Los Contribuyentes con Cuentas Extranjeras No Divulgadas deben ACTUAR AHORA. El Programa de Divulgación Voluntaria de Cuentas en el Extranjero se ACABA en Septiembre del 2018

March 2018

El 13 de marzo del 2018, el  IRS anunció la terminación del Programa de Divulgación Voluntaria De Cuentas en el Extranjero (“OVDP”) desde el 28 de septiembre del 2018 (Notificación IR-2018-52).  El OVDP ha estado disponible para los Contribuyentes que intencionalmente no

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Taxpayers with undisclosed foreign accounts need to COME FORWARD NOW. Offshore Voluntary Disclosure Program Ends September, 2018

March 2018

On March 13, 2018, IRS announced the termination of the Offshore Voluntary Disclosure Program (OVDP) as of September 28, 2018 (Notice IR-2018-52).  OVDP has been available to Taxpayers that willfully failed to report foreign financial assets and pay all tax due in respect

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20% Tax Deduction for Pass-Through Entities?

March 2018

IRS defines Pass-Through entities as: “an entity that passes its income, loss, deductions, or credits to its owners. The owners may be partners, shareholders, beneficiaries, or investors. It usually does not have an entity level income tax liability”.  In the

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Understanding the “GILTI” of the Tax Reform

March 2018

The Tax Cuts and Jobs Act (TCJA) introduced several complex, hard to understand international tax provisions to the Internal Revenue Code.  One of them is the tax on Global Intangible Low-Taxed Income (GILTI).  Beginning with January 2018, a U.S. shareholder

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IRS Virtual Currency Amnesty? Not so Fast!

March 22, 2018

  • Daily Business Review

Taxes in Florida

March 2018

The Sunshine State is one of the lowest tax burden states in the US.  Florida has no state individual income tax.  At the state level, there is NO tax on social security benefits, retirement income, IRAs, 401(k) accounts, pensions, inheritance

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IRS and Accuracy

March 2018

According to the IRS, accuracy related penalties remain the number one most litigated tax issue.  The Internal Revenue Code authorizes the IRS to impose penalties if a Taxpayer is negligent or disregards tax rules and regulations that cause an underpayment

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Changes in Alimony for Payer Spouse and Recipient Spouse under Tax Reform

March 2018

Since the early 1940’s, alimony payments have been tax deductible for the Payer Spouse.  The recipient of the alimony (Recipient Spouse) paid the income tax on the alimony payments.  The Tax Cuts and Jobs Act (TCJA) puts an end to

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Shareholders of S Corps can defer payment of Transition Tax

March 2018

The Tax Cuts and Jobs Act (TCJA) includes a provision requiring U.S. Shareholder Taxpayers that own 10% or more of a Controlled Foreign Corporation (CFC) and other “Specified Foreign Corporations” to pay a “transition tax” regardless of whether earnings have

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Registration of Beneficial Owners: COMING TO YOU SOON?

March 2018

There is a new Bill drafted on November 14, 2017 called the Counter Terrorism and Illicit Finance Act (CTIFA).  The Bill is currently in a committee in the Senate and it proposes a substantial overhaul to the Bank Secrecy Act

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Taxpayers Ought to Avoid Over- and Under- Withholding of Tax

March 2017

  • South Florida Legal Guide - Supplement for the Miami Herald

No relief in sight for US Expatriates worldwide as Duplicative Reporting Requirements Continue to Burden US Expatriate Taxpayers

March 2018

The National Taxpayer Advocate Report for 2017 (Purple Book) is a summary of legislative recommendations that the Office of Taxpayer Advocate (OTA) believes will strengthen taxpayers rights and improve tax administration. One of the Recommendations of the OTA is to

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