FATCA certifications due December 15 and it is best to certify
FATCA certifications due December 15 and it is best to certify was published by JD Supra on 10/2/18. A FATCA certification consists of answers to one or more series of questions that the Responsible Officers (RO) of certain entities must answer and submit to the IRS to confirm the entities’ compliance with the requirements of […]
Cybercriminals are after Tax Professionals and Taxpayer Data
Cybercriminals are after Tax Professionals and Taxpayer Data was published by JD Supra on 9/28/18. Cybercriminals are attracted to Tax Professionals’ databases because they can access Taxpayer data and use compromised IP addresses and computers of the Tax Professionals to file a tax return with IRS. Cyber thieves use stolen Taxpayer data to create fraudulent […]
Why am I being audited by the IRS?
Why am I being audited by the IRS? was published by JD Supra on 9/28/18. An IRS Audit is designed to be an impartial review to assess tax return filing accuracy. IRS selects returns for audit to determine the reporting accuracy of income, expenses, and/or refundable credits. Gathering and organizing information is essential to a […]
Is calculating the 20 percent deduction for pass-through businesses simple?
Is calculating the 20 percent deduction for pass-through businesses simple? was published by JD Supra on 9/25/18. Section 199A of the Internal Revenue Code provides Individual Taxpayers a deduction for the Qualified Business Income (QBI) of a qualified trade or business operated directly or through a pass-through entity. The types of entities and professionals that qualify […]
Let’s Understand Filing FBARs
Let’s Understand Filing FBARs was published by JD Supra on 9/25/18. The jurors in the Paul Manafort case had questions regarding the complex Foreign Bank Account Reports (FBARs) regulations. This was evidenced by the jury’s questions to the judge addressing the responsibility to file an FBAR if a person owns less than 50 percent of the […]
An IRS Summons Is a Powerful Tool That Can Even Reach Law Firms’ Escrow Accounts
An IRS Summons Is a Powerful Tool That Can Even Reach Law Firms’ Escrow Accounts was published by the Daily Business Review on 8/31/18.
FATCA Is Being Enforced Despite Hiccups And TIGTA Report!
FATCA Is Being Enforced Despite Hiccups And TIGTA Report! was published by JD Supra on 8/28/18. On July 5, 2018, the Treasury Inspector General for Tax Administration (TIGTA) issued a report https://www.treasury.gov/tigta/auditreports/2018reports/201830040fr.pdf titled: “Despite Spending Nearly $380 Million, the Internal Revenue Service Is Still Not Prepared to Enforce Compliance With the Foreign Account Tax Compliance Act”. The […]
The “J5” is on to Cryptocurrencies
The “J5” is on to Cryptocurrencies was published by JD supra on 8/28/18. The Organisation for Economic Co-operation and Development (OECD) issued a “call to action” for countries to do more to tackle enablers of tax crimes. The result of this “call to action” was the establishment of an operational alliance known as the “Joint […]
Did you know that GTO’s have a $300,000 Threshold?
Did you know that GTO’s have a $300,000 Threshold? was published by JD Supra on 8/22/18. A GTO is a Geographic Targeting Order issued by the Financial Crimes Enforcement Network (FinCEN) under the Bank secrecy Act (BSA) for a specific geographic area. FinCEN has issued GTOs requiring certain U.S. title insurance companies to record and […]
Gatekeepers are under a lot of Stress!
Gatekeepers are under a lot of Stress! was published by JD Supra on 8/22/18. The FATF is an independent inter-governmental entity that develops policies for protection of our global financial system from money laundering (AML), terrorist financing and financing of weapons of mass destruction. Its Recommendations (a total of 40) are considered to be a […]
What is a Virtual Currency Taxable event?
What is a Virtual Currency Taxable event? was published by JD Supra on 8/22/18. There continues to be limited Virtual Currency (VC) guidance from the US Treasury and the IRS and VC investors ought to proceed cautiously. IRS continues to make reference to Notice 2014-21 to remind Taxpayers that VC currency is treated as property […]
El Sistema De Registro FATCA Está Funcionando. ¿Estás Listo?
El Sistema De Registro FATCA Está Funcionando. ¿Estás Listo? was published by JD Supra on 8/14/18. El 31 de Julio del 2018, el IRS publicó una Notificación (2018-9) para informar que la Certificación de Cuentas Preexistentes (COPA) y el Proceso de Certificación Periódica (relacionada con el cumplimiento de una Entidad con varios requisitos FATCA) ahora […]