Taxpayers can be Embarrassed when IRS Contacts a Third-Party
Taxpayers can be Embarrassed when IRS Contacts a Third-Party was published by JD Supra on 6/18/19. Under Internal Revenue Code (IRC), Subtitle F – Income Taxes, Chapter 78 – Discovery of Liability and Enforcement of Title, Subchapter A – Examination and Inspection – Section 7602, the IRS has the authority to contact a Third-Party. IRC […]
Taxpayers that have VIRTUAL CURRENCY held in a Centralized Virtual Currency Exchange outside the U.S must file an FBAR and FORM 8938!
Taxpayers that have VIRTUAL CURRENCY held in a Centralized Virtual Currency Exchange outside the U.S must file an FBAR and FORM 8938! was published by JD Supra on 6/11/19. On May 30, 2018, the AICPA (American Institute of Certified Public Accountants) wrote a letter to the IRS to obtain further definition and clarity regarding Virtual Currency (VC) […]
Content Matters in a Suspicious Activity Report (SAR)
Content Matters in a Suspicious Activity Report (SAR) was published by JD Supra on 6/4/19. The Suspicious Activity Report (SAR) was created by five federal financial agencies and the Treasury Department’s Financial Crimes Enforcement Network (FinCEN). The purpose of the SAR is to report a suspicious transaction relevant to a possible violation of law or […]
Varsity Blues, the “Charity” and how a Forensic Accountant can be a Silver Bullet!
Varsity Blues, the “Charity” and how a Forensic Accountant can be a Silver Bullet! was published by JD Supra on 5/29/19. The forensic accounting skillset of FBI Special Agent, Mrs. Laura Smith, is receiving a lot of credit for her work in the largest college scandal in the U.S; the Varsity Blues Operation. In […]
Is your Passport at Risk?
Is your Passport at Risk? was published by JD Supra on 5/21/19. Certain US Taxpayers that have been identified by IRS with overdue tax bills maybe at risk of losing US passport privileges. IRS has been trying to encourage US Taxpayers that are seriously behind on their taxes to pay what they owe or enter […]
IRS: Offshore Financial Accounts will NOT go Unnoticed
IRS: Offshore Financial Accounts will NOT go Unnoticed was published by JD Supra on 5/14/19. On March 15, 2019, IRS reported that hiding money or assets in unreported offshore accounts remains on the Internal Revenue Service’s “Dirty Dozen” list of tax scams for 2019. IRS continues to remind US Taxpayers to report their worldwide income […]
El Nudo Corredizo se está Cerrando
El Nudo Corredizo se está Cerrando was published by JD Supra on 5/1/19. Ahora que el IRS lleva cuatro años intercambiando datos de FATCA en sus computadoras y se está embarcando en una Campaña de Exactitud de Presentación de FATCA, existe una urgencia especial para los Contribuyentes Estadounidenses fuera de cumplimiento que no existía anteriormente. […]
The Noose is Closing
The Noose is Closing was published by JD Supra on 5/1/19. Now that IRS has four years of FATCA exchanged data in its computers and is embarking on a FATCA Filing Accuracy Campaign, there is a special urgency for for noncompliant U.S. Taxpayers that did not previously exist. Since March 2010, the U.S. has crafted […]
The Financial Action Task Force and Virtual Assets
The Financial Action Task Force and Virtual Assets article was published by JD Supra on 4/30/19. The FATF (FATF) is an inter-governmental body with 38 members that sets standards and promotes the implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing and threats to the integrity of the international financial system. […]
Auditors are required to be “Independent” of their Audit Clients
Auditors are required to be “Independent” of their Audit Clients was published by JD Supra on 4/23/19. The Sarbanes-Oxley Act of 2002 (SOX) mandates that audit committees be directly responsible for the oversight of the engagement of the company’s independent auditor, and the Securities and Exchange Commission (SEC) rules are designed to ensure that auditors […]
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 […]
