El IRS agregó recientemente nuevas categorías de fraude fiscal En su Manual de Fraude actualizado recientemente, el IRS agrega nuevas categorías de fraude fiscal, incluyendo el ocultamiento de cuentas bancarias nacionales o...more
Rule #1: Don’t Panic! Under the Biden Administration’s proposed American Families Tax Plan, there is the possibility of more tax audits, but only for a certain groups of high income people. That’s because more information...more
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
The IRS recently added new categories of tax fraud -
In its recently updated Fraud Handbook, the IRS adds new categories of tax fraud, including concealing domestic or foreign bank accounts and digital assets such as...more
I Predicted the Subprime Lending Bubble’s Collapse. The Signs Are The Same For Crypto.
When I predicted the bursting of the housing market’s subprime lending bubble in 2006, a lot of people called me crazy....more
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
OECD Guide Offers Financial Institutions Advice on Hiring External Service Organizations to Handle Compliance -
While financial institutions (FIs) have final responsibility for compliance with the Foreign Account Tax...more
OECD Report suggests compliance regime elements for FIs and Stakeholders -
Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standards (CRS) stakeholders are key to financial institutions’ (FIs) successful...more
Tax administrations can use a combination of detective, preventative and corrective measures to assess and treat Foreign Account Tax Compliance (FATCA) and Common Reporting Standard (CRS) non-compliance, according to the...more
A surge in cryptocurrency prices this year created many crypto paper millionaires and brought millions into the game. But the digital currency market is a rollercoaster ride. As a result, many of those fortunes have already...more
When it comes to taxes, mistakes can cost you more than money. That’s especially true with Federal backup withholding taxes. In simplest terms, 24 percent backup withholding is demanded of both payers and payees who either...more
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
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
En el comentario “A Closer Look: Impacting the Tax Gap”, el Comisionado del IRS, Chuck Rettig, revela que el IRS ha cambiado su enfoque de fiscalización a declaraciones de impuestos que incluyen contribuyentes de altos...more
La diferencia entre el monto del impuesto adeudado por los Contribuyentes para un año determinado y el monto que realmente se paga oportunamente para ese mismo año se conoce como “Brecha Fiscal Bruta” (“Tax Gap”). El IRS...more
The IRS uses the information it collects to detect, prevent, and reduce noncompliance and fraud. The US Government accountability Office (GAO) produced a Tax Administration Report on December 2020 (Better Coordination Could...more
In its April 28, 2021 Press Release (the “Release”) “Investing in the IRS and Improving Tax Compliance”, the US Department of the Treasury addresses available enforcement activities relating to reducing the U.S. Tax Gap;...more
The 2022 discretionary funding request (request) made by the Biden Administration will invest in a “fair and robust” tax system that includes tax compliance enforcement directed at High Income and High Net Worth Individuals...more
5/13/2021
/ Corporate Taxes ,
Failure-to-File ,
FATCA ,
High Net-Worth ,
Income Taxes ,
IRS ,
Offshore Banks ,
Strategic Enforcement Plan ,
Tax Audits ,
Tax Liability ,
Tax Planning ,
Tax Returns
The commentary in A Closer Look: Impacting the Tax Gap by IRS Commissioner Chuck Rettig discusses how the IRS has shifted its examination focus to tax returns that include high income taxpayers, pass-through entities,...more
The difference between the amount of tax owed by Taxpayers for a given year and the amount that is actually paid timely for that same year is known as the “Gross Tax Gap”. The IRS looks at this number as an estimate of the...more
In 2017, following the Panama Papers and Paradise Papers data leaks, the Organization for Economic Co-operation and Development (OECD) issued a “call to action” for countries to do more to tackle enablers of tax crimes. ...more
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
On March 6, 2021, Forbes reported that Damon Rowe, Director, Fraud Enforcement Office, Internal Revenue Service, Washington, DC, remarked that the IRS “added some crown jewels,” including a dedicated team of IRS Criminal...more
5/4/2021
/ Blockchain ,
Cryptocurrency ,
Distributed Ledger Technology (DLT) ,
Enforcement Guidance ,
Financial Crimes ,
Financial Fraud ,
Innovative Technology ,
IRS ,
Regulatory Oversight ,
Tax Evasion ,
Tax Liability ,
Virtual Currency