Here is what you need to know about IRS proposed draft of Form 1040 for 2017

November 2017

As a courtesy to Taxpayers, IRS provides an “early release draft” of an IRS tax form.  The drafts are not to be used for filing, but are generally released when most changes have been incorporated into the Form.  The highlights

  • JD Supra

US Persons and Financial Institutions: Beware when engaging financially with Venezuela

October 2017

On 8/25/17, President Donald Trump signed an Executive Order (EO) restricting and prohibiting certain transactions between US Persons and Venezuela.   The transactions that are prohibited by US Persons apply wherever a US Person is located. In addition, on 9/20/17, FinCEN

  • JD Supra

New GTO covers Wire Transfers

October 2017

On August 22, 2017, FinCEN (Financial Crimes Enforcement Network) published a new Advisory regarding Geographic Targeting Orders (GTOs) covering residential real estate transactions in certain counties or boroughs of New York, Florida, California, Texas and Hawaii (newly added in this GTO).   The

  • JD Supra

Watch out if you are an Expatriate US Passport Holder with Tax Debt and receive Notice CP-508C!

September 2017

According to the US Department of State, there are approximately nine (9) Million US passport holders living overseas.  There continues to be a misimpression by certain US Taxpayers living overseas that they are not required to file US income tax

  • JD Supra

Out of Compliance Taxpayers: Beware of new IRS-Programs!

September 2017

The IRS-Criminal Investigation Unit (IRS-CI) is the Criminal Law Enforcement Arm of the IRS.  Its conviction rate of over 90% is one of the highest in federal law enforcement.  Those convicted pay taxes, penalties and interest with the Courts imposing

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The OECD is focused on maintaining the integrity of the CRS

September 2017

As of August 2017, 102 international Jurisdictions are committed to the implementation timelines of the Common Reporting Standard (CRS).  There are 49 Jurisdictions that are committed to the first exchange during 2017 and 53 Jurisdictions for 2018.       https://www.jdsupra.com/legalnews/the-oecd-is-focused-on-maintaining-the-44072/  

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Taxpayer, Was Your Conduct Non-willful?

September 25, 2017

  • South Florida Legal Guide Supplement for the Miami Herald - Business Monday

FATCA, FCPA, AML and OFAC allow the US to regulate the world. But what does it really mean?

August 2017

In the current environment of increased regulation, transparency, reporting and heightened compliance standards, the US and its Government Agencies have an arsenal of tools with extraterritorial application https://www.jdsupra.com/legalnews/fatca-fcpa-aml-and-ofac-allow-the-us-to-22658/  

  • JD Supra

Will Optional GIIN Reporting on Form 8938 continue to be Optional? Or is it the beginning of a new IRS Cross-Reference?

August 2017

IRS Form 8938 (a FATCA created form) is the Statement of Specified Foreign Financial Assets in which Taxpayers are required to report their specified foreign financial assets when their value meets the obligatory reporting threshold. It has been a required

  • Wealth Strategies Journal

Methods of Proof: How IRS Can Prove That a Taxpayer Didn’t Report Income

August 7, 2017

  • South Florida Legal Guide Supplement for the Miami Herald Business Monday