Don’t Run Afoul of U.S. Sanctions
Don’t Run Afoul of U.S. Sanctions was published by the South Florida Legal Guide.
- South Florida Legal Guide Supplement Miami Herald
AICPA steps up to IRS to recommend that IRS provide Virtual Currency Clarity
AICPA steps up to IRS to recommend that IRS provide Virtual Currency Clarity was published by JD Supra on 7/31/18. On 5/30/18, the American Institute of CPAs (AICPA) sent a letter (https://www.aicpa.org/content/dam/aicpa/advocacy/tax/downloadabledocuments/20180530-aicpa-comment-letter-on-notice-2014-21-virtual-currency.pdf) to the IRS presenting the AICPA’s updated recommendation to
- JD Supra
LAW ENFORCEMENT and OTHERS DISSAPOINTED with ULTIMATE BENEFICIAL OWNERSHIP DRAFT LEGISLATION
LAW ENFORCEMENT and OTHERS DISSAPOINTED with ULTIMATE BENEFICIAL OWNERSHIP DRAFT LEGISLATION was published by JD Supra on 7/31/18. There is a Bill (H.R. 6068), originally drafted on November 14, 2017, called the Counter Terrorism and Illicit Finance Act (CTIFA). The
- JD Supra
Official Hope for the De-Risked?
Official Hope for the De-Risked? was published by JD Supra on 7/25/18. 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
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When Bank Account Activity is not Consistent with the Customer’s Business
When Bank Account Activity is not Consistent with the Customer’s Business was published by JD Supra on 7/25/18. According to the Bank Secrecy Act (BSA), the Financial Crimes Enforcement Network (FinCEN) states that the main focus for Financial Institution ought
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Did you know that IRS is running 35 Campaigns?
Did you know that IRS is running 35 Campaigns? was published by JD Supra on 7/13/18. In January 2017, the IRS Large Business and International Division initially announced the launch of a “compliance campaign process” in which IRS identifies compliance
- JD Supra
Should Law Firms accept Virtual Currency? Only if they immediately convert to USD!
Should Law Firms accept Virtual Currency? Only if they immediately convert to USD! was published by JD Supra on 7/10/18. Law Firms, like other businesses, want to be able to offer more services to more clients expanding; the scope of
- JD Supra
Swapping Virtual Currencies will trigger tax obligations under the Tax Cuts and Jobs Act
Swapping Virtual Currencies will trigger tax obligations under the Tax Cuts and Jobs Act was published by JD Supra on 7/5/18. There are investors that have an interest in “exchanging or swapping” Virtual Currency (VC). Prior to the passage of
- JD Supra
Taxpayers ought to wait for IRS guidance before strategizing their SALT
Taxpayers ought to wait for IRS guidance before strategizing their SALT was published by JD Supra on 6/28/18. On May 23, 2018, IRS released Notice 2018-54 to inform Taxpayers that IRS, in the near future, will be releasing proposed regulations,
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More on Transition Tax. Including extension and waiver
More on Transition Tax. Including extension and waiver 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.irs.gov/newsroom/questions-and-answers-about-reporting-related-to-section-965-on-2017-tax-returns. IRS originally published these FAQs
- JD Supra
Are You Confused with Virtual Currency?
Are You Confused with Virtual Currency? was published by JD Supra on 6/26/18. The ins and outs of virtual currency (VC) continue to challenge those who received VC for services rendered, accepted it for goods sold, bought it for investment
- JD Supra
Not Mea Culpa
Not Mea Culpa JD Supra 7/19/18 There are times when Taxpayers will attempt to use the “it is not my fault” argument as a defense relating to IRS penalties. Taxpayers might argue that they relied on guidance from a tax
- JD Supra