tax gap Brecha Fiscal

El IRS está en una Misión de Reducir la Brecha Fiscal

May 2021

La diferencia entre el monto del impuesto adeudado por los Contribuyentes para un año determinado y el monto que realmente se paga oportunamente para ese mismo año se conoce como “Brecha Fiscal Bruta” (“Tax Gap”). El IRS considera este número

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bank secrecy act

Las Agencias Solicitan Información para Ayudar con el Cumplimiento de las Leyes y Regulaciones del BSA

May 2021

El 9 de abril de 2021, las agencias reguladoras bancarias federales (la Reserva Federal, “FDIC” y “OCC”) junto con FinCEN y la Administración Nacional de Cooperativas de Crédito emitieron una declaración conjunta que aborda cómo los principios de gestión de

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tax gap Brecha Fiscal

IRS Global High Wealth Group is a Tool to Reduce the Tax Gap

May 2021

In its April 28, 2021 Press Release (the “Release”) “Investing in the IRS and Improving Tax Compliance”, the US Department of the Treasury addresses available enforcement activities relating to reducing the U.S. Tax Gap;   estimated to reach approximately $7 Trillion

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shutterstock high income

High-Income Individuals and Corporate Tax Returns are Targets of IRS Additional Funding Program

May 2021

The 2022 discretionary funding request (request) made by the Biden Administration will invest in a “fair and robust” tax system that includes tax compliance enforcement directed at High Income and High Net  Worth Individuals and Corporations. The funding program request

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irs

IRS Examination Functions Have Shifted

May 2021

The commentary in A Closer Look: Impacting the Tax Gap by IRS Commissioner Chuck Rettig discusses how the IRS has shifted its examination focus to tax returns that include high income taxpayers,  pass-through entities, multinational taxpayers involving international tax issues,

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tax gap Brecha Fiscal

IRS is on a Mission is to Reduce the Tax Gap

May 2021

The difference between the amount of tax owed by Taxpayers for a given year and the amount that is actually paid timely for that same year is known as the “Gross Tax Gap”. The IRS looks at this number as

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bank secrecy act

Agencies Request Information to Assist with BSA/AML Laws and Regulations Compliance

May 2021

On April 9, 2021, the federal banking regulatory agencies (the Federal Reserve, FDIC and OCC) together with FinCEN and the National Credit Union Administration issued a joint statement addressing how risk management principles described in the Supervisory Guidance on Model

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financial planning

Many Taxpayers Realize That This is the Right Time to Think About Financial Planning

May 2021

Professional service providers including CPAs, Attorneys, Life Insurance Agents, Bankers, Brokers, Investment Advisors and Certified Financial Planners often are viewed a Taxpayer’s financial planning “trusted advisors”.  Effective Financial Planning ought to embrace all the “financial” aspects of an Individual’s life

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Virtual Currency Industry

Did you Engage in Virtual Currency Transactions in 2020?

May 2021

Taxpayers who engaged virtual currency   transactions in 2020 must answer a Yes or No Question on page 1 of Form 1040 or Form 1040-SR. The question is: “At any time during 2020, did you receive, sell, send, exchange or otherwise

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Crypto currency and the IRS

Operation Hidden Treasure is NOT a Treasure for Crypto Holders

May 2021

On March 6, 2021, Forbes reported that Damon Rowe, Director, Fraud Enforcement Office, Internal Revenue Service, Washington, DC, remarked that the IRS “added some crown jewels,” including a dedicated team of IRS Criminal Investigation professionals who are working on “Operation

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federal reserve

The Federal Reserve expects the Board of Directors of Financial Institutions to be Effective

April 2021

On February 26, 2021, the Federal Reserve issued Supervisory Guidance (SG) for the Board of Directors (BOD) of Domestic Bank and Savings and Loan Holding Companies requiring effective BOD oversight.   The Guidance maintains that the BOD serves a critical

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FinCen BOI BOI de FinCEN

FinCEN is seeking Feedback on the Corporate Transparency Act (CTA)

April 2021

The CTA is a recent reporting requirement that is expected to enhance U.S. national security through increasing the difficulty involved for harmful actors to exploit opaque legal structures for laundering money, financing terrorism, proliferating weapons of mass destruction, trafficking humans,

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