The “J5” is on to Cryptocurrencies

August 2018

The Organisation for Economic Co-operation and Development (OECD) issued a “call to action” for countries to do more to tackle enablers of tax crimes. The result of this “call to action” was the establishment of an operational alliance known as

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Did you know that GTO’s have a $300,000 Threshold?

August 2018

A GTO is a Geographic Targeting Order issued by the Financial Crimes Enforcement Network (FinCEN) under the Bank secrecy Act (BSA) for a specific geographic area.  FinCEN has issued GTOs requiring certain U.S. title insurance companies to record and report

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Gatekeepers are under a lot of Stress!

August 2018

The FATF is an independent inter-governmental entity that develops policies for protection of our global financial system from money laundering (AML), terrorist financing and financing of weapons of mass destruction.  https://www.jdsupra.com/legalnews/gatekeepers-are-under-a-lot-of-stress-33947/

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What is a Virtual Currency Taxable event?

August 2018

There continues to be limited Virtual Currency (VC) guidance from the US Treasury and the IRS and VC investors ought to proceed cautiously.  IRS continues to make reference to Notice 2014-21 to remind Taxpayers that VC currency is treated as

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Pasaportes Estadounidenses: Los Contribuyentes Deben Actuar Antes De Que El IRS Notifique Al Departamento De Estado

August 2018

Los contribuyentes Estadounidenses que se presentan ante el IRS para acordar el pago de su deuda tributaria gravemente morosa antes de que el IRS notifique al Departamento de Estado de lo EE.UU podrían lograr un mejor resultado con respecto a

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¡Los inversionistas de Moneda Virtual tienen muchas Responsabilidades!

August 2018

Para propósitos de los Impuestos Federales de la Renta de los EE.UU, la Moneda Virtual (MV) se trata como “propiedad” (property). Como resultado, un inversionista de MV debe vigilar muy de cerca las posibles ganancias netas de capital a corto

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AICPA steps up to IRS to recommend that IRS provide Virtual Currency Clarity

July 2018

On 5/30/18, the American Institute of CPAs (AICPA) sent a letter  https://www.jdsupra.com/legalnews/aicpa-steps-up-to-irs-to-recommend-that-20413/

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LAW ENFORCEMENT and OTHERS DISSAPOINTED with ULTIMATE BENEFICIAL OWNERSHIP DRAFT LEGISLATION

July 2018

There is a Bill (H.R. 6068), originally drafted on November 14, 2017, called the Counter Terrorism and Illicit Finance Act (CTIFA).  The Bill intended to propose a substantial overhaul to the Bank Secrecy Act (BSA).   https://www.jdsupra.com/legalnews/law-enforcement-and-others-dissapointed-87996/

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When Bank Account Activity is not Consistent with the Customer’s Business

July 2018

According to the Bank Secrecy Act (BSA), the Financial Crimes Enforcement Network (FinCEN) states that the main focus for Financial Institution ought to be on the reporting of suspicious activities.   https://www.jdsupra.com/legalnews/when-bank-account-activity-is-not-90801/

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El IRS está pendiente al Cripto

July 2018

El Jefe de Investigación Criminal del IRS, Don Fort, declaró recientemente: “Es posible utilizar Bitcoin y otras Criptomonedas de la misma manera que las cuentas bancarias extranjeras para facilitar la evasión de impuestos”.   https://www.jdsupra.com/legalnews/el-irs-esta-pendiente-al-cripto-98046/  

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¿Quién monitorea los “wallets” de las Monedas Virtuales?

July 2018

Los inversionistas de la Moneda Virtual (MV) utilizan los servicios de plataformas en línea “seguros”  para comprar, vender, transferir y almacenar la MV.  Los proveedores de estos servicios se conocen como “wallets, billeteras o monederos web u on-line” y también

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Did you know that IRS is running 35 Campaigns?

July 2018

In January 2017, the IRS Large Business and International Division initially announced the launch of a “compliance campaign process” in which IRS identifies compliance issues that present risk and require a response in the form of one or multiple treatment

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