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
How the IRS Uses Social Media to Find Crypto Tax Cheats
Does your Twitter, Reddit, Facebook, Instagram or other social media feed feature photos of your new sports car, boat, fabulous vacation or the beach house that you bought with your crypto gains? Do you also report a low income on
Lawmakers Propose Crackdown on Money Laundering “Enablers”
Should lawmakers have to follow the same rules as financial institutions? For the first time, a bipartisan group of U.S. lawmakers has proposed legislation that would require trust companies, lawyers, accountants, notaries, real estate agents, dealers in precious metals and
- Foodman Website and JD Supra
How Will Virtual Currency Be Taxed?
Non-compliance with virtual currency (crypto) tax rules can cost taxpayers dearly It Depends Who You Ask! Despite the confusing interpretations by US regulators, non-compliance with crypto tax rules can cost taxpayers dearly. Unfortunately, the answer to “how is virtual currency
- Foodman website and JD Supra
IRS Security Summit Offers Tips on How to Prevent Identity Theft and Tax Fraud
Two-factor Identification is one of the cheapest and easiest ways to prevent tax fraud. As Certified Fraud Examiners (CFEs) we suggest many other safeguards to our clients. As Certified Fraud Examiners (CFE) my firm has long helped clients untangle webs
- Foodman CPAs
What is Backup Withholding Tax and Who Has to Pay It?
When it comes to taxes, mistakes can cost you more than money. That’s especially true with Federal backup withholding taxes. In simplest terms, 24 percent backup withholding is demanded of both payers and payees who either mistakenly or intentionally supply
- Foodman website and JD Supra
2021 “Green Book” Introduces Comprehensive Financial Account Reporting
The “Green Book” is a US Treasury Department document that presents detailed explanations of an Administration’s revenue proposals in support of a President’s annual budget request. On May 28, 2021, the Biden administration released its “Green Book” titled “General Explanations
- Foodman website and JD Supra
Upcoming Virtual Currency FBAR and FATCA Reporting Enforcement
Under current FinCEN regulations, a foreign account holding virtual currency is not reportable on the FBAR. However, FinCEN in its FinCEN Notice 2020-2, proposes amending reports of foreign financial accounts (FBAR) regulations to include virtual currency accounts as a type
- Foodman website and JD Supra
THE TAX GAP TO RISE TO APPROXIMATELY $7 TRILLION
The US Treasury reports that it is expecting the tax gap to rise to approximately $7 trillion over the course of the next decade if left unaddressed. In May 2021, the US Department of the Treasury issued the “THE AMERICAN
- Foodman website and JD Supra