El IRS está pendiente al Cripto

July 2018

El Jefe de Investigación Criminal del IRS, Don Fort, declaró recientemente: “Es posible utilizar Bitcoin y otras Criptomonedas de la misma manera que las cuentas bancarias extranjeras para facilitar la evasión de impuestos”.   https://www.jdsupra.com/legalnews/el-irs-esta-pendiente-al-cripto-98046/  

  • JD Supra

¿Quién monitorea los “wallets” de las Monedas Virtuales?

July 2018

Los inversionistas de la Moneda Virtual (MV) utilizan los servicios de plataformas en línea “seguros”  para comprar, vender, transferir y almacenar la MV.  Los proveedores de estos servicios se conocen como “wallets, billeteras o monederos web u on-line” y también

  • JD Supra

Did you know that IRS is running 35 Campaigns?

July 2018

In January 2017, the IRS Large Business and International Division initially announced the launch of a “compliance campaign process” in which IRS identifies compliance issues that present risk and require a response in the form of one or multiple treatment

  • JD Supra

Swapping Virtual Currencies will trigger tax obligations under the Tax Cuts and Jobs Act

July 2018

There are investors that have an interest in “exchanging or swapping” Virtual Currency (VC).  Prior to the passage of the Tax Cut and Jobs Act (TCJA), VC investors could take the position that if they “exchanged or swapped” one VC

  • JD Supra

Taxpayers ought to wait for IRS guidance before strategizing their SALT

June 2018

On May 23, 2018, IRS released Notice 2018-54 to inform Taxpayers that IRS, in the near future,  will be releasing  proposed regulations, to assist Taxpayers with understanding the relationship between federal charitable contribution deductions and the new statutory limitation on

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More on Transition Tax. Including extension and waiver

June 2018

On 6/4/18, IRS added 3 additional questions to the existing 14 Questions in its:  “Questions and Answers about Reporting Related to Section 965 on 2017 Tax Returns”  https://www.jdsupra.com/legalnews/more-on-transition-tax-including-55713/

  • JD Supra

Are You Confused with Virtual Currency?

June 2018

The ins and outs of virtual currency (VC) continue to challenge those who received VC for services rendered, accepted it for goods sold, bought it for investment less than a year ago, bought it for investment more than a year

  • JD Supra

Not Mea Culpa

June 2018

There are times when Taxpayers will attempt to use the “it is not my fault” argument as a defense relating to IRS penalties. Taxpayers might argue that they relied on guidance from a tax professional or from a tax software

  • JD Supra

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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Thoughts about the New Filing Requirements for Foreign-Owned U.S. entities?

June 2018

Foreign Persons that own 25% of a US entity might want to reassess their strategy as it relates to that ownership.  It “used to be” (until December, 2016) that a Foreign Person as a single owner of a Limited Liability

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Did you know that Casinos are Financial Institutions?

June 2018

Since 1985, Casinos that have Gross Annual Gaming Revenues in excess of $1,000,000 are considered to be Financial Institutions and are subject to the requirements of the Bank Secrecy Act (BSA).  This means that Casinos have to:   https://www.jdsupra.com/legalnews/did-you-know-that-casinos-are-financial-42736/

  • JD Supra

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/

  • JD Supra