The “Green Book” is a US Treasury Department document that presents detailed explanations of an Administration’s revenue proposals in support of a President’s annual budget request. On May 28, 2021, the Biden administration...more
7/9/2021
/ Biden Administration ,
Corporate Governance ,
Corporate Taxes ,
Federal Budget ,
Financial Institutions ,
Green Book ,
Income Taxes ,
IRS ,
Regulatory Requirements ,
Reporting Requirements ,
Tax Reform ,
Tax Revenues ,
U.S. Treasury
Under current FinCEN regulations, a foreign account holding virtual currency is not reportable on the FBAR. However, FinCEN in its FinCEN Notice 2020-2, proposes amending reports of foreign financial accounts (FBAR)...more
7/8/2021
/ Anti-Money Laundering ,
FATCA ,
FBAR ,
FinCEN ,
Foreign Financial Institutions (FFI) ,
Future Tax Treatment ,
IRS ,
Regulatory Requirements ,
Reporting Requirements ,
Tax Planning ,
Virtual Currency
The US Treasury reports that it is expecting the tax gap to rise to approximately $7 trillion over the course of the next decade if left unaddressed. In May 2021, the US Department of the Treasury issued the “THE AMERICAN...more
7/7/2021
/ BSA/AML ,
Corporate Governance ,
Financial Institutions ,
High Net-Worth ,
Income Taxes ,
IRS ,
Reporting Requirements ,
Strategic Enforcement Plan ,
Tax Audits ,
Tax Liability ,
Tax Planning ,
Tax Returns
Taxpayers who engaged virtual currency transactions in 2020 must answer a Yes or No Question on page 1 of Form 1040 or Form 1040-SR. The question is: “At any time during 2020, did you receive, sell, send, exchange or...more
The CTA is a recent reporting requirement that is expected to enhance U.S. national security through increasing the difficulty involved for harmful actors to exploit opaque legal structures for laundering money, financing...more
4/26/2021
/ Advanced Notice of Proposed Rulemaking (ANPRM) ,
Anti-Money Laundering ,
Banks ,
Beneficial Owner ,
BSA/AML ,
Comment Period ,
Corporate Transparency Act ,
Financial Crimes ,
FinCEN ,
National Security ,
Reporting Requirements ,
Tax Fraud
IRS is interested in U.S. Taxpayer financial accounts everywhere in the world. If the IRS learns that a Taxpayer has undisclosed reportable accounts or income before a US Taxpayer reports them, the Taxpayer can face serious...more
4/22/2021
/ FBAR ,
Filing Requirements ,
Foreign Bank Accounts ,
Income Taxes ,
IRS ,
Offshore Funds ,
Reporting Requirements ,
Tax Evasion ,
Tax Liability ,
Tax Planning ,
Tax Returns
Many Taxpayers with international entanglements seek the assistance of tax return preparers without U.S. international tax reporting experience. Because US International tax reporting is complicated and often overwhelming...more
The Corporate Transparency Act (CTA) is within the AML Act of 2020. It establishes Beneficial Ownership Information Reporting Requirements to facilitate important national security, intelligence, and law enforcement...more
La Ley de Transparencia Corporativa (“Corporate Transparency Act” – “CTA”) se encuentra dentro de la Ley ALD del 2020. Establece requisitos para la presentación de informes de información sobre los titulares reales para...more
Los cambios a la Ley de Secreto Bancario bajo la Ley de Autorización de Defensa Nacional (“NDAA – “National Defense Authorization Act”) contienen requisitos para que las entidades legales cubiertas informen sobre sus...more
3/8/2021
/ Anti-Money Laundering ,
Beneficial Owner ,
Corporate Transparency Act ,
Financial Crimes ,
FinCEN ,
National Security ,
NDAA ,
New Legislation ,
Reporting Requirements ,
Shell Corporations ,
Tax Haven
Changes to the Bank Secrecy Act incorporated into the National Defense Authorization Act (NDAA) contain requirements for beneficial ownership disclosure by covered legal entities at the time of their creation for inclusion in...more
3/5/2021
/ Anti-Money Laundering ,
Beneficial Owner ,
Corporate Transparency Act ,
Financial Crimes ,
FinCEN ,
National Security ,
NDAA ,
New Legislation ,
Reporting Requirements ,
Shell Corporations ,
Tax Haven
FATCA se convirtió en ley en Marzo del 2010 con el objetivo de combatir el incumplimiento de la declaración del impuesto sobre la renta internacional por parte de ciudadanos estadounidenses y residentes contribuyentes...more
FATCA was signed into law in March 2010 with the objective of combating international income tax reporting non-compliance by US citizens and U.S. taxpaying residents (US Taxpayers). It requires Foreign Financial Institutions...more
La participación en FATCA no es una opción, llegó para quedarse y es parte de una iniciativa global. FATCA es complicado, y para los banqueros, ha implicado aprender nueva terminología y comprender en exceso de un mil de...more
Participation in FATCA is not an option, it is here to stay, and it is part of a global initiative. FATCA is complicated, and for the bankers, it has implied learning new terminology and understanding thousands of pages of a...more
Under FATCA, an Event of Default (EOD) will occur if an Entity fails to perform required material obligations with respect to the due diligence, verification, withholding, or reporting FATCA requirements, or if the IRS...more
Bajo FATCA, un Evento de Incumplimiento (“Event of Default o EOD”) ocurrirá si una Entidad no cumple con las obligaciones materiales requeridas con respecto a los requisitos de diligencia debida, verificación, retención o...more
En noviembre de 2019, el Consejo Asesor del Servicio de Impuestos Internos (“IRSAC”) publicó su Informe Público. El propósito de IRSAC es servir como un cuerpo asesor del Comisionado del IRS y organizar un foro público entre...more
Las Instituciones Financieras Extranjeras (FFI) tienen múltiples responsabilidades de cumplimiento de reportaje de FATCA y enfrentan la posibilidad de sanciones por no cumplir....more
On August 3, 2020, the Federal Financial Institutions Examination Council (FFIEC) issued a Joint Statement on Additional Loan Accommodations Related to COVID-19 regarding loans that are near the end of an initial loan...more
8/20/2020
/ Borrowers ,
Consumer Financial Products ,
Coronavirus/COVID-19 ,
Debt Collection ,
FFIEC ,
Financial Distress ,
Financial Services Industry ,
IRS ,
Loans ,
Regulatory Requirements ,
Relief Measures ,
Reporting Requirements ,
Risk Management ,
Tax Planning
Little is written regarding FATCA and U.S. Financial Institutions (FI). That said, U.S. FIs have FATCA responsibilities. In the absence of permitted exceptions, FATCA requires U.S. FIs that make payments of most types of...more
The IRS Mission Statement states that: “the taxpayer’s role is to understand and meet his or her tax obligations”. Taxpayers fill out their own returns under a “self-assessment voluntary reporting system” because the...more
Foreign Financial Institutions (FFIs) have multiple FATCA reporting compliance responsibilities and face the possibility of penalties for not complying. ...more
There was an IRS termination of the Offshore Voluntary Disclosure Program (OVDP) on September 28, 2018. On November 20, 2018, following the OVDP notice of termination, there was a release of a Memorandum announcing the...more
IRC Section 965 (Treatment of Deferred Foreign Income Upon Transition to Participation Exemption System of Taxation) was part of the TCJA enacted on December 22, 2017. ...more
2/7/2020
/ Double Taxation ,
Foreign Corporations ,
Foreign Earned Income ,
Internal Revenue Code (IRC) ,
International Tax Issues ,
IRS ,
Reporting Requirements ,
Tax Cuts and Jobs Act ,
Tax Liability ,
Tax Planning ,
Tax Returns ,
Transition Tax