Thoughts about the New Filing Requirements for Foreign-Owned U.S. entities?

June 2018

Foreign Persons that own 25% of a US entity might want to reassess their strategy as it relates to that ownership.  It “used to be” (until December, 2016) that a Foreign Person as a single owner of a Limited Liability

  • JD Supra

Did you know that Casinos are Financial Institutions?

June 2018

Since 1985, Casinos that have Gross Annual Gaming Revenues in excess of $1,000,000 are considered to be Financial Institutions and are subject to the requirements of the Bank Secrecy Act (BSA).  This means that Casinos have to:   https://www.jdsupra.com/legalnews/did-you-know-that-casinos-are-financial-42736/

  • JD Supra

I didn’t know that I was American

June 2018

There are Individuals out there that are US Citizens (“Americans”) and they are not aware of it.  Under US Tax Law, these individuals have US tax reporting responsibilities and tax obligations.  These Individuals are known as “Accidental Americans”.   https://www.jdsupra.com/legalnews/i-didn-t-know-that-i-was-american-12567/

  • JD Supra

“File before the IRS discovers that you failed to choose the Exclusion”: words of wisdom to US Taxpayers Living Abroad

June 2018

If you are a US citizen or a Permanente Resident and you live abroad, you are taxed on your worldwide income and you are considered a US Taxpayer.   US citizens and Permanent Residents that live abroad may qualify to exclude from

  • JD Supra

IRS issues a “Tax Book”

May 2018

During 2017, 245 million tax returns were processed by the IRS and more than $3.4 trillion in federal taxes was paid by individuals and businesses to the US Treasury.      https://www.jdsupra.com/legalnews/irs-issues-a-tax-book-59008/

  • JD Supra

Financial Planning Season: A way to evaluate your Provider

May 2018

After the tax filing season, many Taxpayers realize that this is the right time to think about financial planning; given the fact that their financial records are updated and handy.     https://www.jdsupra.com/legalnews/financial-planning-season-a-way-to-81633/

  • JD Supra

Make your connection with the “Top 10” Tax Cut and Jobs Act Changes and be prepared for 2019!

May 2018

Here are the changes from the Tax Cut and Jobs Act (TCJA) that will impact “most” Individuals when they prepare their 2018 Tax Returns in 2019: https://www.jdsupra.com/legalnews/make-your-connection-with-the-top-10-81826/

  • JD Supra

FATCA is still Standing!

May 2018

Tax Reform came and went and FATCA is still standing.  While U.S. Corporations are now moving to a Territorial tax system, Individual U.S. Taxpayers living abroad ARE STILL REQUIRED to REPORT their worldwide income. Prior to the passage of The

  • JD Supra

Who will have the last word with Virtual Currency? IRS, FinCEN, SEC, OFAC or the CFTC?

May 2018

Virtual Currency (VC) investors are currently investing without clarity regarding which Government Agency(s) has the final word with respect to the treatment of VC.   US Agencies: IRS, FinCEN, SEC and CFTC – have expressed differing views about VC.  Different interpretations from the main US Regulating Agencies

  • JD Supra

Everyone wins when accepting Virtual Currency as Payment…

May 2018

Acceptance of Virtual Currency (VC) as a form of payment for goods and services is growing.  States like Arizona and Georgia have introduced bills that would allow Taxpayers in those states to pay their taxes with VC.  Two of the

  • JD Supra

Who monitors digital currency wallets?

May 2018

Investors in Virtual Currency (VC) utilize the services of on-line “secure” platforms for buying, selling, transferring, and storing VC.  The providers of these services are known as web-wallets (Coinbase is an example).  They are required to register and operate as Money

  • JD Supra

Here is what you need to know about the FinCEN’s Final CDD Rule effective May 11, 2018

April 2018

Covered Financial Institutions (CFI) have until May 11, 2018 to implement and comply with the Financial Crimes Enforcement Network (FinCEN) Final Customer Due Diligence Rule (the CDD Rule).   The CDD Rule imposes a new requirement for CFIs to identify and

  • JD Supra