Lawmakers

Lawmakers Propose Crackdown on Money Laundering “Enablers”

December 2021

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
Virtual Currency and tax

How Will Virtual Currency Be Taxed?

November 2021

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

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data access

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
witholding tax

What is Backup Withholding Tax and Who Has to Pay It?

July 2021

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

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compliance image puzzle

2021 “Green Book” Introduces Comprehensive Financial Account Reporting

July 2021

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
Virtual Currency Industry

Upcoming Virtual Currency FBAR and FATCA Reporting Enforcement

July 2021

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

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tax gap Brecha Fiscal

THE TAX GAP TO RISE TO APPROXIMATELY $7 TRILLION

July 2021

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

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dbr logo

Additional IRS Funding Will Increase IRS Enforcement

July 2021

  • Daily Business Review
irs

Las Funciones de Examinación del IRS han Cambiado

May 2021

En el comentario “A Closer Look: Impacting the Tax Gap”, el Comisionado del IRS, Chuck Rettig, revela que el IRS ha cambiado su enfoque de fiscalización a declaraciones de impuestos que incluyen contribuyentes de altos ingresos, entidades de transferencia (“pass-through”),

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irs

How IRS Finds “Mismatches” via its Automated Compliance Programs

May 2021

The IRS uses the information it collects to detect, prevent, and reduce noncompliance and fraud.  The US Government accountability Office (GAO) produced a Tax Administration Report on December 2020 (Better Coordination Could Improve IRS’s Use of Third-Party Information Reporting to

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tax gap Brecha Fiscal

IRS Global High Wealth Group is a Tool to Reduce the Tax Gap

May 2021

In its April 28, 2021 Press Release (the “Release”) “Investing in the IRS and Improving Tax Compliance”, the US Department of the Treasury addresses available enforcement activities relating to reducing the U.S. Tax Gap;   estimated to reach approximately $7 Trillion

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shutterstock high income

High-Income Individuals and Corporate Tax Returns are Targets of IRS Additional Funding Program

May 2021

The 2022 discretionary funding request (request) made by the Biden Administration will invest in a “fair and robust” tax system that includes tax compliance enforcement directed at High Income and High Net  Worth Individuals and Corporations. The funding program request

  • Foodman website and JD Supra

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