The Accountant and the Paradise Papers

November 2017

Under U.S. Tax Law, it is appropriate for an Accountant to advise a US Taxpayer regarding his tax efficiency if the Taxpayer wants to pay less tax and accumulate wealth.  While tax avoidance is legal and encouraged by the IRS, tax

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Here is what you need to know about IRS proposed draft of Form 1040 for 2017

November 2017

As a courtesy to Taxpayers, IRS provides an “early release draft” of an IRS tax form.  The drafts are not to be used for filing, but are generally released when most changes have been incorporated into the Form.  The highlights

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Is your spouse having trouble with the IRS and you didn’t know?

November 2017

In a joint tax return filing, IRS has the right to assess both spouses that sign a joint income tax return under the penalty of perjury.  This is similar to jointly signing for a loan at a Bank.   The Bank

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US Persons and Financial Institutions: Beware when engaging financially with Venezuela

October 2017

On 8/25/17, President Donald Trump signed an Executive Order (EO) restricting and prohibiting certain transactions between US Persons and Venezuela.   The transactions that are prohibited by US Persons apply wherever a US Person is located. In addition, on 9/20/17, FinCEN

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Here is What you Need to Do in Order to Have Stress-Free Foreign Accounts

October 2017

  • South Florida Legal Guide Supplement for the Miami Herald - Business Monday

New GTO covers Wire Transfers

October 2017

On August 22, 2017, FinCEN (Financial Crimes Enforcement Network) published a new Advisory regarding Geographic Targeting Orders (GTOs) covering residential real estate transactions in certain counties or boroughs of New York, Florida, California, Texas and Hawaii (newly added in this GTO).   The

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After the Storm: Forensic Accounting = Record Reconstruction

October 2017

IRS is authorized to grant certain relief that may help Taxpayers and Businesses recover financially from the impact of a disaster when the federal government declares their location to be a major disaster area.  IRS could grant additional time to

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Greedy Charitable Deductions May Cost You

October 2017

Taxpayers are not required to pay a negligence penalty for underpayment of income taxes if, under Internal Revenue Code regulations, there is reasonable cause for a position that the Taxpayer takes in an income tax return. http://www.jdsupra.com/legalnews/greedy-charitable-deductions-may-cost-24327/

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Watch out if you are an Expatriate US Passport Holder with Tax Debt and receive Notice CP-508C!

September 2017

According to the US Department of State, there are approximately nine (9) Million US passport holders living overseas.  There continues to be a misimpression by certain US Taxpayers living overseas that they are not required to file US income tax

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Bolivia en la Vanguardia del Cumplimiento

10/4/17

Please join us on Wednesday, October 4th at FIBA (Free Webinar) from 12:00 PM to 1:00 PM for a conversation with Dr. Alejandro Taboada – Executive Director  of UIF Bolivia.  r   Register here:  https://goo.gl/2RiaY2  

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Out of Compliance Taxpayers: Beware of new IRS-Programs!

September 2017

The IRS-Criminal Investigation Unit (IRS-CI) is the Criminal Law Enforcement Arm of the IRS.  Its conviction rate of over 90% is one of the highest in federal law enforcement.  Those convicted pay taxes, penalties and interest with the Courts imposing

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