Could your Organization be holding Virtual Currency that is “blockable” pursuant to OFAC’s regulations?
OFAC (Office of Foreign Asset Control) compliance applies to all US persons; including, all US citizens and permanent resident aliens regardless of their location, all persons and entities within the US, all US incorporated entities and their foreign branches, all organizations subject to US jurisdiction, foreign entities that conduct business in or with the US […]
If you Exchange Virtual Currency, you are a Money Transmitter and must comply with the Bank Secrecy Act (BSA)
If you Exchange Virtual Currency, you are a Money Transmitter and must comply with the Bank Secrecy Act (BSA) article was published by JD Supra on 7/23/19. FinCEN defines a Money Service Business (MSB) as any person DOING BUSINESS, whether or not on a regular basis or as an organized business concern, in one or […]
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) […]
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. […]
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 […]
Residential Real Property Purchased with Virtual Currency must be Reported
Residential Real Property Purchased with Virtual Currency must be Reported was published by JD Supra on 3/26/19. On November 15, 2018, the Financial Crimes Enforcement Network (FinCEN) announced the issuance of a “Revised” Geographic Targeting Order (GTO) that requires U.S. title insurance companies (Covered Business) to identify the 25% Beneficial Owners behind “Shell” companies (legal […]
Comentarios del Director de FinCEN sobre las Deficiencias en el Cumplimiento de la Moneda Virtual
Comentarios del Director de FinCEN sobre las Deficiencias en el Cumplimiento de la Moneda Virtual was published by JD Supra on 12/7/18. El 8 de agosto de 2018, el Director de FinCEN, Kenneth A. Blanco, pronunció un discurso en la Conferencia Técnica (Legal) Chicago-Kent Block 2018. Los puntos más destacados de sus comentarios incluyen: La […]
Government Agencies are spending money to track down Virtual Currency
Government Agencies are spending money to track down Virtual Currency was published by JD Supra on 11/27/18. Government agencies apparently believe that expertise from blockchain analytic firms is required to assist with investigating illicit activities such as tax evasion, money laundering, terrorist financing, and drug markets. According to a Report released by Diar – a company that analyzes […]
2018 is almost over and still no guidance from IRS on the treatment of Virtual Currency
2018 is almost over and still no guidance from IRS on the treatment of Virtual Currency was published by JD Supra on 11/21/18. On September 19, 2018, the House Ways and Means Committee wrote a letter to the IRS urging the IRS to “issue updated guidance, providing additional clarity for Taxpayers seeking to better understand and […]
Los titulares de Moneda Virtual (MV) NECESITAN MANTENER REGISTROS
Los titulares de Moneda Virtual (MV) NECESITAN MANTENER REGISTROS was published by JD Supra on 11/14/18. La Sección 6001 del Código de Rentas Internas requiere que los Contribuyentes mantengan libros y registros adecuados. Mantener libros adecuados y buenos registros de la MV ayudará al Contribuyente a: Monitorear el progreso en su inversión de la MV […]
Virtual Currency (VC) Holders NEED to KEEP RECORDS
Virtual Currency (VC) Holders NEED to KEEP RECORDS was published by JD Supra on 11/14/18. Internal Revenue Code Section 6001 requires Taxpayers to maintain adequate books and records. Keeping adequate VC books and good records will assist a Taxpayer to: Monitor the progress of a VC investment ⦁ Prepare financial statements ⦁ Identify profits […]
¿Vale la pena el riesgo de la Moneda Virtual?
¿Vale la pena el riesgo de la Moneda Virtual? was published by JD Supra on 11/6/18. Hemos leído que la Moneda Virtual (MV) es un “activo especulativo” que, en determinadas circunstancias, puede utilizarse para pagar bienes o servicios o ser retenido para inversiones; y que su intercambio o uso de intercambio de venta tiene consecuencias fiscales […]
