There are foreign national Individuals and other foreign Persons that do not have or do not qualify for a Social Security Number (SSN) but need a Taxpayer Identification Number (TIN) to file certain tax forms and schedules...more
There are Taxpayers that understate income, overstate expenses and present fraudulent claims on their tax returns for credits and deductions. These Taxpayers run the risk of being identified by the IRS and having IRS...more
El 15 de marzo del 2019, el IRS informó que la ocultación de dinero o activos en cuentas extraterritoriales (“offshore”) no declaradas permanece en la lista de las estafas tributarias conocidas come la Docena Sucia o "Dirty...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
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
Ahora que el IRS lleva cuatro años intercambiando datos de FATCA en sus computadoras y se está embarcando en una Campaña de Exactitud de Presentación de FATCA, existe una urgencia especial para los Contribuyentes...more
5/1/2019
/ Cooperative Compliance Regime ,
Delinquency Status ,
Failure to Comply ,
FATCA ,
FBAR ,
FFI ,
Foreign Financial Institutions (FFI) ,
IRS ,
OVDP ,
Passports ,
Reporting Requirements ,
Tax Debt ,
Tax Planning ,
Tax Returns
Now that IRS has four years of FATCA exchanged data in its computers and is embarking on a FATCA Filing Accuracy Campaign, there is a special urgency for noncompliant U.S. Taxpayers that did not previously exist....more
5/1/2019
/ Cooperative Compliance Regime ,
Delinquency Status ,
Failure to Comply ,
FATCA ,
FBAR ,
FFI ,
Foreign Financial Institutions (FFI) ,
IRS ,
OVDP ,
Passports ,
Reporting Requirements ,
Tax Debt ,
Tax Planning ,
Tax Returns
A Personal Representative (PR) is in charge of the property (estate) of an individual who has died (known as the decedent). When a person passes away, their assets become property of their estate....more
4/15/2019
/ Beneficiaries ,
Decedent Protection ,
Equitable Distribution ,
Estate Planning ,
Estate Tax ,
Executors ,
Fiduciary Duty ,
Income Taxes ,
Personal Representatives ,
Tax Liability ,
Tax Planning ,
Tax Preparers ,
Tax Returns ,
Transfer Taxes
Tax Return information is protected from disclosure by the IRS to other parties by the IRC Section 6103 -Confidentiality and Disclosure of Returns and Return information. ...more
2/21/2019
/ Confidential Information ,
Income Taxes ,
Internal Revenue Code (IRC) ,
IRS ,
Request for Production ,
Tax Code ,
Tax Planning ,
Tax Records ,
Tax Returns ,
Third-Party ,
Unlawful Disclosure
There is a reality that fraud can occur at every level of a business. Every day businesses provide to their employees, peers and partners with internal resources, currency, checks, access to accounting systems, clients and...more
The National Taxpayer Advocate 2017 Report to Congress states that the Accuracy-Related Penalty under Internal Revenue Code Section 6662 remains the number one most litigated tax issue and has been over the last four years. ...more
For Tax Year 2018, Taxpayers will use the new and re-designed Form 1040. Although the IRS’s sentiment is that many Taxpayers will only need to file Form 1040 and none of the NEW NUMBERED SCHEDULES, there will be Taxpayers...more
1/25/2019
/ Alternative Minimum Tax ,
Child Tax Credit ,
Filing Requirements ,
GILTI tax ,
Income Taxes ,
IRS ,
Required Forms ,
Tax Exemptions ,
Tax Liability ,
Tax Planning ,
Tax Rates ,
Tax Returns
El 30 de octubre del 2018, la división Internacional y de Grandes Empresas del IRS (“LBI”) anunció la aprobación de una campaña de cumplimiento que incluye cómo las Instituciones Financieras Extranjeras (“FFIs)) y ciertas...more
On October 30, 2018, the IRS Large Business and International division (LBI) announced the approval of a compliance campaign regarding Foreign Financial Institution (FFI) and certain Non-Financial Foreign Entity reporting of...more
As 2018 comes to an end, many Taxpayers are wondering about their tax reporting situation under the Tax Cut Jobs Act. Taxpayers ought to be asking themselves if their Tax Representative understands...more
1/4/2019
/ Corporate Taxes ,
CPAs ,
HELOC ,
Income Taxes ,
IRS ,
SALT ,
Tax Advice ,
Tax Cuts and Jobs Act ,
Tax Deductions ,
Tax Planning ,
Tax Rates ,
Tax Reform ,
Tax Returns
The IRS Automated Underreporter Matching Process matches Tax Returns against Information Returns. IRS states that there were approximately 150 million individual tax returns filed in 2017 and about 25 million of them (17%)...more
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 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
In the US, Taxpayers “self-assess and voluntarily” pay taxes. The IRS position is that Voluntary Compliance occurs when a Taxpayer makes a “good faith” effort to meet the Taxpayer’s tax obligations as defined in the Internal...more
On September 19, 2018, the House Ways and Means Committee wrote a letter to the IRS urging the IRS to “issue updated guidance, providing additional clarity for Taxpayers seeking to better understand and comply with their tax...more
11/20/2018
/ Bitcoin ,
Capital Gains ,
Cryptocurrency ,
Digital Currency ,
Financial Transactions ,
Income Taxes ,
Investment ,
IRS ,
Reporting Requirements ,
Tax Liability ,
Tax Planning ,
Tax Returns ,
Virtual Currency
Although only .2% of US Taxpayers actually pay Estate Taxes (Congress's Joint Committee on Taxation), it is important to understand how Estate Tax works in conjunction with gifting....more
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
An Individual Taxpayer Identification Number (ITIN) is a tax processing number issued by the IRS to foreign nationals and others who have federal tax reporting or filing requirements and do not qualify for Social Security...more
La última Notificación emitida por el IRS sobre Criptomoneda fue el Aviso 2014-21 publicado el 25 de Marzo del 2014 que brinda orientación en forma de respuestas a preguntas frecuentes (“Frequently Asked Questions”). ...more
10/5/2018
/ 1099s ,
Bitcoin ,
Bitcoin Mining ,
Capital Gains ,
Cryptocurrency ,
Digital Currency ,
Fair Market Value ,
FICA Taxes ,
Financial Transactions ,
FUTA ,
Income Taxes ,
Investment ,
IRS ,
Reporting Requirements ,
Required Forms ,
Tax Liability ,
Tax Planning ,
Tax Returns ,
Virtual Currency
An IRS Audit is designed to be an impartial review to assess tax return filing accuracy. IRS selects returns for audit to determine the reporting accuracy of income, expenses, and/or refundable credits. ...more
The last Notice issued by the IRS on Cryptocurrency was Notice 2014-21 posted on March 25, 2014 providing guidance in the form of answers to frequently asked questions. ...more
9/14/2018
/ Bitcoin ,
Bitcoin Mining ,
Capital Gains ,
Cryptocurrency ,
Digital Currency ,
FDAP ,
Filing Requirements ,
Financial Transactions ,
Income Taxes ,
Investment ,
IRS ,
Reporting Requirements ,
Tax Liability ,
Tax Planning ,
Tax Returns ,
Virtual Currency