Due Diligence is necessary for Taxpayers to have the Right TAX Representative
Due Diligence is necessary for Taxpayers to have the Right TAX Representative was published by JD Supra on 1/8/19. As 2018 comes to an end, many Taxpayers are wondering about their tax reporting situation under the Tax Cut Jobs Act. Taxpayers ought to be asking themselves if their Tax Representative understands: Although you itemized deductions […]
Winning Business Through Bribery Could Get You Into Trouble!
Winning Business Through Bribery Could Get You Into Trouble! was published by JD Supra on 1/8/19. In 1977, the United States enacted the Foreign Corrupt Practices Act (FCPA). The FCPA prohibits an offer, payment, promise or the authorization of a payment of money or anything of value (a/k/a bribery) to a foreign official for the purpose of […]
Understanding how IRS identifies and selects Individual Tax Returns for Automated Underreporter Review
Understanding how IRS identifies and selects Individual Tax Returns for Automated Underreporter Review was published by JD Supra on 1/8/19. The IRS Automated Underreporter Matching Process matches Tax Returns against Information Returns. IRS states that there were approximately 150 million individual tax returns filed in 2017 and about 25 million of them (17%) had a “mismatch”; […]
Should Business Owners rely on Whistleblowers or Forensic Accountants?
Should Business Owners rely on Whistleblowers or Forensic Accountants? was published by JD Supra on 12/21/18. According to a recent Foreign Corrupt Practices Act (FCPA) Blog entry (11/28/18), over 40% of internal frauds are discovered by whistleblowers and statistics show that 74% of whistleblowers are terminated. The National Center for Whistleblowers states that: “Whistleblowers are […]
Offshore Accounts Today Equal Transparency
Offshore Accounts Today Equal Transparency was published by JD Supra on 12/18/18. The days of avoiding taxes through hiding money or assets in unreported offshore accounts are gone. Nonetheless, there are still taxpayers with undeclared offshore accounts, as well as the banks and bankers that are suspected of helping clients hide their reportable assets overseas. […]
IRS can start asking questions about Campaign Issues. Have your Audit Plan Ready!
IRS can start asking questions about Campaign Issues. Have your Audit Plan Ready! was published by JD Supra on 12/14/18. On January 31, 2017, the IRS Large Business and International Division (LBI) announced a compliance campaign strategy to redefine large business compliance work and build a supportive infrastructure inside the LBI. The campaigns require strategic planning […]
What is Tax Evasion?
What is Tax Evasion? was published by JD Supra on 12/7/18. The IRS TAX CRIMES HANDBOOK states that there are two kinds of tax evasion: (a) the willful attempt to evade or defeat the ASSESSMENT of a tax, and (b) the willful attempt to evade or defeat the PAYMENT of a tax. Meaning, if a […]
How to determine an Individual’s Residency for Tax Treaty Purposes?
How to determine an Individual’s Residency for Tax Treaty Purposes? was published by JD Supra on 12/7/18. The guidelines for determining an Individual’s tax residency are as follows: An Individual Taxpayer is a resident based on the laws of one treaty-partner country and is considered to be a resident of that country for treaty purposes. […]
What is Reasonable Cause for the IRS?
What is Reasonable Cause for the IRS? was published by JD Supra on 12/7/18. In the US, Taxpayers “self-assess and voluntarily” pay taxes. The IRS position is that Voluntary Compliance occurs when a Taxpayer makes a “good faith” effort to meet the Taxpayer’s tax obligations as defined in the Internal Revenue Code. IRS encourages Taxpayer Voluntary […]
Understanding Estate and Gift Taxes
Understanding Estate and Gift Taxes was published by JD Supra on 11/21/18. Although only .2% of US Taxpayers actually pay Estate Taxes (Congress’s Joint Committee on Taxation), it is important to understand how Estate Tax works in conjunction with gifting. Taxpayers work hard to create wealth. Its transfer is an important concept. What is the Federal […]
Foreign Trusts and the IRS
Foreign Trusts and the IRS was published by JD Supra on 11/21/18. A Foreign Trust can be a legitimate instrument for US Taxpayers that may have family members in foreign jurisdictions, have foreign business interests or are the beneficiaries of trusts created in other countries. Trusts are vehicles that can assist in the preservation of wealth […]
¡Los Estados Unidos y Costa Rica tienen un Nuevo Acuerdo de Intercambio de Información Fiscal!
¡Los Estados Unidos y Costa Rica tienen un Nuevo Acuerdo de Intercambio de Información Fiscal! was published by JD Supra on 11/14/18. El 20 de abril del 2018, los Gobiernos de Costa Rica y los Estados Unidos firmaron una nueva versión de su ACUERDO ENTRE EL GOBIERNO DE LOS ESTADOS UNIDOS DE AMÉRICA Y EL GOBIERNO […]
