FATCA Registration System Is Up And Running. Are You Ready?

August 2018

On 7/31/18, IRS released notification (2018-9) to inform that the Certification of Pre-Existing Accounts (COPA) and Periodic Certification Process (relates to an Entity’s compliance with various FATCA requirements) are now available in the FATCA Registration System. The Updates to the

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US Passports: Taxpayers Should Act Before IRS Notifies The State Department

August 2018

US Taxpayers that come forward to the IRS to arrange payment of their seriously delinquent tax debt before the IRS notifies the US Department of state stand to achieve a better outcome regarding the potential revocation or denial of US

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Don’t Run Afoul of U.S. Sanctions

August 2018

  • South Florida Legal Guide Supplement Miami Herald

AICPA steps up to IRS to recommend that IRS provide Virtual Currency Clarity

July 2018

On 5/30/18, the American Institute of CPAs (AICPA) sent a letter  https://www.jdsupra.com/legalnews/aicpa-steps-up-to-irs-to-recommend-that-20413/

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LAW ENFORCEMENT and OTHERS DISSAPOINTED with ULTIMATE BENEFICIAL OWNERSHIP DRAFT LEGISLATION

July 2018

There is a Bill (H.R. 6068), originally drafted on November 14, 2017, called the Counter Terrorism and Illicit Finance Act (CTIFA).  The Bill intended to propose a substantial overhaul to the Bank Secrecy Act (BSA).   https://www.jdsupra.com/legalnews/law-enforcement-and-others-dissapointed-87996/

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Official Hope for the De-Risked?

July 2018

Deficiencies in Anti-Money Laundering (AML) frameworks and policies have triggered a significant number of Financial Institutions (FIs) to de-risk.   The FIs that de-risk as a solution to AML deficiencies are exiting client relationships and removing or restricting banking products from

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When Bank Account Activity is not Consistent with the Customer’s Business

July 2018

According to the Bank Secrecy Act (BSA), the Financial Crimes Enforcement Network (FinCEN) states that the main focus for Financial Institution ought to be on the reporting of suspicious activities.   https://www.jdsupra.com/legalnews/when-bank-account-activity-is-not-90801/

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Did you know that IRS is running 35 Campaigns?

July 2018

In January 2017, the IRS Large Business and International Division initially announced the launch of a “compliance campaign process” in which IRS identifies compliance issues that present risk and require a response in the form of one or multiple treatment

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Should Law Firms accept Virtual Currency? Only if they immediately convert to USD!

July 2018

Law Firms, like other businesses, want to be able to offer more services to more clients expanding; the scope of their reach.  This might entail entering the world of Virtual Currency (VC) and accepting payments such as Bitcoin.  The use

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Swapping Virtual Currencies will trigger tax obligations under the Tax Cuts and Jobs Act

July 2018

There are investors that have an interest in “exchanging or swapping” Virtual Currency (VC).  Prior to the passage of the Tax Cut and Jobs Act (TCJA), VC investors could take the position that if they “exchanged or swapped” one VC

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Taxpayers ought to wait for IRS guidance before strategizing their SALT

June 2018

On May 23, 2018, IRS released Notice 2018-54 to inform Taxpayers that IRS, in the near future,  will be releasing  proposed regulations, to assist Taxpayers with understanding the relationship between federal charitable contribution deductions and the new statutory limitation on

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More on Transition Tax. Including extension and waiver

June 2018

On 6/4/18, IRS added 3 additional questions to the existing 14 Questions in its:  “Questions and Answers about Reporting Related to Section 965 on 2017 Tax Returns”  https://www.jdsupra.com/legalnews/more-on-transition-tax-including-55713/

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