La última Notificación emitida por el IRS sobre Criptomoneda fue el Aviso 2014-21 publicado el 25 de Marzo del 2014 que brinda orientación en forma de respuestas a preguntas frecuentes (“Frequently Asked Questions”). ...more
10/5/2018
/ 1099s ,
Bitcoin ,
Bitcoin Mining ,
Capital Gains ,
Cryptocurrency ,
Digital Currency ,
Fair Market Value ,
FICA Taxes ,
Financial Transactions ,
FUTA ,
Income Taxes ,
Investment ,
IRS ,
Reporting Requirements ,
Required Forms ,
Tax Liability ,
Tax Planning ,
Tax Returns ,
Virtual Currency
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
An IRS Audit is designed to be an impartial review to assess tax return filing accuracy. IRS selects returns for audit to determine the reporting accuracy of income, expenses, and/or refundable credits. ...more
Both the American Bar Association (ABA) and the American Institute of Certified Public Accountants (AICPA) have written letters (3/19/18 for the ABA and 5/30/18 for the AICPA) to the IRS to obtain further definition and...more
9/24/2018
/ Bitcoin ,
Cryptocurrency ,
Digital Currency ,
FBAR ,
Foreign Exchanges ,
Foreign Financial Accounts ,
Foreign Financial Institutions (FFI) ,
IRS ,
Offshore Funds ,
Reporting Requirements ,
Tax Evasion ,
Tax Planning ,
Virtual Currency
Section 199A of the Internal Revenue Code provides Individual Taxpayers a deduction for the Qualified Business Income (QBI) of a qualified trade or business operated directly or through a pass-through entity....more
The jurors in the Paul Manafort case had questions regarding the complex Foreign Bank Account Reports (FBARs) regulations. This was evidenced by the jury’s questions to the judge addressing the responsibility to file an FBAR...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
The last Notice issued by the IRS on Cryptocurrency was Notice 2014-21 posted on March 25, 2014 providing guidance in the form of answers to frequently asked questions. ...more
9/14/2018
/ Bitcoin ,
Bitcoin Mining ,
Capital Gains ,
Cryptocurrency ,
Digital Currency ,
FDAP ,
Filing Requirements ,
Financial Transactions ,
Income Taxes ,
Investment ,
IRS ,
Reporting Requirements ,
Tax Liability ,
Tax Planning ,
Tax Returns ,
Virtual Currency
La aceptación de la moneda virtual (MV) como forma de pago de bienes y servicios está creciendo. Estados como Arizona y Georgia han presentado proyectos de ley que permitirían a los contribuyentes de esos Estados pagar sus...more
9/7/2018
/ Bitcoin ,
Capital Gains ,
Cryptocurrency ,
Digital Currency ,
Financial Transactions ,
Income Taxes ,
Investment ,
IRS ,
Reporting Requirements ,
Tax Liability ,
Tax Planning ,
Virtual Currency
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
Debido al nivel sin precedentes de apreciación del valor, los inversionistas de Bitcoin, consumidores y empresas están buscando la orientación del IRS. El IRS reconoce que la "moneda virtual" se puede usar para pagar bienes...more
9/5/2018
/ Bitcoin ,
Bitcoin Mining ,
Capital Gains ,
Cryptocurrency ,
Digital Currency ,
Financial Transactions ,
Income Taxes ,
Investment ,
IRS ,
Reporting Requirements ,
Tax Liability ,
Tax Planning ,
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
On July 5, 2018, the Treasury Inspector General for Tax Administration (TIGTA) issued a report https://www.treasury.gov/tigta/auditreports/2018reports/201830040fr.pdf titled: “Despite Spending Nearly $380 Million, the...more
The Organisation for Economic Co-operation and Development (OECD) issued a “call to action” for countries to do more to tackle enablers of tax crimes. The result of this “call to action” was the establishment of an...more
8/24/2018
/ Bitcoin ,
Blockchain ,
Capital Gains ,
Cryptocurrency ,
Digital Currency ,
Distributed Ledger Technology (DLT) ,
Financial Crimes ,
Financial Transactions ,
Income Taxes ,
Investment ,
IRS ,
Money Laundering ,
Popular ,
Regulatory Oversight ,
Reporting Requirements ,
Tax Evasion ,
Tax Liability ,
Tax Planning ,
Tax Returns ,
Virtual Currency
A GTO is a Geographic Targeting Order issued by the Financial Crimes Enforcement Network (FinCEN) under the Bank secrecy Act (BSA) for a specific geographic area. ...more
8/22/2018
/ Bank Secrecy Act ,
Banking Sector ,
Beneficial Owner ,
Covered Business Method Proceedings ,
Covered Transactions ,
Financial Transactions ,
FinCEN ,
GTO ,
Legal Entities ,
Money Laundering ,
Money Transfer ,
Real Estate Investments ,
Real Estate Market ,
Recordkeeping Requirements ,
Reporting Requirements ,
Tax Planning ,
Threshold Requirements ,
Title Insurance ,
Wire Transfers
The FATF is an independent inter-governmental entity that develops policies for protection of our global financial system from money laundering (AML), terrorist financing and financing of weapons of mass destruction. ...more
8/21/2018
/ AML/CFT ,
Anti-Money Laundering ,
Banking Sector ,
BSA/AML ,
FATF ,
Financial Institutions ,
Financial Services Industry ,
Know Your Customers ,
Money Laundering ,
Tax Planning ,
Terrorism Funding
There continues to be limited Virtual Currency (VC) guidance from the US Treasury and the IRS and VC investors ought to proceed cautiously. IRS continues to make reference to Notice 2014-21 to remind Taxpayers that VC...more
8/17/2018
/ Banking Sector ,
Bitcoin ,
Capital Gains ,
Cryptocurrency ,
Digital Currency ,
Financial Transactions ,
Income Taxes ,
Investment ,
IRS ,
Reporting Requirements ,
Tax Liability ,
Tax Planning ,
Technology ,
Virtual Currency
El 31 de Julio del 2018, el IRS publicó una Notificación (2018-9) para informar que la Certificación de Cuentas Preexistentes (COPA) y el Proceso de Certificación Periódica (relacionada con el cumplimiento de una Entidad con...more
Para propósitos de los Impuestos Federales de la Renta de los EE.UU, la Moneda Virtual (MV) se trata como “propiedad” (property). Como resultado, un inversionista de MV debe vigilar muy de cerca las posibles ganancias netas...more
8/3/2018
/ Bitcoin ,
Capital Gains ,
Coinbase ,
Cryptocurrency ,
Digital Currency ,
Financial Transactions ,
Income Taxes ,
Investment ,
IRS ,
Money Transmitter ,
Reporting Requirements ,
Tax Liability ,
Tax Planning ,
Tax Returns ,
Virtual Currency
El Jefe de Investigación Criminal del IRS, Don Fort, declaró recientemente: "Es posible utilizar Bitcoin y otras Criptomonedas de la misma manera que las cuentas bancarias extranjeras para facilitar la evasión de impuestos"....more
7/16/2018
/ Banking Sector ,
Bitcoin ,
Blockchain ,
Coinbase ,
Cryptocurrency ,
Digital Currency ,
Distributed Ledger Technology (DLT) ,
Enforcement Actions ,
FATCA ,
Financial Transactions ,
Investment ,
IRS ,
John Doe Investigation ,
Reporting Requirements ,
Tax Evasion ,
Tax Planning ,
Technology ,
Virtual Currency
There are investors that have an interest in “exchanging or swapping” Virtual Currency (VC). Prior to the passage of the Tax Cut and Jobs Act (TCJA), VC investors could take the position that if they “exchanged or swapped”...more
7/2/2018
/ Bitcoin ,
Cryptocurrency ,
Digital Currency ,
Ethereum ,
Financial Transactions ,
Internal Revenue Code (IRC) ,
IRS ,
Reporting Requirements ,
Swaps ,
Tax Cuts and Jobs Act ,
Tax Liability ,
Tax Planning ,
Tax Reform ,
Virtual Currency
On May 23, 2018, IRS released Notice 2018-54 to inform Taxpayers that IRS, in the near future, will be releasing proposed regulations, to assist Taxpayers with understanding the relationship between federal charitable...more
On 6/4/18, IRS added 3 additional questions to the existing 14 Questions in its: “Questions and Answers about Reporting Related to Section 965 on 2017 Tax Returns”:...more
The ins and outs of virtual currency (VC) continue to challenge those who received VC for services rendered, accepted it for goods sold, bought it for investment less than a year ago, bought it for investment more than a year...more
6/22/2018
/ Bitcoin ,
Cryptocurrency ,
Digital Currency ,
Financial Transactions ,
Investment ,
IRS ,
Regulatory Agencies ,
Regulatory Oversight ,
Reporting Requirements ,
Tax Evasion ,
Tax Planning ,
Tax Returns ,
Virtual Currency