Foodman CPAs and Advisors

IRS gives Internal Revenue Manual Voluntary Disclosure Consideration if…….

jd supra logo

IRS gives Internal Revenue Manual Voluntary Disclosure Consideration if……. was published by JD Supra on 10/16/18. When IRS reviews a criminal tax case, consideration is given to various factors such as whether a voluntary disclosure was made, whether prosecution exists, the health, age and mental condition of the Taxpayer and whether a solicitation of tax […]

Why am I being audited by the IRS?

jd supra logo

Why am I being audited by the IRS? was published by JD Supra on 9/28/18. An IRS Audit is designed to be an impartial review to assess tax return filing accuracy. IRS selects returns for audit to determine the reporting accuracy of income, expenses, and/or refundable credits. Gathering and organizing information is essential to a […]

Is calculating the 20 percent deduction for pass-through businesses simple?

jd supra logo

Is calculating the 20 percent deduction for pass-through businesses simple? was published by JD Supra on 9/25/18. Section 199A of the Internal Revenue Code provides Individual Taxpayers a deduction for the Qualified Business Income (QBI) of a qualified trade or business operated directly or through a pass-through entity.  The types of entities and professionals that qualify […]

The “J5” is on to Cryptocurrencies

jd supra logo

The “J5” is on to Cryptocurrencies was published by JD supra on 8/28/18. 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 the “Joint […]

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

jd supra logo

Did you know that GTO’s have a $300,000 Threshold? was published by JD Supra on 8/22/18. 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 […]

Gatekeepers are under a lot of Stress!

jd supra logo

Gatekeepers are under a lot of Stress! was published by JD Supra on 8/22/18. 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.  Its Recommendations (a total of 40) are considered to be a […]

What is a Virtual Currency Taxable event?

jd supra logo

What is a Virtual Currency Taxable event? was published by JD Supra on 8/22/18. 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 property […]

¡Los inversionistas de Moneda Virtual tienen muchas Responsabilidades!

jd supra logo

¡Los inversionistas de Moneda Virtual tienen muchas Responsabilidades! was published by JD Supra on 8/7/18. 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 […]

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

jd supra logo

AICPA steps up to IRS to recommend that IRS provide Virtual Currency Clarity was published by JD Supra on 7/31/18. On 5/30/18, the American Institute of CPAs (AICPA) sent a letter (https://www.aicpa.org/content/dam/aicpa/advocacy/tax/downloadabledocuments/20180530-aicpa-comment-letter-on-notice-2014-21-virtual-currency.pdf) to the IRS presenting the AICPA’s updated recommendation to the IRS Guidance on Virtual Currency (VC)  Notice2014-21 (https://www.irs.gov/pub/irs-drop/n-14-21.pdf).  The recommendations are set forth in […]

LAW ENFORCEMENT and OTHERS DISSAPOINTED with ULTIMATE BENEFICIAL OWNERSHIP DRAFT LEGISLATION

jd supra logo

LAW ENFORCEMENT and OTHERS DISSAPOINTED with ULTIMATE BENEFICIAL OWNERSHIP DRAFT LEGISLATION was published by JD Supra on 7/31/18. 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).    When the […]