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
On November, 2019, the Internal Revenue Service Advisory Council (IRSAC) published its Public Report. The purpose of IRSAC is to serve as an advisory body to the Commissioner of the IRS and to organize a public forum between...more
En Noviembre del 2019, el IRS y la Oficina de Control de Activos Extranjeros (“OFAC”) firmaron un Memorando de Entendimiento (“MOU”). El MOU describe un entendimiento entre el IRS y la OFAC con respecto a las revisiones...more
FinCEN es una oficina del Departamento del Tesoro de los EE. UU. Su propósito principal es proteger el sistema financiero del uso ilícito, combatir el lavado de dinero y promover la seguridad nacional a través de la...more
9/4/2020
/ Anti-Money Laundering ,
Bank Secrecy Act ,
BSA/AML ,
Data Collection ,
Data Management ,
Financial Crimes ,
FinCEN ,
IRS ,
Memorandum of Understanding ,
Money Laundering ,
Tax Planning
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
On August 3, 2020, FinCEN issued responses to three frequently asked questions (FAQs) regarding Customer Due Diligence (CDD) requirements for covered financial institutions. FinCEN’s responses were done in consultation with...more
El 3 de agosto del 2020, FinCEN emitió respuestas a tres preguntas frecuentes (“FAQ”) para las Instituciones Financieras cubiertas sobre los requisitos de Diligencia Debida del Cliente (“CDD”). ...more
On July 14, 2020, the US Treasury Department and the IRS released a proposed redesigned partnership form for tax year 2021 (filing season 2022). The two proposed forms SCHEDULE K-2 (Form 1065) and Schedule K-3 (Form 1065) are...more
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
Understanding how the IRS identifies cases that have audit potential can be learned from the CONGRESS OF THE UNITED STATES (CONGRESSIONAL BUDGET OFFICE) Report released on July, 2020: Trends in the Internal Revenue Service’s...more
According to the IRS Manual, reasonable cause for abating penalties is based on all the facts and circumstances of a Taxpayer’s situation. IRS will consider reasons which establish that a Taxpayer used all ordinary care and...more
On a webinar hosted by the New York University Tax Controversy Forum on June 18, 2020, Douglas O’Donnell (head of the IRS Large Business and International Division/IRS-LBI) stated that the IRS will begin a new campaign to...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
Under Internal Revenue Code, Section 6620, if a Taxpayer does not timely file a U.S. tax return, the IRS is authorized to prepare and file a U.S. tax return for that Taxpayer based on the knowledge that it has on hand. ...more
In 2018, 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
Los Contribuyentes Estadounidenses con activos e ingresos financieros extranjeros no declarados corren el riesgo de que el Gobierno determine si su conducta fue intencional o no intencional. ...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
Streamlined Filing Compliance Procedures (Streamlined) is one of the options available for US Taxpayers with unreported foreign financial assets and income. ...more
According to the Internal Revenue Code, Taxpayers have three obligations: (1) to file timely returns; (2) to file accurate returns; and (3) to pay the required tax voluntarily and timely. ...more
6/17/2020
/ 1099s ,
Failure-to-File ,
FATCA ,
Income Taxes ,
Internal Revenue Code (IRC) ,
IRS ,
K-1 ,
Tax Liability ,
Tax Planning ,
Tax Returns ,
W-2
By unexpectedly raising apprehensions regarding mortality and quality of life issues that many Individuals were not addressing prior to the pandemic, the Covid-19 pandemic is provoking individuals to think about their...more
On February 12,2020, the U.S. Government Accountability Office (GAO) published a Report on Virtual Currencies which discusses whether Taxpayers who use Virtual Currency (VC) are fully meeting their tax obligations. ...more
6/9/2020
/ Bitcoin ,
Cryptocurrency ,
Digital Currency ,
FATCA ,
FBAR ,
Filing Requirements ,
Financial Transactions ,
IRS ,
Tax Liability ,
Tax Planning ,
Tax Returns ,
Virtual Currency
Para estar registrado en FATCA y exento de retención por parte de los agentes de retención de los Estados Unidos, una institución financiera extranjera (“FFI”) debe de tener un número de identificación de intermediario global...more
In order to be FATCA registered and exempt from withholding by U.S. withholding agents, a Foreign Financial Institution (FFI) must have a Global Intermediary Identification Number (GIIN). ...more
Nonresident alien individuals (NRA) who perform services or other activities while in the United States, and foreign corporations who employ individuals or engage individuals as agents to perform services or other activities...more