Thoughts about the New Filing Requirements for Foreign-Owned U.S. entities?
Thoughts about the New Filing Requirements for Foreign-Owned U.S. entities? JD Supra 7/12/18. Foreign Persons that own 25% of a US entity might want to reassess their strategy as it relates to that ownership. It “used to be” (until December, 2016) that a Foreign Person as a single owner of a Limited Liability Company (LLC) […]
Did you know that Casinos are Financial Institutions?
Did you know that Casinos are Financial Institutions? JD Supra 7/12/18. Since 1985, Casinos that have Gross Annual Gaming Revenues in excess of $1,000,000 are considered to be Financial Institutions and are subject to the requirements of the Bank Secrecy Act (BSA). This means that Casinos have to: Develop and implement a written Anti-Money Laundering […]
I didn’t know that I was American
I didn’t know that I was American – JD Supra 6/5/18. There are Individuals out there that are US Citizens (“Americans”) and they are not aware of it. Under US Tax Law, these individuals have US tax reporting responsibilities and tax obligations. These Individuals are known as “Accidental Americans”. How can someone be an […]
“File before the IRS discovers that you failed to choose the Exclusion”: words of wisdom to US Taxpayers Living Abroad
“File before the IRS discovers that you failed to choose the Exclusion”: words of wisdom to US Taxpayers Living Abroad – JD Supra 6/1/18. If you are a US citizen or a Permanente Resident and you live abroad, you are taxed on your worldwide income and you are considered a US Taxpayer. US citizens and Permanent […]
IRS issues a “Tax Book”
IRS issues a “Tax Book” was published by JD Supra on 6/1/18. During 2017, 245 million tax returns were processed by the IRS and more than $3.4 trillion in federal taxes was paid by individuals and businesses to the US Treasury. The cost of collecting $100 was 34 cents, the lowest cost in more than 70 […]
A Quick Guide to the Suspicious Activity Report (SAR)
A Quick Guide to the Suspicious Activity Report (SAR) was published by JD Supra on 5/22/18. The Suspicious Activity Report (SAR) was originally created by five federal financial supervisory agencies (Federal Reserve Board, Office of the Comptroller of the Currency, Federal Deposit Insurance Corporation, Office of Thrift Supervision, and National Credit Union Administration) and the […]
Financial Planning Season: A way to evaluate your Provider
Financial Planning Season: A way to evaluate your Provider was published by JD Supra on 5/22/18. After the tax filing season, many Taxpayers realize that this is the right time to think about financial planning; given the fact that their financial records are updated and handy. The information contained in a Taxpayer’s Tax Return can be […]
Make your connection with the “Top 10” Tax Cut and Jobs Act Changes and be prepared for 2019!
Make your connection with the “Top 10” Tax Cut and Jobs Act Changes and be prepared for 2019! was published by JD Supra on 5/22/18. Here are the changes from the Tax Cut and Jobs Act (TCJA) that will impact “most” Individuals when they prepare their 2018 Tax Returns in 2019: Reduction of Individual Tax […]
FATCA is still Standing!
FATCA is still Standing! was published by JD Supra on 5/17/18. Tax Reform came and went and FATCA is still standing. While U.S. Corporations are now moving to a Territorial tax system, Individual U.S. Taxpayers living abroad ARE STILL REQUIRED to REPORT their worldwide income. Prior to the passage of The Tax Cuts and Jobs […]
Who will have the last word with Virtual Currency? IRS, FinCEN, SEC, OFAC or the CFTC?
Who will have the last word with Virtual Currency? IRS, FinCEN, SEC, OFAC or the CFTC? was published by JD Supra on 5/15/18. Virtual Currency (VC) investors are currently investing without clarity regarding which Government Agency(s) has the final word with respect to the treatment of VC. US Agencies: IRS, FinCEN, SEC and CFTC – have expressed differing views about VC. […]
Everyone wins when accepting Virtual Currency as Payment…
Everyone wins when accepting Virtual Currency as Payment… was published by JD Supra on 5/8/18. Accepting Virtual Currency (VC) as payment for goods and services is growing. States like Arizona and Georgia have introduced bills that would allow Taxpayers in those states to pay their taxes with VC. Two of the Big 4 Accounting firms […]
Who monitors digital currency wallets?
Who monitors digital currency wallets? was published by JD Supra on 5/8/18. Investors in Virtual Currency (VC) utilize the services of on-line “secure” platforms for buying, selling, transferring, and storing VC. The providers of these services are known as web-wallets (Coinbase is an example). They are required to register and operate as Money Service Businesses (MSB) by […]
