Cybercriminals are after Tax Professionals and Taxpayer Data
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 file a tax return with IRS. Cyber thieves use stolen Taxpayer data to create fraudulent […]
Why am I being audited by the IRS?
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 accuracy of income, expenses, and/or refundable credits. Gathering and organizing information is essential to a […]
Do I have to file an FBAR if I own Cryptocurrency? Not clear!
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 the ABA and 5/30/18 for the AICPA) to the IRS to obtain further definition and clarity on […]
Is calculating the 20 percent deduction for pass-through businesses simple?
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 business operated directly or through a pass-through entity. The types of entities and professionals that qualify […]
Let’s Understand Filing FBARs
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 the responsibility to file an FBAR if a person owns less than 50 percent of the […]
IRS ENDS OVDP right when some Taxpayers GET IT!
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 been available to Taxpayers that willfully failed to report foreign financial assets and pay all […]
What we know about Crypto Compliance and US Federal Taxes
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 answers to frequently asked questions. IRS has not posted any further Notices despite the fact […]
FinCEN’s Director Comments on Virtual Currency Compliance deficiencies
FinCEN’s Director Comments on Virtual Currency Compliance deficiencies was published by JD Supra on 9/11/18. On August 8, 2018, FinCEN Director Kenneth A. Blanco, delivered a speech at the 2018 Chicago-Kent Block (Legal) Tech Conference. Highlights from the commentary include: Innovation in financial services and adopting to new technologies creates opportunities for financial crimes […]
Todos ganan al aceptar Monedas Virtuales como Medio de Pago
Todos ganan al aceptar Monedas Virtuales como Medio de Pago was published by JD Supra on 9/17/18. La aceptación de la moneda virtual (MV) como forma de pago de bienes y servicios está creciendo. Estados como Arizona y Georgia han presentado proyectos de ley que permitirían a los contribuyentes de esos Estados pagar sus impuestos […]
Bitcoins y el IRS: Reportaje y Almacenamiento
Bitcoins y el IRS: Reportaje y Almacenamiento was published by JD Supra on 9/7/18. La posesión de moneda virtual, también conocida como criptomoneda, es legal tanto en los EE.UU como en muchas otras partes del mundo. La forma más conocida de moneda virtual es Bitcoin. Hay otras monedas virtuales que funcionan de la misma manera […]
Muchos Buscan la guía del IRS para la Moneda Virtual
Muchos Buscan la guía del IRS para la Moneda Virtual was published by JD Supra on 9/6/18. Debido al nivel sin precedentes de apreciación del valor, los inversionistas de Bitcoin, consumidores y empresas están buscando la orientación del IRS. El IRS reconoce que la “moneda virtual” se puede usar para pagar bienes o servicios, o […]
An IRS Summons Is a Powerful Tool That Can Even Reach Law Firms’ Escrow Accounts
An IRS Summons Is a Powerful Tool That Can Even Reach Law Firms’ Escrow Accounts was published by the Daily Business Review on 8/31/18.
