Articles - Page 40 of 60 - Foodman CPAs and Advisors

Why you need EXPERT ADVICE if you have a PFIC and you are out of Compliance!

July 2017

Taxpayers need to rely on the expert professional advice of a tax specialist for the treatment of Passive Foreign Investment Companies (PFICs) during Offshore Voluntary Disclosure Program (OVDP) reporting. PFIC computations are challenging for a Taxpayer in an amnesty program

JD Supra

Is your Bookkeeper the Right One?

July 2017

Bookkeepers are by practical definition business multi-taskers. They keep financial records, post debits and credits, prepare reports, execute banking transactions, act as collectors for overdue accounts, work with clients and vendors and handle payroll – just to name a few.

JD Supra

IRS is Looking more like a “Self-Serve” Financial Provider while still Targeting Collections

June 2017

Since 2011, IRS has undergone $900 million in budget cuts and has reduced its number of auditors by approximately 25%. Nonetheless, IRS has its eye on the “collections” ball. The Agency has recently benefited from Congressional approval of more efficient

JD Supra

FBAR Penalty Amounts are in the “Best Judgement” of an IRS Examiner

June 2017

The Report of Foreign Bank and Financial Accounts (FBAR) is not a tax form. Its filing is not required by the Internal Revenue Code. It is required by Title 31 of the Code of Federal Regulations. Title 31 is the

JD Supra

Indications of Misappropriation Schemes

June 2017

Misappropriation is the use of property or funds of another person for an unauthorized purpose and is classified as a felony. In misappropriation, the perpetrator steals or misuses an organization’s belongings and resources; usually without force. Meaning, they are taken

JD Supra

Peruvian Tax Amnesty Wealth Planning Strategies

June 14, 2017 from 5:30 - 7:30 PM

Peruvian Tax Amnesty Wealth Planning Strategies – a presentation by Hernandez & Cia., Foodman CPAs & Advisors and Wheeler Consulting, LLC.

Intercontinental Hotel - Sevilla Room

International Noncompliance

June 5, 2017

International Noncompliance was published by the South Florida Legal Guide.

South Florida Business Journal Supplement to the Miami Herald Business Monday

Do You know that the US might have a Tax Sharing Information Agreement with your Country?

May 2017

The US has Tax treaties and Tax Information Exchange Agreements (TIEAs) with certain countries that provide, upon request, for the exchange of U.S. income information regarding their citizens or residents. There are currently 43 countries on the list. Exchange of

JD Supra

Is IRS really knocking at your door?

May 2017

Generally, IRS sends a letter or a notice via regular mail notifying a Taxpayer of a potential visit. Nonetheless, IRS may also show up unannounced at the Taxpayer’s home or place of business. IRS wants Taxpayers to understand the reasons

JD Supra

Traps for the Unwary: Are Financial Institution receiving adequate FATCA consulting and training?

May 2017

FATCA is Chapter 4 of the Internal Revenue Code (IRC). It conscripts Foreign Financial Institutions (FFIs) to act as reporting and withholding agents for the U.S. Government. To enforce its conscription, it contains a mechanism for financially penalizing FFIs that

JD Supra

US Banks wanting to be ahead of the FATCA game must master international tax compliance

May 2017

The terms FDAP (Fixed, Determinable Annual and Periodical Income) and ECI (Effectively Connected Income) are expansive terms. They are the backbone behind the tax withholding, and reporting requirements imposed on US Banks with respect to outbound payments. Many of the

JD Supra

The U.S. a tax haven? Could be questionable going forward given the new scrutiny of disregarded entities……

May 8, 2017

The U.S. a tax haven? Could be questionable going forward given the new scrutiny of disregarded entities…… was published by the South Florida Legal Guide.