Unexpected Tax Bill and you Cannot pay the full amount of Taxes you Owe?
Unexpected Tax Bill and you Cannot pay the full amount of Taxes you Owe? was published by JD Supra on 4/16/19. Many Taxpayers might be faced with an unexpected tax bill during the 2018 Tax season. Many Taxpayers did not alter their tax withholding in their paychecks to reflect the changes in the Tax Reform. […]
Tax Time and Virtual Currency
Tax Time and Virtual Currency was published by JD Supra on 4/9/19. Virtual Currency (VC) investors continue to have accounting challenges at tax time. They are seeking to better understand and comply with their U.S. tax regulatory obligations when using VC. That said, IRS has not issued any additional guidance that Taxpayers may rely upon […]
IRS Continues to Cross-Reference Foreign Financial Accounts and Assets
IRS Continues to Cross-Reference Foreign Financial Accounts and Assets was published by JD Supra on 4/2/19. IRS holds information that is sourced from the FATCA reports submitted by Foreign Financial Institutions (FFI) (on Form 8966 – FATCA Report) and by Individual US Taxpayers that have reporting obligations via Form 8938 (Statement of Specified Foreign Financial […]
Residential Real Property Purchased with Virtual Currency must be Reported
Residential Real Property Purchased with Virtual Currency must be Reported was published by JD Supra on 3/26/19. On November 15, 2018, the Financial Crimes Enforcement Network (FinCEN) announced the issuance of a “Revised” Geographic Targeting Order (GTO) that requires U.S. title insurance companies (Covered Business) to identify the 25% Beneficial Owners behind “Shell” companies (legal […]
IRS is on to Self-Employed Taxpayers
IRS is on to Self-Employed Taxpayers was published by JD Supra on 3/19/19. On February 14, 2019, the TREASURY INSPECTOR GENERAL FOR TAX ADMINISTRATION (TIGTA) released the Report “Expansion of the Gig Economy Warrants Focus on Improving Self-Employment Tax Compliance”. The report focuses on Taxpayers that are Self-Employed and participate in the Sharing Economy (Gig […]
FinCEN makes Permanent Decision on Renewals and Rollovers. Financial Institutions still need to document information if they become aware of a change in Beneficial Ownership
FinCEN makes Permanent Decision on Renewals and Rollovers. Financial Institutions still need to document information if they become aware of a change in Beneficial Ownership was published by JD Supra on 3/12/19. The Financial Crimes Enforcement Network (FinCEN) provided the banking industry certain “permanent” relief from collecting beneficial ownership information regarding certain accounts (Covered Products) […]
Are you at Risk for a Tax Time Surprise?
Are you at Risk for a Tax Time Surprise? was published by JD Supra on 3/5/19. There will be Taxpayers whose 2018 federal income tax withholding unexpectedly falls short of their tax liability for Tax Year 2018. IRS states that there are Taxpayers at most risk of having too little tax withheld, especially if these […]
Understanding How to Compute a U.S. shareholder’s GILTI inclusion
Understanding How to Compute a U.S. shareholder’s GILTI inclusion was published by JD Supra on 2/27/19. The Tax Cuts and Jobs Act added section 951A to the Internal Revenue Code. This new section requires a U.S. shareholder of a Controlled Foreign Corporation (CFC) to include in gross income the shareholder’s Global Intangible Low-Taxed Income (GILTI) […]
Prevent Fraud with a Perception for Detection
Prevent Fraud with a “Perception for Detection” was published by JD Supra on 2/27/19. There is a reality that fraud can occur at every level of a business. Every day businesses provide to their employees, peers and partners with internal resources, currency, checks, access to accounting systems, clients and other proprietary information. An increasing “perception […]
Streamlined Filing Program for U.S. Taxpayers Residing Outside of the U.S. continues to be available but can be Discontinued at any time!
Streamlined Filing Program for U.S. Taxpayers Residing Outside of the U.S. continues to be available but can be Discontinued at any time! was published by JD Supra on 2/27/19. After the closing of the Offshore Voluntary Disclosure Program (OVDP) – which ended on September 28, 2018, the US Department of Treasury released a Memorandum on […]
Disclosing Voluntarily to the IRS to potentially avoid Criminal Prosecution is still an Option for Taxpayers, but with some changes going forward……
Disclosing Voluntarily to the IRS to potentially avoid Criminal Prosecution is still an Option for Taxpayers, but with some changes going forward was published by JD Supra on 2/5/19. On September 28, 2018, the IRS closed the Offshore Voluntary Disclosure Program (2014 OVDP). The 2014 OVDP (and prior 2011 and 2009 programs) had the purpose […]
Actualización de noticias sobre impuestos para los Contribuyentes Estadounidenses que viven en el Extranjero
Actualización de noticias sobre impuestos para los Contribuyentes Estadounidenses que viven en el Extranjero was published by JD Supra on 2/5/19. Pasaporte La capacidad del IRS para negar o revocar los Pasaportes de los Contribuyentes con “deuda tributaria gravemente morosa mayor de $50,000” es un problema abrumante que actualmente enfrentan los Contribuyentes de los Estados […]
