IRS Whistleblower Program – Exposing Tax Law Violations
The IRS Whistleblower Program helps boost the “fair and effective enforcement of our nation’s tax laws and the success of our voluntary tax system.” The IRS Whistleblower Program is dependent on people who become aware of tax fraud and tax
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White House follows up with Digital Assets Priorities Identified in Executive Order
President Biden’s Executive Order (EO) on Ensuring Responsible Development of Digital Assets was signed on 3/9/22 acknowledging how the rise in digital assets creates an opportunity to reinforce the leadership of the U.S. in the global financial system as well
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Form 1040 2022 Draft: IRS Changes Crypto Question
On 9/1/22, the IRS posted Form 1040 2022 Draft. Form 1040 is the U.S. Individual Income Tax Return and since tax year 2019, Form 1040 has been asking taxpayers about their virtual currency doings on the front page. Form 1040
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The FATCA Loophole will bring more Enforcement Action
After a yearlong investigation, the US Senate Finance Committee probed into a FATCA Loophole and delivered an investigative report titled “The Shell Bank Loophole” that exposes a tax evasion scheme under a FATCA loophole that allows banks offshore to accept
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Avoid IRS Scams – What IRS Will Do and Not Do
IRS scams are a big concern for the Agency and taxpayers. Scammers are impersonating the IRS either by phone, email or in person costing thousands of people millions of dollars. Scammers use the regular mail, telephone, or email to set
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Identity Theft and the CPA
On 8/16/22As part of the IRS Security Summit, the IRS presented steps that tax professionals can recommend to help their clients battle identity theft risk. The IRS Security summit is comprised of tax professionals including the IRS, state tax agencies,
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El IRS Advierte a los Contribuyentes Contra las Estrategias de Evasión Fiscal
El IRS concluyó su lista de Estafas de la Docena Sucia (“Dirty Dozen”) del 2022 recomendando a los contribuyentes a estar atentos y evitar ser engañados por las estrategias de evasión fiscal. En la lista del 2022 están las criptomonedas,
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El FCPA y El CPA
El cumplimiento del FCPA (Ley de Prácticas Corruptas en el Extranjero, “Foreign Corrupt Practices Act) debe estar a la vanguardia de las empresas de todos los tamaños en todas las industrias. Debido a la globalización de las operaciones de las
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IRS Issues Another Crowdfunding Reminder
Due to the popularity of crowdfunding as a venue to raise money online, for the second time in 2022, the IRS has issued News regarding how money raised through crowdfunding may be taxable. The first notice was issued by the
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CDD – Recordatorio Amistoso de las Agencias a los Bancos
El 6/7/22, las Agencias (Junta de Gobernadores del Sistema de la Reserva Federal, la Corporación Federal de Seguros de Depósitos, la Red de Ejecución de Delitos Financieros, la Administración Nacional de Cooperativas de Crédito y la Oficina del Contralor de
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FDIC Crypto Protection? No way!
On 7/29/22, the FDIC published a Crypto Advisory: “Advisory to FDIC-Insured Institutions Regarding Deposit Insurance and Dealings with Crypto Companies” due to its concern regarding the confusion that consumers have regarding Crypto assets “offered by, through, or in connection with
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Can the IRS Collect Assets Abroad?
The answer to the question “Can the IRS Collect Assets Abroad”” is yes, based on the Office of Chief Counsel Internal Revenue Service memorandum dated February 24, 2022. The memorandum discusses the IRS Collection Procedures for Assets outside of the
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