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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When Bank Account Activity is not Consistent with the Customer’s Business

July 2018

According to the Bank Secrecy Act (BSA), the Financial Crimes Enforcement Network (FinCEN) states that the main focus for Financial Institution ought to be on the reporting of suspicious activities.   https://www.jdsupra.com/legalnews/when-bank-account-activity-is-not-90801/

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¿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

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Should Law Firms accept Virtual Currency? Only if they immediately convert to USD!

July 2018

Law Firms, like other businesses, want to be able to offer more services to more clients expanding; the scope of their reach.  This might entail entering the world of Virtual Currency (VC) and accepting payments such as Bitcoin.  The use

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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

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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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Who will have the last word with Virtual Currency? IRS, FinCEN, SEC, OFAC or the CFTC?

May 2018

Virtual Currency (VC) investors are currently investing without clarity regarding which Government Agency(s) has the final word with respect to the treatment of VC.   US Agencies: IRS, FinCEN, SEC and CFTC – have expressed differing views about VC.  Different interpretations from the main US Regulating Agencies

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Here is what you need to know about the FinCEN’s Final CDD Rule effective May 11, 2018

April 2018

Covered Financial Institutions (CFI) have until May 11, 2018 to implement and comply with the Financial Crimes Enforcement Network (FinCEN) Final Customer Due Diligence Rule (the CDD Rule).   The CDD Rule imposes a new requirement for CFIs to identify and

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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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Taxpayers may have to pay Section 965 Transition Tax when filing their 2017 Tax Returns

April 2018

Section 965 of the Internal Revenue Code requires certain U.S. Shareholders to pay a transition tax on the untaxed foreign earnings of certain Specified Foreign Corporations as if those earnings had been repatriated to the United States.  Section 965 may give rise to a 2017 tax liability

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May I continue excluding income earned in a Foreign country after 2017?

April 2018

For most Expatriates, very little changes under the Tax Cut and Jobs Act (TCJA) because “foreign earned income” continues to be treated the same way for Individual Taxpayers under the TCJA.   For others, provisions of the TCJA will affect Expatriates

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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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