IRS Continues to Cross-Reference Foreign Financial Accounts and Assets

April 2019

IRS holds information that is sourced from the FATCA reports submitted by Foreign Financial Institutions (FFI) https://www.jdsupra.com/legalnews/irs-continues-to-cross-reference-19894/

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FinCEN makes Permanent Decision on Renewals and Rollovers. Financial Institutions still need to document information if they become aware of a change in Beneficial Ownership

March 2019

The Financial Crimes Enforcement Network (FinCEN) provided the banking industry certain “permanent” relief from collecting beneficial ownership information regarding certain accounts (Covered Products) that automatically “renew and rollover” https://www.jdsupra.com/legalnews/fincen-makes-permanent-decision-on-13302/

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Financial Institutions and Golden Passports

February 2019

On October 16, 2018, the Organization for Economic Cooperation and Development (OECD) issued guidance to Financial Institutions (FIs) regarding what is known as “Golden Passports”. https://www.jdsupra.com/legalnews/financial-institutions-and-golden-70969/

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Can the IRS release Taxpayer information to a third party?

February 2019

Tax Return information is protected from disclosure by the IRS to other parties by the IRC Section 6103 https://www.jdsupra.com/legalnews/can-the-irs-release-taxpayer-13133/

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Streamlined Filing Program for U.S. Taxpayers Residing Outside of the U.S. continues to be available but can be Discontinued at any time!

February 2019

After the closing of the Offshore Voluntary Disclosure Program (OVDP) – which ended on September 28, 2018, the US Department of Treasury released a https://www.jdsupra.com/legalnews/streamlined-filing-program-for-u-s-19184/

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Disclosing Voluntarily to the IRS to potentially avoid Criminal Prosecution is still an Option for Taxpayers, but with some changes going forward……

February 2019

On September 28, 2018, the IRS closed the Offshore Voluntary Disclosure Program (2014 OVDP).  The 2014 OVDP (and prior 2011 and 2009 programs) had the purpose of https://www.jdsupra.com/legalnews/disclosing-voluntarily-to-the-irs-to-19065/

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Actualización de noticias sobre impuestos para los Contribuyentes Estadounidenses que viven en el Extranjero

February 2019

La capacidad del IRS para negar o revocar los Pasaportes de los Contribuyentes con “deuda tributaria gravemente morosa mayor de https://www.jdsupra.com/legalnews/actualizacion-de-noticias-sobre-28308/

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Tax News Update for U.S. Taxpayers living Abroad

February 2019

The IRS ability to deny or revoke the Passports of Taxpayers with “seriously delinquent tax debt greater than $50,000” is a distressing problem https://www.jdsupra.com/legalnews/tax-news-update-for-u-s-taxpayers-97716/ 

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What is new in a “nutshell” for FORM 1040 for TAX YEAR 2018

January 2019

For Tax Year 2018, Taxpayers will use the new and re-designed Form 1040    https://www.jdsupra.com/legalnews/what-is-new-in-a-nutshell-for-form-1040-50654/

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Four LATAM Countries will work as a TEAM to TACKLE TAX EVASION, Corruption and Other Financial Crimes

January 2019

The Global Forum and the Organization for Economic Cooperation and Development (OECD) oversee the internationally agreed standards of   https://www.jdsupra.com/legalnews/four-latam-countries-will-work-as-a-52526/

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Tenga Cuidado con la Campaña de Precisión de Presentación de FATCA del IRS

January 2019

El 30 de octubre del 2018, la división Internacional y de Grandes Empresas del IRS (“LBI”) anunció la aprobación de una campaña de  https://www.jdsupra.com/legalnews/tenga-cuidado-con-la-campana-de-18487/

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Beware of the IRS FATCA Filing Accuracy Campaign

January 2019

On October 30, 2018, the IRS Large Business and International division (LBI) announced the approval of a compliance campaign regarding  https://www.jdsupra.com/legalnews/beware-of-the-irs-fatca-filing-accuracy-37083/

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