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
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
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
On 7/31/18, IRS released notification (2018-9) to inform that the Certification of Pre-Existing Accounts (COPA) and Periodic Certification Process (relates to an Entity’s compliance with various FATCA requirements) are now...more
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
Virtual Currency (VC) storage comes in the form of a “wallet” with private digital keys. The “wallets” can be domiciled in VC exchanges that operate in the US or foreign jurisdictions....more
6/15/2018
/ AICPA ,
Bitcoin ,
Cryptocurrency ,
Digital Currency ,
FATCA ,
FBAR ,
Investment ,
Reporting Requirements ,
Tax Liability ,
Tax Planning ,
Virtual Currency
There are Individuals out there that are US Citizens (“Americans”) and they are not aware of it. Under US Tax Law, these individuals have US tax reporting responsibilities and tax obligations. These Individuals are known as...more
Tax Reform came and went and FATCA is still standing. While U.S. Corporations are now moving to a Territorial tax system, Individual U.S. Taxpayers living abroad ARE STILL REQUIRED to REPORT their worldwide income.
...more
On April 9, 2018, IRS released Notice (IR-2018-87) to remind Taxpayers that hold foreign assets of their U.S. tax obligations which could include a filing requirement and a U.S. tax liability. This Notice applies to all U.S....more
4/13/2018
/ Banking Sector ,
FATCA ,
FBAR ,
Foreign Financial Accounts ,
IRS ,
Offshore Funds ,
OVDP ,
Reporting Requirements ,
Tax Evasion ,
Tax Planning ,
Voluntary Disclosure
El 19 de marzo de 2018, el IRS publicó el "Borrador de Preguntas de Certificación FATCA" (https://www.irs.gov/businesses/corporations/draft-fatca-certifications) para ser completado por el Oficial Responsable (“RO”) de una ...more
On March 19, 2018, IRS released “Draft FATCA Certification Questions” to be completed by the Responsible Officer (RO) of a Participating Foreign Financial Institution (FFI) or Reporting Model 2 FFI. ...more
The National Taxpayer Advocate Report for 2017 (Purple Book) is a summary of legislative recommendations that the Office of Taxpayer Advocate (OTA) believes will strengthen taxpayers rights and improve tax administration. ...more
Possession of virtual currency, also known as cryptocurrency, is legal in the U.S. as well as many other parts of the world. The most well-known form of virtual currency is Bitcoin. There are other virtual currencies that...more
12/29/2017
/ 1099s ,
Bitcoin ,
Blockchain ,
Cryptocurrency ,
Digital Currency ,
Distributed Ledger Technology (DLT) ,
FATCA ,
FBAR ,
IRS ,
Popular ,
Tax Liability ,
Tax Planning ,
Virtual Currency
First, the Panama Papers, and now… the Paradise Papers. The Paradise Papers contain the names of approximately 31,000 US citizens, including entities, or persons with US addresses....more
In the current environment of increased regulation, transparency, reporting and heightened compliance standards, the US and its Government Agencies have an arsenal of tools with extraterritorial application. ...more
8/21/2017
/ Beneficial Owner ,
BSA/AML ,
Common Reporting Standard (CRS) ,
Corruption ,
Extraterritoriality Rules ,
FATCA ,
Foreign Corrupt Practices Act (FCPA) ,
OECD ,
Office of Foreign Assets Control (OFAC) ,
Regulatory Oversight ,
Transparency
Taxpayers with unreported foreign financial assets and income run the risk of having the Government determine if their conduct was willful or non-willful. The definition of “Willful" or "non-willful” in Taxpayer’s conduct...more
A US Person that owns US entities like corporations or partnerships that conduct cross-border business may have a Form 8938 (Statement of Specified Foreign Financial Assets) filing obligation. IRS defines Specified...more
The Report of Foreign Bank and Financial Accounts (FBAR) is not a tax form. Its filing is not required by the Internal Revenue Code. It is required by Title 31 of the Code of Federal Regulations. Title 31 is the Bank Secrecy...more
6/19/2017
/ Bank Secrecy Act ,
Banking Sector ,
FATCA ,
FBAR ,
Filing Requirements ,
Foreign Bank Accounts ,
Foreign Financial Accounts ,
Income Taxes ,
IRS ,
Memorandum of Understanding ,
OVDP ,
Tax Penalties
The US has Tax treaties and Tax Information Exchange Agreements (TIEAs) with certain countries that provide, upon request, for the exchange of U.S. income information regarding their citizens or residents. There are...more
5/31/2017
/ Common Reporting Standard (CRS) ,
Exchange of Information ,
FATCA ,
Filing Requirements ,
IGAs ,
Information Sharing ,
IRS ,
Limited Liability Company (LLC) ,
OECD ,
Recordkeeping Requirements ,
Tax Treaty ,
TIEA
FATCA is Chapter 4 of the Internal Revenue Code (IRC). It conscripts Foreign Financial Institutions (FFIs) to act as reporting and withholding agents for the U.S. Government. To enforce its conscription, it contains a...more
The terms FDAP (Fixed, Determinable Annual and Periodical Income) and ECI (Effectively Connected Income) are expansive terms. They are the backbone behind the tax withholding, and reporting requirements imposed on US Banks...more
Due to the Foreign Account Tax Compliance Act (FATCA) and the work of IRS special agents, international tax transparency is here. There is virtually nowhere to hide. On 1/18/17, the Department of Justice (DOJ) reported that...more
Foreign Accounts, Shell Companies, Blind Trusts, Asset Protection Trusts, Offshore Trusts, Global Citizenship and US Residency are just a few of the Terms highlighted in the mega divorce proceedings of a Palm Beach County...more