Residential Real Property Purchased with Virtual Currency must be Reported

march 2019

On November 15, 2018, the Financial Crimes Enforcement Network (FinCEN) announced the issuance of a “Revised” Geographic Targeting Order (GTO) that requires U.S. title insurance companies (Covered Business) to https://www.jdsupra.com/legalnews/residential-real-property-purchased-58814/

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IRS is on to Self-Employed Taxpayers

March 2019

On February 14, 2019, the TREASURY INSPECTOR GENERAL FOR TAX ADMINISTRATION (TIGTA) released the  Report https://www.jdsupra.com/legalnews/irs-is-on-to-self-employed-taxpayers-46996/

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FinCEN makes Permanent Decision on Renewals and Rollovers. Financial Institutions still need to document information if they become aware of a change in Beneficial Ownership

March 2019

The Financial Crimes Enforcement Network (FinCEN) provided the banking industry certain “permanent” relief from collecting beneficial ownership information regarding certain accounts (Covered Products) that automatically “renew and rollover” https://www.jdsupra.com/legalnews/fincen-makes-permanent-decision-on-13302/

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Are you at Risk for a Tax Time Surprise?

March 2019

There will be Taxpayers whose 2018 federal income tax withholding unexpectedly falls short of their tax liability for Tax Year 2018.  IRS states that https://www.jdsupra.com/legalnews/are-you-at-risk-for-a-tax-time-surprise-40953/

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Financial Institutions and Golden Passports

February 2019

On October 16, 2018, the Organization for Economic Cooperation and Development (OECD) issued guidance to Financial Institutions (FIs) regarding what is known as “Golden Passports”. https://www.jdsupra.com/legalnews/financial-institutions-and-golden-70969/

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Understanding How to Compute a U.S. shareholder’s GILTI inclusion

February 2019

The Tax Cuts and Jobs Act added section 951A to the Internal Revenue Code.  This new section requires a U.S. shareholder of a Controlled Foreign Corporation (CFC) to https://www.jdsupra.com/legalnews/understanding-how-to-compute-a-u-s-72734/

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Can the IRS release Taxpayer information to a third party?

February 2019

Tax Return information is protected from disclosure by the IRS to other parties by the IRC Section 6103 https://www.jdsupra.com/legalnews/can-the-irs-release-taxpayer-13133/

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Prevent Fraud with a “Perception for Detection”

February 2019

There is a reality that fraud can occur at every level of a business. https://www.jdsupra.com/legalnews/prevent-fraud-with-a-perception-for-56102/

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Streamlined Filing Program for U.S. Taxpayers Residing Outside of the U.S. continues to be available but can be Discontinued at any time!

February 2019

After the closing of the Offshore Voluntary Disclosure Program (OVDP) – which ended on September 28, 2018, the US Department of Treasury released a https://www.jdsupra.com/legalnews/streamlined-filing-program-for-u-s-19184/

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Disclosing Voluntarily to the IRS to potentially avoid Criminal Prosecution is still an Option for Taxpayers, but with some changes going forward……

February 2019

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 https://www.jdsupra.com/legalnews/disclosing-voluntarily-to-the-irs-to-19065/

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Tax News Update for U.S. Taxpayers living Abroad

February 2019

The IRS ability to deny or revoke the Passports of Taxpayers with “seriously delinquent tax debt greater than $50,000” is a distressing problem https://www.jdsupra.com/legalnews/tax-news-update-for-u-s-taxpayers-97716/ 

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