On-boarding and Off-boarding Bank Clients

July 2016

Why is On-boarding and Off-boarding Bank Clients Important After the Panama Papers, and with the recent FinCEN final Customer Due Diligence (CDD) rule, U.S. financial institutions are further focused on tightening internal controls against money laundering, terrorist financing, sanctions prevention,

  • JD Supra

¡Primera convicción de FATCA!

El 9 de Mayo del 2016, el Departamento de Justicia (DOJ) anunció su primera convicción usando FATCA.

¿Sabía Usted que el IRS puede………?

07/12/16

¿Sabía usted que bajo el Código de Rentas Internas EE.UU, Sección 6620, si un contribuyente no presenta a tiempo la declaración de impuestos de los EE.UU., el IRS está autorizado a preparar y presentar una declaración de impuestos de los

  • JD Supra

FinCEN Form 114 (FBAR) and IRS Form 8938 – Clearing the Air

June 2016

There seems to be some confusion regarding who must file a Report of Foreign Bank and Financial Accounts (FBAR) and who must file form 8938 Statement of Specified Foreign Financial Assets. This is not a surprise. While both forms are

  • Foodman CPAs & Advisors

“Spider Webs”, “Panama Papers” and IRS

June 2016

IRS has asked involved U.S. taxpayers to come forward before IRS reads and dissects the “Panama Papers”. IRS will “plan how to use the huge trove of leaked documents to catch criminals — and urged Americans to come clean now

  • JD Supra

10 Rules for Stress-Free Foreign Bank Accounts

June 2016

Closing your foreign bank account today will not necessarily solve your disclosure problem. On the contrary, it could make things worse under the current regulatory environment. Here is what you need to do in order to have stress-free foreign accounts:

  • The Yucatan Times

Don’t Let The I.R.S. Define Your Conduct As Willful, or Else…

June 2016

Something that most of us don’t realize is that Internal Revenue Service has stated that the taxpayer is responsible to learn IRS requirements within the historic U.S. framework of a voluntary reporting system. The IRS commissioner stated: “Our tax system

  • JD Supra

IRS Can Determine If You Can Travel, Allows Third-Party Debt Collectors

February 2016

Original article found in The Daily Business Review, February 23, 2016, page A8

  • Daily Business Review

The I.R.S. Will Now Determine if You Can Travel Internationally

February 2016

Original article can found on Global Living Magazine Online: http://globallivingmagazine.com/the-i-r-s-will-now-determine-if-you-can-travel-internationally/ If you owe the I.R.S., your passport could be cancelled, revoked or not issued. In simple words, the Government Accountability Office was looking at the issuance of passports to collect taxes,

  • Global Living Magazine

Law allowing I.R.S. to revoke your passport, now allows I.R.S. to use third-party debt collectors

February 2016

Originally posted by The Yucatan Times: http://www.theyucatantimes.com/2016/02/the-law-that-allows-the-i-r-s-to-revoke-your-passport-now-allows-the-i-r-s-to-use-third-party-debt-collectors/ The I.R.S. can now enter into tax collection contracts with third parties for the collection of certain outstanding inactive tax receivables. The Journal of Accountancy states that the passport revocation section of the law

  • The Yucatan Times

Offshore Banking Responsibilities and Penalties – Video

January 2016

Do you have offshore accounts? Is so, this is a must-see! Stanley Foodman, of Foodman CPAs & Advisors fields questions regarding the responsibilities of an offshore account owner and filing with the IRS.

  • Foodman CPAs & Advisors YouTube

El I.R.S. va a determinar si usted puede viajar al extranjero

December 2015

Si usted le debe al I.R.S., su pasaporte podría ser cancelado, revocado o no renovado. En palabras simples, la Oficina de Responsabilidad del Gobierno estudió el tema de la emisión de pasaportes para recaudar impuestos, y tuvieron éxito, porque la

  • Foodman CPAs & Advisors