New GTO covers Wire Transfers

October 2017

On August 22, 2017, FinCEN (Financial Crimes Enforcement Network) published a new Advisory regarding Geographic Targeting Orders (GTOs) covering residential real estate transactions in certain counties or boroughs of New York, Florida, California, Texas and Hawaii (newly added in this GTO).   The

  • JD Supra

Greedy Charitable Deductions May Cost You

October 2017

Taxpayers are not required to pay a negligence penalty for underpayment of income taxes if, under Internal Revenue Code regulations, there is reasonable cause for a position that the Taxpayer takes in an income tax return. http://www.jdsupra.com/legalnews/greedy-charitable-deductions-may-cost-24327/

  • JD Supra

Watch out if you are an Expatriate US Passport Holder with Tax Debt and receive Notice CP-508C!

September 2017

According to the US Department of State, there are approximately nine (9) Million US passport holders living overseas.  There continues to be a misimpression by certain US Taxpayers living overseas that they are not required to file US income tax

  • JD Supra

Bolivia en la Vanguardia del Cumplimiento

10/4/17

Please join us on Wednesday, October 4th at FIBA (Free Webinar) from 12:00 PM to 1:00 PM for a conversation with Dr. Alejandro Taboada – Executive Director  of UIF Bolivia.  r   Register here:  https://goo.gl/2RiaY2  

  • FIBA

Out of Compliance Taxpayers: Beware of new IRS-Programs!

September 2017

The IRS-Criminal Investigation Unit (IRS-CI) is the Criminal Law Enforcement Arm of the IRS.  Its conviction rate of over 90% is one of the highest in federal law enforcement.  Those convicted pay taxes, penalties and interest with the Courts imposing

  • JD Supra

The OECD is focused on maintaining the integrity of the CRS

September 2017

As of August 2017, 102 international Jurisdictions are committed to the implementation timelines of the Common Reporting Standard (CRS).  There are 49 Jurisdictions that are committed to the first exchange during 2017 and 53 Jurisdictions for 2018.       https://www.jdsupra.com/legalnews/the-oecd-is-focused-on-maintaining-the-44072/  

  • JD Supra

Taxpayer, Was Your Conduct Non-willful?

September 25, 2017

  • South Florida Legal Guide Supplement for the Miami Herald - Business Monday

Does investing in a PFIC make sense given FATCA reporting?

September 2017

Since FATCA’s implementation in 2010, investing in a Passive Foreign Investment Company (PFIC) is a questionable decision.  PFICs are reportable investments and their tax regime is punitive.  Under FATCA, US Taxpayers’ undisclosed foreign financial holdings are available to IRS through

  • JD Supra

Mayweather vs. McGregor – is it about the FIGHT or is it about the TAXES? Or the Passport?

August 2017

Much has been published concerning Floyd Mayweather’s Federal Tax Liens in the amount of $22.2 Million and an unpaid 2010 IRS debt of $7.2 Million. The Jasminebrand.com released on 7/21/17 that a $3.3 million federal lien has been released by

  • JD Supra

FATCA, FCPA, AML and OFAC allow the US to regulate the world. But what does it really mean?

August 2017

In the current environment of increased regulation, transparency, reporting and heightened compliance standards, the US and its Government Agencies have an arsenal of tools with extraterritorial application https://www.jdsupra.com/legalnews/fatca-fcpa-aml-and-ofac-allow-the-us-to-22658/  

  • JD Supra

Will Optional GIIN Reporting on Form 8938 continue to be Optional? Or is it the beginning of a new IRS Cross-Reference?

August 2017

IRS Form 8938 (a FATCA created form) is the Statement of Specified Foreign Financial Assets in which Taxpayers are required to report their specified foreign financial assets when their value meets the obligatory reporting threshold. It has been a required

  • Wealth Strategies Journal