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

Watch out for those who Promise Bogus Charitable Giving Tax Schemes

April 2018

In the US, there are promoters of phony companies that pose as registered charities and solicit charitable contributions by individuals or corporations. The Donor will provide a receipt that is later refused by the tax authority (IRS) as a claim

  • JD Supra

At any time during 2017, did you have a financial interest in or signature authority over a financial account (such as a bank account, securities account, or brokerage account) located in a foreign country?

April 2018

On April 9, 2018, IRS released Notice (IR-2018-87) to remind Taxpayers that hold foreign assets of their U.S. tax obligations which could include a filing requirement and a U.S. tax liability. This Notice applies to all U.S. citizens and Resident

  • JD Supra

Avoid this while filing your taxes

April 2018

To avoid possible scrutiny or oversight by the IRS, Accuracy is a key factor when filing Tax Returns.  Taxpayers want to make sure that their returns are processed correctly by the IRS.  Common tax filing errors such as a missing Social Security

  • JD Supra

Virtual Currency Investors have a lot of responsibilities!

April 2018

For U.S. Federal Income Tax purposes, Virtual Currency (VC) is treated as property.  As a result, a VC investor ought to keep a very close watch on potential net short term capital gains (realized gain if VC is held one

  • JD Supra

IRS Dirty Dozen 2018 = IRS Dirty Dozen 2017

April 2018

  • Miami Herald Business Monday - South Florida Legal Guide Supplement

Taxpayers may have to pay Section 965 Transition Tax when filing their 2017 Tax Returns

April 2018

Section 965 of the Internal Revenue Code requires certain U.S. Shareholders to pay a transition tax on the untaxed foreign earnings of certain Specified Foreign Corporations as if those earnings had been repatriated to the United States.  Section 965 may give rise to a 2017 tax liability

  • JD Supra

May I continue excluding income earned in a Foreign country after 2017?

April 2018

For most Expatriates, very little changes under the Tax Cut and Jobs Act (TCJA) because “foreign earned income” continues to be treated the same way for Individual Taxpayers under the TCJA.   For others, provisions of the TCJA will affect Expatriates

  • JD Supra

Common Reporting Standard (CRS) Reporting Avoidance Game Is Over

April 2018

The Common Reporting Standard (CRS) is a reality for over one hundred Jurisdictions during 2018.  The Organization for Economic Co-operation and Development (OECD) has stated that there are potential and perceived loopholes in the Common Reporting Standard (CRS) that https://www.jdsupra.com/legalnews/common-reporting-standard-crs-reporting-75909/

  • JD Supra

FATCA: “COPA” y “CERTIFICACIONES PERIÓDICAS” que vencen el 1 de Julio de 2018 tendrán en efecto, una extensión de 3 meses. PERO, ¿estarás LISTO?

Abril 2018

El 19 de marzo de 2018, el IRS publicó el “Borrador de Preguntas de Certificación FATCA” (https://www.irs.gov/businesses/corporations/draft-fatca-certifications)  para ser completado por el Oficial Responsable (“RO”) de una  Institución Financiera Extranjera  (“FFI”) Participante,  o una FFI Modelo 2 Reportante.  Las certificaciones FATCA se conocen como “COPA”

  • JD Supra

FATCA: “COPA” and “PERIODIC CERTIFICATIONS” due by July 1, 2018, will have, in effect, a 3 Month Extension. BUT, will you be READY?

April 2018

On March 19, 2018, IRS released “Draft FATCA Certification Questions” (https://www.irs.gov/businesses/corporations/draft-fatca-certifications)  to be completed by the Responsible Officer (RO) of a Participating Foreign Financial Institution (FFI) or Reporting Model 2 FFI.    The FATCA certifications are known as COPA (for certification of an Entity’s preexisting

  • JD Supra