembre del 2022, FinCEN emitió la muy esperada Regla Final (Final Rule) que establece un requisito de reporte de información sobre los beneficiarios reales, en conformidad con la Ley de Transparencia Corporativa...more
On 10/11/22, the IRS issued Notice Number 2022-05: FATCA Registrations: Sponsoring Entities with no Registered Sponsored Entities. The IRS has identified Sponsoring Entities that do not appear to have Sponsored Entities...more
El 11/10/22, el IRS emitió el Noticiero Número 2022-05: Registros FATCA: Entidades Patrocinadoras sin Entidades Patrocinadas Registradas. El IRS ha identificado Entidades Patrocinadoras que no parecen tener Entidades...more
As a result of the American Rescue Plan Act of 2021, effective for Tax Returns for the Calendar year 2022, small business that accept payment cards as a form of payment will receive a Form 1099-K for the gross amount of the...more
The Biden’s Administration’s Fiscal Year 2023 Revenue Proposal includes “Modernize Rules” to address Digital Assets that will require reporting by certain Taxpayers of Foreign Digital Asset Accounts. ...more
The TIGTA Report dated April 7, 2022 details six recommendations for additional actions needed to address Non-Filing and Non-Reporting Compliance Under FATCA. ...more
Under the concept of “Reciprocal FATCA” financial institutions and brokers ought to start preparing to assume greater and expanded reporting responsibilities. As FATCA Stakeholders, financial institutions, and brokers, such...more
En una nueva Guía de Cumplimiento de Sanciones, la Oficina de Control de Activos Extranjeros (“OFAC”) del Tesoro de los EE. UU. reitera que las obligaciones de cumplimiento se aplican por igual a las transacciones que...more
Las administraciones tributarias pueden utilizar una combinación de medidas de detección, preventivas y correctivas para evaluar y tratar Ley de Cumplimiento Tributario de Cuentas Extranjeras (FATCA) y el incumplimiento del...more
Las partes interesadas en la Ley de Cumplimiento Tributario de Cuentas Extranjeras (FATCA) y el Estándar Común de Reporte (CRS) son clave para los esfuerzos exitosos de implementación, cumplimiento y mantenimiento de las...more
FinCEN ha estado ocupada en la búsqueda de combatir la corrupción, como lo demuestra la emisión consecutiva de Avisos de Propuesta de Reglamentación (“NPRMs”). El 6/12/21, emitieron el (Proceso regulatorio para los nuevos...more
3/3/2022
/ Anti-Corruption ,
Anti-Money Laundering ,
Beneficial Owner ,
Corporate Transparency Act ,
Corruption ,
Financial Crimes ,
Financial Regulatory Reform ,
FinCEN ,
National Security ,
NPRM ,
Regulatory Agenda ,
Regulatory Requirements ,
Reporting Requirements ,
Shell Corporations
FinCEN has been busy in the quest to fight corruption as evidenced by back-to-back issuance of Notices of Proposed Rulemaking (NPRMs). On 12/6/21, they issued the (Regulatory Process for New Real Estate Sector Reporting...more
3/3/2022
/ Anti-Corruption ,
Anti-Money Laundering ,
Beneficial Owner ,
Corporate Transparency Act ,
Corruption ,
Financial Crimes ,
Financial Regulatory Reform ,
FinCEN ,
National Security ,
NPRM ,
Regulatory Agenda ,
Regulatory Requirements ,
Reporting Requirements ,
Shell Corporations
Does your Twitter, Reddit, Facebook, Instagram or other social media feed feature photos of your new sports car, boat, fabulous vacation or the beach house that you bought with your crypto gains? Do you also report a low...more
1/25/2022
/ Bitcoin ,
Cryptoassets ,
Cryptocurrency ,
Data Collection ,
Enforcement Priorities ,
Government Investigations ,
IRS ,
Reporting Requirements ,
Social Media ,
Tax Evasion ,
Tax Liability ,
Tax Planning ,
Tax Reform ,
Virtual Currency
Despite the confusing interpretations by US regulators, non-compliance with crypto tax rules can cost taxpayers dearly. Unfortunately, the answer to “how is virtual currency taxed” depends on who you ask....more
11/17/2021
/ Bank Secrecy Act ,
Bitcoin ,
Capital Gains ,
Cryptocurrency ,
FBAR ,
Filing Requirements ,
Financial Transactions ,
FinCEN ,
Income Taxes ,
Investment ,
IRS ,
Money Services Business ,
Regulatory Agenda ,
Regulatory Requirements ,
Reporting Requirements ,
Tax Liability ,
Tax Planning ,
Trading Platforms ,
Virtual Currency
Definition of a broker is debated The Biden Administration’s 2021–2022 Priority Guidance Plan (the Plan) supports a push from the IRS and the US Treasury to more closely scrutinize the virtual currency industry....more
11/4/2021
/ Bitcoin ,
Brokers ,
Capital Gains ,
Cryptocurrency ,
Financial Services Industry ,
Financial Transactions ,
Income Taxes ,
Investment ,
IRS ,
Reporting Requirements ,
Tax Liability ,
Tax Planning ,
Tax Reform ,
Tax Returns ,
Virtual Currency
If you’ve engaged in cryptocurrency or other virtual currency transactions worth $20,000 in any one year between 2016 and 2020, the IRS wants to hear from you. The IRS believes thousands of taxpayers are not telling the...more
7/20/2021
/ Bitcoin ,
Capital Gains ,
Cryptocurrency ,
Digital Currency ,
Financial Transactions ,
Income Taxes ,
Investment ,
IRS ,
John Doe Investigation ,
Popular ,
Reporting Requirements ,
Tax Liability ,
Tax Planning ,
Virtual Currency