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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Avoid this while filing your taxes

April 2018

To avoid possible scrutiny or oversight by the IRS, Accuracy is a key factor when filing Tax Returns.  Taxpayers want to make sure that their returns are processed correctly by the IRS.  Common tax filing errors such as a missing Social Security

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Virtual Currency Investors have a lot of responsibilities!

April 2018

For U.S. Federal Income Tax purposes, Virtual Currency (VC) is treated as property.  As a result, a VC investor ought to keep a very close watch on potential net short term capital gains (realized gain if VC is held one

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IRS Dirty Dozen 2018 = IRS Dirty Dozen 2017

April 2018

  • Miami Herald Business Monday - South Florida Legal Guide Supplement

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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Common Reporting Standard (CRS) Reporting Avoidance Game Is Over

April 2018

The Common Reporting Standard (CRS) is a reality for over one hundred Jurisdictions during 2018.  The Organization for Economic Co-operation and Development (OECD) has stated that there are potential and perceived loopholes in the Common Reporting Standard (CRS) that https://www.jdsupra.com/legalnews/common-reporting-standard-crs-reporting-75909/

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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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FATCA: “COPA” and “PERIODIC CERTIFICATIONS” due by July 1, 2018, will have, in effect, a 3 Month Extension. BUT, will you be READY?

April 2018

On March 19, 2018, IRS released “Draft FATCA Certification Questions” (https://www.irs.gov/businesses/corporations/draft-fatca-certifications)  to be completed by the Responsible Officer (RO) of a Participating Foreign Financial Institution (FFI) or Reporting Model 2 FFI.    The FATCA certifications are known as COPA (for certification of an Entity’s preexisting

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Los Contribuyentes con Cuentas Extranjeras No Divulgadas deben ACTUAR AHORA. El Programa de Divulgación Voluntaria de Cuentas en el Extranjero se ACABA en Septiembre del 2018

March 2018

El 13 de marzo del 2018, el  IRS anunció la terminación del Programa de Divulgación Voluntaria De Cuentas en el Extranjero (“OVDP”) desde el 28 de septiembre del 2018 (Notificación IR-2018-52).  El OVDP ha estado disponible para los Contribuyentes que intencionalmente no

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20% Tax Deduction for Pass-Through Entities?

March 2018

IRS defines Pass-Through entities as: “an entity that passes its income, loss, deductions, or credits to its owners. The owners may be partners, shareholders, beneficiaries, or investors. It usually does not have an entity level income tax liability”.  In the

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Understanding the “GILTI” of the Tax Reform

March 2018

The Tax Cuts and Jobs Act (TCJA) introduced several complex, hard to understand international tax provisions to the Internal Revenue Code.  One of them is the tax on Global Intangible Low-Taxed Income (GILTI).  Beginning with January 2018, a U.S. shareholder

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IRS Virtual Currency Amnesty? Not so Fast!

March 22, 2018

  • Daily Business Review