El Sistema De Registro FATCA Está Funcionando. ¿Estás Listo?

August 2018

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 están

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FATCA Registration System Is Up And Running. Are You Ready?

August 2018

On 7/31/18, IRS released notification (2018-9) to inform that the Certification of Pre-Existing Accounts (COPA) and Periodic Certification Process (relates to an Entity’s compliance with various FATCA requirements) are now available in the FATCA Registration System. The Updates to the

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US Passports: Taxpayers Should Act Before IRS Notifies The State Department

August 2018

US Taxpayers that come forward to the IRS to arrange payment of their seriously delinquent tax debt before the IRS notifies the US Department of state stand to achieve a better outcome regarding the potential revocation or denial of US

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Official Hope for the De-Risked?

July 2018

Deficiencies in Anti-Money Laundering (AML) frameworks and policies have triggered a significant number of Financial Institutions (FIs) to de-risk.   The FIs that de-risk as a solution to AML deficiencies are exiting client relationships and removing or restricting banking products from

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If my Virtual Currency is walking around with me, is it reportable?

June 2018

Virtual Currency (VC) storage comes in the form of a “wallet” with private digital keys. The “wallets” can be domiciled in VC exchanges that operate in the US or foreign jurisdictions.  VC exchanges domiciled in foreign jurisdictions that operate similarly

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I didn’t know that I was American

June 2018

There are Individuals out there that are US Citizens (“Americans”) and they are not aware of it.  Under US Tax Law, these individuals have US tax reporting responsibilities and tax obligations.  These Individuals are known as “Accidental Americans”.   https://www.jdsupra.com/legalnews/i-didn-t-know-that-i-was-american-12567/

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“File before the IRS discovers that you failed to choose the Exclusion”: words of wisdom to US Taxpayers Living Abroad

June 2018

If you are a US citizen or a Permanente Resident and you live abroad, you are taxed on your worldwide income and you are considered a US Taxpayer.   US citizens and Permanent Residents that live abroad may qualify to exclude from

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FATCA is still Standing!

May 2018

Tax Reform came and went and FATCA is still standing.  While U.S. Corporations are now moving to a Territorial tax system, Individual U.S. Taxpayers living abroad ARE STILL REQUIRED to REPORT their worldwide income. Prior to the passage of The

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At any time during 2017, did you have a financial interest in or signature authority over a financial account (such as a bank account, securities account, or brokerage account) located in a foreign country?

April 2018

On April 9, 2018, IRS released Notice (IR-2018-87) to remind Taxpayers that hold foreign assets of their U.S. tax obligations which could include a filing requirement and a U.S. tax liability. This Notice applies to all U.S. citizens and Resident

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Common Reporting Standard (CRS) Reporting Avoidance Game Is Over

April 2018

The Common Reporting Standard (CRS) is a reality for over one hundred Jurisdictions during 2018.  The Organization for Economic Co-operation and Development (OECD) has stated that there are potential and perceived loopholes in the Common Reporting Standard (CRS) that https://www.jdsupra.com/legalnews/common-reporting-standard-crs-reporting-75909/

  • JD Supra

FATCA: “COPA” y “CERTIFICACIONES PERIÓDICAS” que vencen el 1 de Julio de 2018 tendrán en efecto, una extensión de 3 meses. PERO, ¿estarás LISTO?

Abril 2018

El 19 de marzo de 2018, el IRS publicó el “Borrador de Preguntas de Certificación FATCA” (https://www.irs.gov/businesses/corporations/draft-fatca-certifications)  para ser completado por el Oficial Responsable (“RO”) de una  Institución Financiera Extranjera  (“FFI”) Participante,  o una FFI Modelo 2 Reportante.  Las certificaciones FATCA se conocen como “COPA”

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FATCA: “COPA” and “PERIODIC CERTIFICATIONS” due by July 1, 2018, will have, in effect, a 3 Month Extension. BUT, will you be READY?

April 2018

On March 19, 2018, IRS released “Draft FATCA Certification Questions” (https://www.irs.gov/businesses/corporations/draft-fatca-certifications)  to be completed by the Responsible Officer (RO) of a Participating Foreign Financial Institution (FFI) or Reporting Model 2 FFI.    The FATCA certifications are known as COPA (for certification of an Entity’s preexisting

  • JD Supra