Will Optional GIIN Reporting on Form 8938 continue to be Optional? Or is it the beginning of a new IRS Cross-Reference?
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
Here is what you need to know about a Domestic Voluntary Disclosure (DVD)
DVD (Domestic Voluntary Disclosure) can be an option for a Taxpayer without foreign financial accounts or foreign financial issues. It is a choice for Taxpayers that are out of domestic compliance, want to come into compliance and inoculate as much
- JD Supra
Did you know that Form 8938 filing obligations apply to Specified Domestic Entities?
A US Person that owns US entities like corporations or partnerships that conduct cross-border business may have a Form 8938 (Statement of Specified Foreign Financial Assets) filing obligation. IRS defines Specified Individuals as: US citizens Resident Aliens of the US
- JD Supra
Law Enforcement can Follow the Money thanks to the Fifth Pillar of the Final CDD Rule
Under the Bank Secrecy Act (BSA), the Financial Crimes Enforcement Network (FinCEN) issued a “Fifth Pillar” of the Final Customer Due Diligence (CDD) Rule on May 2016. The covered financial institutions (Banks; Brokers or Dealers in securities; Mutual Funds; and
- Foodman CPAs & Advisors
IRS is Looking more like a “Self-Serve” Financial Provider while still Targeting Collections
Since 2011, IRS has undergone $900 million in budget cuts and has reduced its number of auditors by approximately 25%. Nonetheless, IRS has its eye on the “collections” ball. The Agency has recently benefited from Congressional approval of more efficient
- JD Supra
Is IRS really knocking at your door?
Generally, IRS sends a letter or a notice via regular mail notifying a Taxpayer of a potential visit. Nonetheless, IRS may also show up unannounced at the Taxpayer’s home or place of business. IRS wants Taxpayers to understand the reasons
- JD Supra
Employee Business Expenses must be Ordinary and Necessary
Employees may be able to deduct their work related expenses as an itemized deduction. These expenses must be unreimbursed expenses that are ordinary and necessary to their work as an employee. According to IRS, an ordinary expense is one that
- JD Supra
Is your Tax Preparer qualified to do your Return? Beware of Tax Preparers without a Preparer Tax Identification Number (PTIN) or Not Listed on the IRS Directory
Do you think that you have hired the right Tax Preparer to prepare your Taxes? Tax Season is here and many Tax Preparers portray themselves as “Qualified”. Tax Preparers have different levels of skills, education and expertise and Taxpayers ought
- JD Supra
Tax Preparation is NOT a Commodity
As we approach this year’s tax filing deadline of April 18th, do you think that you have your Tax Return and tax preparation under control? Before you answer yes, take the time to examine and evaluate who is preparing your
- JD Supra
IRS will not Quit
Voluntary compliance is the foundation of our US tax system. Taxpayers determine the correct amount of their tax and complete appropriate returns, rather than the Government determine their tax for them. According to the Internal Revenue Code (the law of
- JD Supra
Voices Can non-GAAP measurements be misleading?
Voices Can non-GAAP measurements be misleading? was published by Accounting today on 3/6/17. Securities Exchange Commission reporting companies are more frequently utilizing non-GAAP financial measures if they believe that they will more accurately and completely reflect their results of operations
- Accounting Today
Stay out of TROUBLE: Make sure your CPA is asking you the right QUESTIONS regarding Foreign Accounts!
US International tax is complicated. It often overwhelms US Taxpayers. That is why an international tax specialist CPA is the best choice for the work. Nonetheless, many Taxpayers seek the help of tax return preparers without requisite international tax reporting
- JD Supra
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