whistleblower

IRS Whistleblower Program – Exposing Tax Law Violations

November 2022

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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digital assets image activos digitales

White House follows up with Digital Assets Priorities Identified in Executive Order

November 2022

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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2022 1040 digital assets

Form 1040 2022 Draft: IRS Changes Crypto Question

November 2022

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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fatca loophole

The FATCA Loophole will bring more Enforcement Action

November 2022

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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irs scams

Avoid IRS Scams – What IRS Will Do and Not Do

November 2022

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

Identity Theft and the CPA

November 2022

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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tax avoidance evasion fiscal

El IRS Advierte a los Contribuyentes Contra las Estrategias de Evasión Fiscal

October 2022

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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FCPA image

El FCPA y El CPA

October 2022

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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crowdfunding image

IRS Issues Another Crowdfunding Reminder

October 2022

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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customer due dilligence CDD

CDD – Recordatorio Amistoso de las Agencias a los Bancos

September 2022

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

FDIC Crypto Protection? No way!

August 2022

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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IRS Logo

Can the IRS Collect Assets Abroad?

August 2022

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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