Here is what you need to know about the FinCEN’s Final CDD Rule effective May 11, 2018
Here is what you need to know about the FinCEN’s Final CDD Rule effective May 11, 2018 was published by JD Supra on 5/1/18. Covered Financial Institutions (CFI) have until May 11, 2018 to implement and comply with the Financial Crimes Enforcement Network (FinCEN) Final Customer Due Diligence Rule (the CDD Rule). The CDD Rule […]
Watch out for those who Promise Bogus Charitable Giving Tax Schemes
Watch out for those who Promise Bogus Charitable Giving Tax Schemes was published by JD Supra on 4/25/18. In the US, there are promoters of phony companies that pose as registered charities and solicit charitable contributions by individuals or corporations. The Donor will provide a receipt that is later refused by the tax authority (IRS) […]
At any time during 2017, did you have a financial interest in or signature authority over a financial account (such as a bank account, securities account, or brokerage account) located in a foreign country?
At any time during 2017, did you have a financial interest in or signature authority over a financial account (such as a bank account, securities account, or brokerage account) located in a foreign country? published by JD Supra on 5/13/18. On April 9, 2018, IRS released Notice (IR-2018-87) to remind Taxpayers that hold foreign assets […]
Avoid this while filing your taxes
Avoid this while filing your taxes was published by JD Supra on 4/13/18. To avoid possible scrutiny or oversight by the IRS, Accuracy is a key factor when filing Tax Returns. Taxpayers want to make sure that their returns are processed correctly by the IRS. Common tax filing errors such as a missing Social Security Number, […]
Virtual Currency Investors have a lot of responsibilities!
Virtual Currency Investors have a lot of responsibilities! published by JD Supra 4/13/18. For U.S. Federal Income Tax purposes, Virtual Currency (VC) is treated as property. As a result, a VC investor ought to keep a very close watch on potential net short term capital gains (realized gain if VC is held one year or […]
IRS Dirty Dozen 2018 = IRS Dirty Dozen 2017
IRS Dirty Dozen 2018 = IRS Dirty Dozen 2017 published by the South Florida Legal Guide,
Taxpayers may have to pay Section 965 Transition Tax when filing their 2017 Tax Returns
Taxpayers may have to pay Section 965 Transition Tax when filing their 2017 Tax Returns published by JD Supra 4/10/18. Section 965 of the Internal Revenue Code requires certain U.S. Shareholders to pay a transition tax on the untaxed foreign earnings of certain Specified Foreign Corporations as if those earnings had been repatriated to the United States. Section 965 may give rise […]
May I continue excluding income earned in a Foreign country after 2017?
May I continue excluding income earned in a Foreign country after 2017? – JD Supra 4/10/18. For most Expatriates, very little changes under the Tax Cut and Jobs Act (TCJA) because “foreign earned income” continues to be treated the same way for Individual Taxpayers under the TCJA. For others, provisions of the TCJA will affect […]
Common Reporting Standard (CRS) Reporting Avoidance Game Is Over
Common Reporting Standard (CRS) Reporting Avoidance Game Is Over – JD Supra 4/6/18. The Common Reporting Standard (CRS) is a reality for over one hundred Jurisdictions during 2018. The Organization for Economic Co-operation and Development (OECD) has stated that there are potential and perceived loopholes in the Common Reporting Standard (CRS) that there are potential and […]
FATCA: “COPA” and “PERIODIC CERTIFICATIONS” due by July 1, 2018, will have, in effect, a 3 Month Extension. BUT, will you be READY?
FATCA: “COPA” and “PERIODIC CERTIFICATIONS” due by July 1, 2018, will have, in effect, a 3 Month Extension. BUT, will you be READY? – JD Supra 5/5/18. On March 19, 2018, IRS released “Draft FATCA Certification Questions” (https://www.irs.gov/businesses/corporations/draft-fatca-certifications) to be completed by the Responsible Officer (RO) of a Participating Foreign Financial Institution (FFI) or Reporting Model […]
Taxpayers with undisclosed foreign accounts need to COME FORWARD NOW. Offshore Voluntary Disclosure Program Ends September, 2018
Taxpayers with undisclosed foreign accounts need to COME FORWARD NOW. Offshore Voluntary Disclosure Program Ends September, 2018 – JD Supra 4/3/18. 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 […]
20% Tax Deduction for Pass-Through Entities?
20% Tax Deduction for Pass-Through Entities? – JD Supra 3/27/18. IRS defines Pass-Through entities as: “an entity that passes its income, loss, deductions, or credits to its owners. The owners may be partners, shareholders, beneficiaries, or investors. It usually does not have an entity level income tax liability”. In the U.S., Pass-Through entities comprise 90% […]
