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CPAs: To Host or Not to Host

October 2018

CPAs: To Host or Not to Host was published by JD Supra on 10/18/18. A CPA providing “Hosting Services” to “attest” clients could potentially threaten a CPA’s independence. Hosting Services have evolved over a number of years based on the development

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Understating Form W-7 and the ITIN

October 2018

Understating Form W-7 and the ITIN was published by JD Supra on 10/18/18. 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

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In or Out of the Bank?

October 2018

In or Out of the Bank? was published by JD Supra on 10/16/18. With whom we do business can be critical to combating identity theft, financial fraud, money laundering and terrorism.  Vetting individuals and entities is necessary for preventing financial

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IRS gives Internal Revenue Manual Voluntary Disclosure Consideration if…….

October 2018

IRS gives Internal Revenue Manual Voluntary Disclosure Consideration if……. was published by JD Supra on 10/16/18. When IRS reviews a criminal tax case, consideration is given to various factors such as whether a voluntary disclosure was made, whether prosecution exists,

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FATCA certifications due December 15 and it is best to certify

October 2018

FATCA certifications due December 15 and it is best to certify was published by JD Supra on 10/2/18. A FATCA certification consists of answers to one or more series of questions that the Responsible Officers (RO) of certain entities must

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Cybercriminals are after Tax Professionals and Taxpayer Data

September 2018

Cybercriminals are after Tax Professionals and Taxpayer Data was published by JD Supra on 9/28/18. Cybercriminals are attracted to Tax Professionals’ databases because they can access Taxpayer data and use compromised IP addresses and computers of the Tax Professionals to

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Why am I being audited by the IRS?

September 2018

Why am I being audited by the IRS? was published by JD Supra on 9/28/18. 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

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Do I have to file an FBAR if I own Cryptocurrency? Not clear!

September 2018

Do I have to file an FBAR if I own Cryptocurrency? Not clear! was published by JD Supra on 9/25/18. Both the American Bar Association (ABA) and the American Institute of Certified Public Accountants (AICPA) have written letters (3/19/18 for

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Is calculating the 20 percent deduction for pass-through businesses simple?

September 2018

Is calculating the 20 percent deduction for pass-through businesses simple? was published by JD Supra on 9/25/18. Section 199A of the Internal Revenue Code provides Individual Taxpayers a deduction for the Qualified Business Income (QBI) of a qualified trade or

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Let’s Understand Filing FBARs

September 2018

Let’s Understand Filing FBARs was published by JD Supra on 9/25/18. The jurors in the Paul Manafort case had questions regarding the complex Foreign Bank Account Reports (FBARs) regulations.  This was evidenced by the jury’s questions to the judge addressing

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IRS ENDS OVDP right when some Taxpayers GET IT!

September 2018

IRS ENDS OVDP right when some Taxpayers GET IT! was published by JD Supra on 9/18/18. On March 13, 2018, IRS announced the termination of the Offshore Voluntary Disclosure Program (OVDP) as of September 28, 2018 (Notice IR-2018-52).  OVDP has

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What we know about Crypto Compliance and US Federal Taxes

September 2018

What we know about Crypto Compliance and US Federal Taxes was published by JD Supra on 9/18/18. The last Notice issued by the IRS on Cryptocurrency was Notice 2014-21 posted on March 25, 2014 providing guidance in the form of

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