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
The FATF (FATF) is an inter-governmental body with 38 members that sets standards and promotes the implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing and threats...more
4/29/2019
/ AML/CFT ,
BSA/AML ,
Cryptocurrency ,
Customer Due Diligence (CDD) ,
Digital Assets ,
FATF ,
Financial Institutions ,
Money Laundering ,
Regulatory Oversight ,
Regulatory Standards ,
Tax Planning ,
Virtual Currency
A Personal Representative (PR) is in charge of the property (estate) of an individual who has died (known as the decedent). When a person passes away, their assets become property of their estate....more
4/15/2019
/ Beneficiaries ,
Decedent Protection ,
Equitable Distribution ,
Estate Planning ,
Estate Tax ,
Executors ,
Fiduciary Duty ,
Income Taxes ,
Personal Representatives ,
Tax Liability ,
Tax Planning ,
Tax Preparers ,
Tax Returns ,
Transfer Taxes
Taxpayers can either itemize or take the standard deduction. They can’t do both. Many Taxpayers that were able to itemize deductions in prior tax years are unable to do so in Tax Year 2018 because the Tax Reform has made it...more
Many Taxpayers might be faced with an unexpected tax bill during the 2018 Tax season. Many Taxpayers did not alter their tax withholding in their paychecks to reflect the changes in the Tax Reform. ...more
4/11/2019
/ Debt Collection ,
Income Taxes ,
Installment Agreements ,
IRS ,
Offer-in-Compromise ,
Tax Cuts and Jobs Act ,
Tax Debt ,
Tax Extensions ,
Tax Planning ,
Tax Reform ,
Tax Refunds ,
Trump Administration
The IRS might want to audit (also known as a review or an examination) an Individual Taxpayer’s accounts and financial information to verify that the information that the Individual Taxpayer is reporting is compliant with the...more
Virtual Currency (VC) investors continue to have accounting challenges at tax time. They are seeking to better understand and comply with their U.S. tax regulatory obligations when using VC. ...more
4/8/2019
/ 1099s ,
Bitcoin ,
Capital Gains ,
Digital Assets ,
Digital Currency ,
Financial Transactions ,
Income Taxes ,
Internal Revenue Code (IRC) ,
Investment Opportunities ,
IRS ,
Reporting Requirements ,
Tax Liability ,
Tax Planning ,
Virtual Currency
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
On November 15, 2018, the Financial Crimes Enforcement Network (FinCEN) announced the issuance of a “Revised” Geographic Targeting Order (GTO) that requires U.S. title insurance companies (Covered Business) to identify the...more
3/25/2019
/ Anti-Money Laundering ,
Beneficial Owner ,
Currency Transaction Reports (CTR) ,
FinCEN ,
Geographic Targeting Order ,
Real Estate Investments ,
Real Estate Transactions ,
Reporting Requirements ,
Residential Real Estate Market ,
Shell Corporations ,
Tax Planning ,
Title Insurance ,
Virtual Currency
On February 14, 2019, the TREASURY INSPECTOR GENERAL FOR TAX ADMINISTRATION (TIGTA) released the Report “Expansion of the Gig Economy Warrants Focus on Improving Self-Employment Tax Compliance”. ...more
3/18/2019
/ 1099s ,
AirBnB ,
Employee Definition ,
Etsy ,
Gig Economy ,
Income Taxes ,
Independent Contractors ,
IRS ,
Online Platforms ,
Reporting Requirements ,
Self Employed ,
Self-Employment Tax ,
Sharing Economy ,
Tax Planning ,
Uber
There will be Taxpayers whose 2018 federal income tax withholding unexpectedly falls short of their tax liability for Tax Year 2018. ...more
On October 16, 2018, the Organization for Economic Cooperation and Development (OECD) issued guidance to Financial Institutions (FIs) regarding what is known as “Golden Passports”. ...more
2/26/2019
/ Financial Institutions ,
Foreign Earned Income ,
Foreign Financial Assets ,
Investment ,
Jurisdiction ,
OECD ,
Path To Citizenship ,
Residence Status ,
Self-Certification ,
Tax Planning ,
Tax Rates
The Tax Cuts and Jobs Act added section 951A to the Internal Revenue Code. This new section requires a U.S. shareholder of a Controlled Foreign Corporation (CFC) to include in gross income the shareholder’s Global Intangible...more
Tax Return information is protected from disclosure by the IRS to other parties by the IRC Section 6103 -Confidentiality and Disclosure of Returns and Return information. ...more
2/21/2019
/ Confidential Information ,
Income Taxes ,
Internal Revenue Code (IRC) ,
IRS ,
Request for Production ,
Tax Code ,
Tax Planning ,
Tax Records ,
Tax Returns ,
Third-Party ,
Unlawful Disclosure
On September 28, 2018, the IRS closed the Offshore Voluntary Disclosure Program (2014 OVDP). The 2014 OVDP (and prior 2011 and 2009 programs) had the purpose of providing Taxpayers that WILLFULLY failed to report foreign...more
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
For Tax Year 2018, Taxpayers will use the new and re-designed Form 1040. Although the IRS’s sentiment is that many Taxpayers will only need to file Form 1040 and none of the NEW NUMBERED SCHEDULES, there will be Taxpayers...more
1/25/2019
/ Alternative Minimum Tax ,
Child Tax Credit ,
Filing Requirements ,
GILTI tax ,
Income Taxes ,
IRS ,
Required Forms ,
Tax Exemptions ,
Tax Liability ,
Tax Planning ,
Tax Rates ,
Tax Returns
The Global Forum and the Organization for Economic Cooperation and Development (OECD) oversee the internationally agreed standards of tax transparency and exchange of information via the Common Reporting Standard (CRS). ...more
1/24/2019
/ Anti-Corruption ,
Common Reporting Standard (CRS) ,
Financial Crimes ,
Foreign Financial Accounts ,
Latin America ,
OECD ,
Regulatory Oversight ,
Regulatory Requirements ,
Tax Evasion ,
Tax Liability ,
Tax Planning ,
Transparency ,
White Collar Crimes
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
La habilidad del IRS de poder negar o revocar los Pasaportes de los Contribuyentes con "deuda tributaria gravemente morosa" es un problema serio que actualmente enfrentan los Contribuyentes de los Estados Unidos....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
As 2018 comes to an end, many Taxpayers are wondering about their tax reporting situation under the Tax Cut Jobs Act. Taxpayers ought to be asking themselves if their Tax Representative understands...more
1/4/2019
/ Corporate Taxes ,
CPAs ,
HELOC ,
Income Taxes ,
IRS ,
SALT ,
Tax Advice ,
Tax Cuts and Jobs Act ,
Tax Deductions ,
Tax Planning ,
Tax Rates ,
Tax Reform ,
Tax Returns