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?
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
- JD Supra
Avoid this while filing your taxes
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
- JD Supra
Virtual Currency Investors have a lot of responsibilities!
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
- JD Supra
IRS Dirty Dozen 2018 = IRS Dirty Dozen 2017
- Miami Herald Business Monday - South Florida Legal Guide Supplement
May I continue excluding income earned in a Foreign country after 2017?
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
- JD Supra
Common Reporting Standard (CRS) Reporting Avoidance Game Is Over
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/
- JD Supra
FATCA: “COPA” y “CERTIFICACIONES PERIÓDICAS” que vencen el 1 de Julio de 2018 tendrán en efecto, una extensión de 3 meses. PERO, ¿estarás LISTO?
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”
- JD Supra
FATCA: “COPA” and “PERIODIC CERTIFICATIONS” due by July 1, 2018, will have, in effect, a 3 Month Extension. BUT, will you be READY?
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
- JD Supra
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
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
- JD Supra
20% Tax Deduction for Pass-Through Entities?
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
- JD Supra
Understanding the “GILTI” of the Tax Reform
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
- JD Supra
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Latest Articles
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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?
Blog | April 2018On April 9, 2018, IRS released Notice
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Virtual Currency Investors have a lot of responsibilities!
Blog | April 2018For U.S. Federal Income Tax purposes, Virtual
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IRS Dirty Dozen 2018 = IRS Dirty Dozen 2017
Blog | April 2018 -
Taxpayers may have to pay Section 965 Transition Tax when filing their 2017 Tax Returns
Blog | April 2018Section 965 of the Internal Revenue Code