IRS Continues to Cross-Reference Foreign Financial Accounts and Assets
IRS Continues to Cross-Reference Foreign Financial Accounts and Assets was published by JD Supra on 4/2/19. IRS holds information that is sourced from the FATCA reports submitted by Foreign Financial Institutions (FFI) (on Form 8966 – FATCA Report) and by Individual US Taxpayers that have reporting obligations via Form 8938 (Statement of Specified Foreign Financial […]
Residential Real Property Purchased with Virtual Currency must be Reported
Residential Real Property Purchased with Virtual Currency must be Reported was published by JD Supra on 3/26/19. 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 identify the 25% Beneficial Owners behind “Shell” companies (legal […]
IRS is on to Self-Employed Taxpayers
IRS is on to Self-Employed Taxpayers was published by JD Supra on 3/19/19. On February 14, 2019, the TREASURY INSPECTOR GENERAL FOR TAX ADMINISTRATION (TIGTA) released the Report “Expansion of the Gig Economy Warrants Focus on Improving Self-Employment Tax Compliance”. The report focuses on Taxpayers that are Self-Employed and participate in the Sharing Economy (Gig […]
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
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 was published by JD Supra on 3/12/19. The Financial Crimes Enforcement Network (FinCEN) provided the banking industry certain “permanent” relief from collecting beneficial ownership information regarding certain accounts (Covered Products) […]
Are you at Risk for a Tax Time Surprise?
Are you at Risk for a Tax Time Surprise? was published by JD Supra on 3/5/19. There will be Taxpayers whose 2018 federal income tax withholding unexpectedly falls short of their tax liability for Tax Year 2018. IRS states that there are Taxpayers at most risk of having too little tax withheld, especially if these […]
Financial Institutions and Golden Passports
Financial Institutions and Golden Passports was published by JD Supra on 2/27/19. 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”. Many Foreign Jurisdictions offer Golden Passports that can be obtained via Citizenship by Investment (CBI) and Residence by […]
Understanding How to Compute a U.S. shareholder’s GILTI inclusion
Understanding How to Compute a U.S. shareholder’s GILTI inclusion was published by JD Supra on 2/27/19. 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 include in gross income the shareholder’s Global Intangible Low-Taxed Income (GILTI) […]
Can the IRS release Taxpayer information to a third party?
Can the IRS release Taxpayer information to a third party? was published by JD Supra on 2/27/19. Tax Return information is protected from disclosure by the IRS to other parties by the IRC Section 6103 -Confidentiality and Disclosure of Returns and Return information. While Section 6103 is a General Rule of Taxpayer Records confidentiality, there […]
Prevent Fraud with a Perception for Detection
Prevent Fraud with a “Perception for Detection” was published by JD Supra on 2/27/19. There is a reality that fraud can occur at every level of a business. Every day businesses provide to their employees, peers and partners with internal resources, currency, checks, access to accounting systems, clients and other proprietary information. An increasing “perception […]
Streamlined Filing Program for U.S. Taxpayers Residing Outside of the U.S. continues to be available but can be Discontinued at any time!
Streamlined Filing Program for U.S. Taxpayers Residing Outside of the U.S. continues to be available but can be Discontinued at any time! was published by JD Supra on 2/27/19. After the closing of the Offshore Voluntary Disclosure Program (OVDP) – which ended on September 28, 2018, the US Department of Treasury released a Memorandum on […]
CRS-FATCA – What you need to know TODAY
CRS-FATCA – What you need to know TODAY is a Video featuring Stanley Foodman and Cathy McGrail from Foodman CPAs & Advisors regarding FATCA and CRS released on 2/20/19.
Disclosing Voluntarily to the IRS to potentially avoid Criminal Prosecution is still an Option for Taxpayers, but with some changes going forward……
Disclosing Voluntarily to the IRS to potentially avoid Criminal Prosecution is still an Option for Taxpayers, but with some changes going forward was published by JD Supra on 2/5/19. 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 […]
