OFAC Pone Los Servicios de Contabilidad a los Ciudadanos Rusos Fuera de los Límites
Los servicios de contabilidad, la formación de empresas y fideicomisos o los servicios de consultoría de gestión ahora están fuera del alcance de los ciudadanos rusos según el anuncio de la Oficina de Control de Activos Extranjeros (“OFAC”) del Departamento
- Foodman Website and JD Supra
OFAC puts Accounting Services to Russian Nationals Off-Limits
Accounting Services, Trust and Corporate Formation, or Management Consulting Services are now off limits to Russian Nationals as per the May 8, 2022 U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) announcement of a Determination pursuant to
- Foodman Website and JD Supra
La Venida de FATCA a los Activos Digitales
La Propuesta de Ingresos del Año Fiscal 2023 de la Administración de Biden incluye “Reglas de Modernización” para abordar los activos digitales que requerirán informes por parte de ciertos contribuyentes de cuentas de activos digitales extranjeros. El cumplimiento y la
- Foodman Website and JD Supra
Is your Crypto in a Personal Wallet or in an Exchange?
The answer to the question: “Is your Crypto in a Personal Wallet or in an Exchange?” matters as we have learned that cryptocurrency held in a Crypto Exchange is NOT the same as cryptocurrency held in a Personal Wallet in
- Foodman Website and JD Supra
El Proyecto de Ley “FATCA Recíproca” Cambiará las Reglas del Juego
Bajo el concepto de “FATCA recíproca”, las instituciones financieras y los corredores deben comenzar a prepararse para asumir mayores y más amplias responsabilidades de reportaje. Como partes interesadas de FATCA, las instituciones financieras y los corredores, tanto como los intercambios
- Foodman Website and JD Supra
Informe de TIGTA Arroja Luz Sobre el Futuro de la Ejecución de FATCA
El Informe de TIGTA (“Treasury Inspector General for Tax Administration”) del 7 de abril de 2022 detalla seis recomendaciones de acciones adicionales necesarias para abordar el cumplimiento de la falta de presentación y reportaje de informes bajo FATCA. El IRS
- Foodman Website and JD Supra
FATCA coming to Digital Assets
The Biden’s Administration’s Fiscal Year 2023 Revenue Proposal includes “Modernize Rules” to address Digital Assets that will require reporting by certain Taxpayers of Foreign Digital Asset Accounts. Tax compliance and enforcement with respect to digital assets has become a growing
- Foodman Website and JD Supra
IRS updates its Voluntary Disclosure Program, and it includes Crypto
The IRS wants to encourage Voluntary Disclosure participation and reduce Taxpayer uncertainty, but its current Voluntary Disclosure Program is not set up for success according to the 2021 National Taxpayer Advocate Annual Report, issued in January 2022. Shortly thereafter, in
- Foodman Website and JD Supra
Beware of FATCA Certifications Being Under OFAC Review
In a quiet news release delivered on 3/23/22, the IRS updated the FATCA FAQ’s (Q. 22) to inform FATCA Stakeholders that a registration status could be changed to under review with a message indicating “For more information contact the Treasury
- Foodman Website and JD Supra
“Reciprocal FATCA” Bill will be a Game Changer
Under the concept of “Reciprocal FATCA” financial institutions and brokers ought to start preparing to assume greater and expanded reporting responsibilities. As FATCA Stakeholders, financial institutions, and brokers, such as U.S. digital asset exchanges, need to get ready to share
- Foodman Website and JD Supra
TIGTA Report Sheds Light on the Future of FATCA Enforcement
The TIGTA Report dated April 7, 2022 details six recommendations for additional actions needed to address Non-Filing and Non-Reporting Compliance Under FATCA. The IRS agreed with five out of the six recommendations in the TIGTA Report which signal that FATCA
- Foodman Website and JD Supra
How Money Received through “Crowdfunding” May be Taxable
IRS may contact the recipients of crowdfunding campaign proceeds if not reported. IRS issues a soft alert to Taxpayers regarding their tax obligations for monies received under crowdfunding activities as well as the benefits of recordkeeping. What is Crowdfunding? It
- Foodman Website and JD Supra