On March 15, 2019, IRS reported that hiding money or assets in unreported offshore accounts remains on the Internal Revenue Service’s “Dirty Dozen” list of tax scams for 2019....more
5/13/2019
/ FATCA ,
FBAR ,
Filing Requirements ,
Foreign Bank Accounts ,
IGAs ,
Income Taxes ,
IRS ,
Offshore Banks ,
Offshore Funds ,
OVDP ,
Tax Evasion ,
Tax Liability ,
Tax Returns ,
Tax Scams
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 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
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
On November 11, 2018, the IRS released its Criminal Investigation Annual Report as it begins its 2019 fiscal year and its 100th anniversary as a law enforcement agency. IRS-Criminal Investigation (IRS-CI) is a federal agency...more
12/26/2018
/ Criminal Investigations ,
Criminal Prosecution ,
Cyber Crimes ,
Enforcement Actions ,
Identity Theft ,
IRS ,
Tax Crimes ,
Tax Evasion ,
Tax Fraud ,
Tax Liability ,
Tax Returns
The days of avoiding taxes through hiding money or assets in unreported offshore accounts are gone. Nonetheless, there are still taxpayers with undeclared offshore accounts, as well as the banks and bankers that are...more
The IRS TAX CRIMES HANDBOOK states that there are two kinds of tax evasion: (a) the willful attempt to evade or defeat the ASSESSMENT of a tax, and (b) the willful attempt to evade or defeat the PAYMENT of a tax. ...more
Government agencies apparently believe that expertise from blockchain analytic firms is required to assist with investigating illicit activities such as tax evasion, money laundering, terrorist financing, and drug markets. ...more
11/21/2018
/ Blockchain ,
Criminal Investigations ,
Cryptocurrency ,
FBI ,
Government Investigations ,
Immigration and Customs Enforcement (ICE) ,
IRS ,
Money Laundering ,
Popular ,
Tax Evasion ,
Terrorist Financing ,
Virtual Currency
El 11 de Noviembre del 2018, el Departamento de Justicia de los EE. UU. (“DOJ”) informó que el banquero Adrian Baron, el ex Director de Negocios y ex Director Ejecutivo de Loyal Bank Ltd, un banco “off-shore” con oficinas en...more
11/2/2018
/ Criminal Prosecution ,
Department of Justice (DOJ) ,
Enforcement Actions ,
Failure to Comply ,
FATCA ,
Financial Services Industry ,
Foreign Financial Institutions (FFI) ,
IGAs ,
IRS ,
Offshore Funds ,
Reporting Requirements ,
Strict Compliance ,
Tax Evasion ,
Tax Planning
On September 11, 2018, the US Department of Justice (DOJ) reported that banker Adrian Baron, the former Chief Business Officer and former Chief Executive Officer of Loyal Bank Ltd, an off-shore bank with offices in Budapest,...more
11/2/2018
/ Criminal Prosecution ,
Department of Justice (DOJ) ,
Enforcement Actions ,
Failure to Comply ,
FATCA ,
Financial Services Industry ,
Foreign Financial Institutions (FFI) ,
IGAs ,
IRS ,
Offshore Funds ,
Reporting Requirements ,
Strict Compliance ,
Tax Evasion ,
Tax Planning
Tax fraud is often defined as an intentional wrongdoing on the part of a Taxpayer with the specific purpose of evading a tax known or believed owed. Tax fraud requires...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
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
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
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
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
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
The Common Reporting Standard (CRS) is a reality for over one hundred Jurisdictions during 2018. The Organization for Economic Co-operation and Development (OECD) has stated that there are potential and perceived loopholes...more
El 13 de marzo del 2018, el IRS anunció la terminación del Programa de Divulgación Voluntaria De Cuentas en el Extranjero (“OVDP”) desde el 28 de septiembre del 2018 (Notificación IR-2018-52). El OVDP ha estado disponible...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 IRS Chief of Criminal Investigation, Don Fort, recently stated: “It’s possible to use Bitcoin and other cryptocurrencies in the same fashion as foreign bank accounts to facilitate tax evasion.” ...more
2/26/2018
/ Bitcoin ,
Blockchain ,
Cryptocurrency ,
Digital Currency ,
Distributed Ledger Technology (DLT) ,
Initial Coin Offering (ICOs) ,
IRS ,
Popular ,
Tax Evasion ,
Tax Liability ,
Token Sales ,
Virtual Currency