Crypto currency and the IRS

Operation Hidden Treasure is NOT a Treasure for Crypto Holders

May 2021

On March 6, 2021, Forbes reported that Damon Rowe, Director, Fraud Enforcement Office, Internal Revenue Service, Washington, DC, remarked that the IRS “added some crown jewels,” including a dedicated team of IRS Criminal Investigation professionals who are working on “Operation

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federal reserve

The Federal Reserve expects the Board of Directors of Financial Institutions to be Effective

April 2021

On February 26, 2021, the Federal Reserve issued Supervisory Guidance (SG) for the Board of Directors (BOD) of Domestic Bank and Savings and Loan Holding Companies requiring effective BOD oversight.   The Guidance maintains that the BOD serves a critical

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FinCen BOI BOI de FinCEN

FinCEN is seeking Feedback on the Corporate Transparency Act (CTA)

April 2021

The CTA is a recent reporting requirement that is expected to enhance U.S. national security through increasing the difficulty involved for harmful actors to exploit opaque legal structures for laundering money, financing terrorism, proliferating weapons of mass destruction, trafficking humans,

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irs

IRS sends “Soft Letters”

April 2021

An IRS “soft letter” is an IRS “tickler”.  IRS will send a “soft letter” to provide an opportunity for the Taxpayer to address an issue that could avoid the need for further IRS contact or examination.  If a Taxpayer does

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disclosure

Closing a Foreign Bank Account will not solve a Taxpayer’s Disclosure Problem

April 2021

IRS is interested in U.S. Taxpayer financial accounts everywhere in the world.  If the IRS learns that a Taxpayer has undisclosed reportable accounts or income before a US Taxpayer reports them, the Taxpayer can face serious consequences including criminal prosecution.

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financial planning

Extra Time Provided for Filing 2020 Taxes may offer Financial Planning Opportunity

April 2021

The federal income tax filing due date for individuals for the 2020 taxes has been extended from April 15, 2021, to May 17, 2021.  Individual taxpayers can also postpone federal income tax payments for the 2020 tax year due on

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tax time

Have you hired the right Tax Preparer to prepare your Taxes?

April 2021

Tax Season is here.  Tax Preparers have different levels of skills, education and expertise and Taxpayers ought to take a closer look at what constitutes a “Qualified” Tax Preparer.  There are various types of regulated Tax Preparers, including Certified Public

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tax time

19 possible Questions that your Tax Preparer ought to Ask regarding Foreign Accounts and Assets

April 2021

Many Taxpayers with international entanglements seek the assistance of tax return preparers without U.S. international tax reporting experience.  Because US International tax reporting is complicated and often overwhelming for US Taxpayers, international tax specialist CPA is the appropriate choice for

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taxpayer

How does the IRS enforce the Nation’s Tax Laws for the benefit of all Taxpayers?

April 2021

On December 17, 2020, the IRS published a document entitled “Closer Look”. It explains the IRS aspiration for balancing the Taxpayer burden with the potential benefit of its compliance effort when deciding which compliance tool to use.  The goal of

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corporate governance

Forensic Accountants augment a Financial Institution’s Corporate Governance Program

April 2021

A financial institution’s understanding and management of financial crimes and their genesis would enhance and strengthen its Corporate Governance programs and internal controls.  Forensic Accountants with a law enforcement background and with an understanding of the provisions of the Bank

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beneficial ownership

Included in the AML ACT of 2020 is the Corporate Transparency Act which outlines Beneficial Ownership Reporting Requirements

March 2021

The Corporate Transparency Act (CTA) is within the AML Act of 2020.  It establishes Beneficial Ownership Information Reporting Requirements to facilitate important national security, intelligence, and law enforcement activities; and confirm beneficial ownership information provided to financial institutions to facilitate

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beneficial ownership

Incluida en la Ley ALD del 2020 está la Ley de Transparencia Corporativa, que describe los requisitos de informes sobre los Titulare Reales

March 2021

La Ley de Transparencia Corporativa (“Corporate Transparency Act” – “CTA”) se encuentra dentro de la Ley ALD del 2020. Establece requisitos para la presentación de informes de información sobre los titulares reales para facilitar importantes actividades de seguridad nacional, inteligencia

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