Avisos de Cobros del IRS se reiniciarán en 2024 así como un nuevo alivio de multas para aproximadamente 4.7 millones de personas, empresas y organizaciones exentas de impuestos a las que no se les envió un recordatorio...more
El 12/10/23 se anunciaron nuevas proyecciones de la brecha fiscal para los años fiscales 2020 y 2021 que muestran que la brecha fiscal bruta proyectada aumentó a $688 mil millones en el año fiscal 2021, un aumento de más de...more
On 10/12/23 announced new tax gap projections for tax years 2020 and 2021 showing the projected gross tax gap increased to $688 billion in tax year 2021, a rise of more than $192 billion from the prior estimates for tax years...more
Trusts are vehicles that can assist in the preservation of wealth and property for future generations, protect assets, or carry out a charitable purpose. A trust is an entity created and governed under the state law in which...more
11/3/2023
/ Asset Management ,
Beneficiaries ,
Fiduciary Duty ,
FinCEN ,
Foreign Corporations ,
Gift Tax ,
Grantors ,
IRS ,
Tax Avoidance ,
Tax Returns ,
Trustees ,
Trusts
The U.S. Government Accountability Office (GAO) is known as the U.S. “congressional watchdog,”. GAO is an independent, non-partisan agency that works for Congress by examining how taxpayer dollars are spent and provides...more
Need more time to prepare your federal tax return? Taxpayers who aren’t able to file by the April 18, 2023, deadline can request an extension before that deadline, but they should know that an extension to file is not an...more
Taxpayers ought to start getting ready to file 2022 taxes. Going through statements, receipts, tax forms and other financial documents when it’s time to prepare to file 2022 taxes in 2023 can be a downer for those...more
In an early release (10/17/18) of Draft IRS Tax Forms 1040 and 1040-SR Instructions, the IRS has provided U.S. Taxpayers digital assets holders a bit more clarity about how to report digital assets on their 1040 income tax...more
On 9/1/22, the IRS posted Form 1040 2022 Draft. Form 1040 is the U.S. Individual Income Tax Return and since tax year 2019, Form 1040 has been asking taxpayers about their virtual currency doings on the front page. Form...more
The IRS wrapped its 2022 Dirty Dozen scams list urging taxpayers to watch out for and avoid being misled by tax avoidance strategies. Making the 2022 List are Cryptocurrency, non-filing, abusive syndicated conservation...more
The IRS wants to encourage Voluntary Disclosure participation and reduce Taxpayer uncertainty, but its current Voluntary Disclosure Program is not set up for success according to the 2021 National Taxpayer Advocate Annual...more
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
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
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
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
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
An IRS “soft letter” is an IRS “tickler”. IRS will send a “soft letter” to provide an opportunity for the Taxpayer to address an issue that could avoid the need for further IRS contact or examination. ...more
IRS is interested in U.S. Taxpayer financial accounts everywhere in the world. If the IRS learns that a Taxpayer has undisclosed reportable accounts or income before a US Taxpayer reports them, the Taxpayer can face serious...more
4/22/2021
/ FBAR ,
Filing Requirements ,
Foreign Bank Accounts ,
Income Taxes ,
IRS ,
Offshore Funds ,
Reporting Requirements ,
Tax Evasion ,
Tax Liability ,
Tax Planning ,
Tax Returns