Conflict of Interest: When professional judgement is compromised….

January 2018

Conflicts of interest can arise at any time during a professional engagement.  According to the American Institute of Certified Public Accountants (AICPA),  “A conflict of interest may occur if a member performs a professional service for a client or employer

  • JD Supra

The IRS’s ability to deny or revoke the Passports of Taxpayers with significant tax debts is one of the Most Serious Problems encountered by Taxpayers

January 2018

The U.S Department of State is required to deny an individual’s passport application and is authorized to revoke or limit an existing passport if the IRS has certified that the individual has seriously delinquent federal tax debt under the FAST

  • JD Supra

BSA, FinCEN, Treasury and IRS Want to Know: Who is the Ultimate Beneficial Owner (UBO)?

January 2018

There seems to be a convergence by the Financial Crimes Enforcement Networks (FinCEN), the Treasury Department and the IRS for determining “who is the UBO” of entities.   The U.S. Government is determined to enforce financial transparency and combat the misuse of companies through

  • JD Supra

Will the question for the Year 2017 be: Do you have Foreign Financial Accounts?

Since the Global Financial Crisis that began in 2007, domestic and international Taxpayers have been under increasing scrutiny. The financial system has been heavily regulated and closely monitored. In addition, the US Tax Gap (amount of taxes owed to the

Financial Planning Should Not be “UGH”

1/8/18

  • South Florida Legal Guide - Supplement for the Miami Herald Business Monday

Why are US Citizens Renouncing their Citizenship?

January 2018

A significant number of US Taxpayers living overseas have become “unbankable” where they live because of  high account servicing costs  for local banks (Foreign Financial Institutions – also known as FFIs) caused by the requirements of FATCA.  A number of

  • JD Supra

Bitcoins and the IRS: Reporting and Storing

December 2018

Possession of virtual currency, also known as cryptocurrency, is legal in the U.S. as well as many other parts of the world. The most well-known form of virtual currency is Bitcoin. There are other virtual currencies that function in the

  • JD Supra

Will Bankers = Law Enforcers on 5/11/18?

December 2018

On May 2016, FinCEN issued a “Fifth Pillar” of Customer Due Diligence (CDD) calling it the “CDD Rule”, which currently takes effect on May 11, 2018.   The CDD Rule applies to Covered Financial Institutions (federally regulated banks, federally insured credit

  • JD Supra

Many are now looking for IRS Guidance on Virtual Currency

December 2018

Due to its unprecedented level of value appreciation, Bitcoin investors, consumers and businesses are looking for IRS Guidance.  IRS recognizes that “virtual currency” may be used to pay for goods or services, or be held for investment; and that its

  • JD Supra

What you need to know about Tax Court

December 2017

The US Tax Court is a Federal trial court established by Congress.  It is independent from the IRS.  The mission of Tax Court is to resolve disputes between Taxpayers and IRS. Tax Court has the authority to provide rulings on

  • JD Supra

Are You Receiving Income From the “Sharing Economy”? You might owe Taxes and Penalties

December 11 2017

  • South Florida Legal Guide - Supplement for the Miami Herald Business Monday

Do you know which Business Structure to choose when starting a New Business?

December 2017

When opening a new business, electing a business structure is an important decision.  The business structure elected can affect how much will be paid in entity income taxes, record-keeping requirements,  how much personal  tax liability might be incurred, if any,

  • JD Supra