Is your Passport at Risk?
Is your Passport at Risk? was published by JD Supra on 5/21/19. Certain US Taxpayers that have been identified by IRS with overdue tax bills maybe at risk of losing US passport privileges. IRS has been trying to encourage US Taxpayers that are seriously behind on their taxes to pay what they owe or enter […]
IRS: Offshore Financial Accounts will NOT go Unnoticed
IRS: Offshore Financial Accounts will NOT go Unnoticed was published by JD Supra on 5/14/19. On March 15, 2019, IRS reported that hiding money or assets in unreported offshore accounts remains on the Internal Revenue Service’s “Dirty Dozen” list of tax scams for 2019. IRS continues to remind US Taxpayers to report their worldwide income […]
El Nudo Corredizo se está Cerrando
El Nudo Corredizo se está Cerrando was published by JD Supra on 5/1/19. Ahora que el IRS lleva cuatro años intercambiando datos de FATCA en sus computadoras y se está embarcando en una Campaña de Exactitud de Presentación de FATCA, existe una urgencia especial para los Contribuyentes Estadounidenses fuera de cumplimiento que no existía anteriormente. […]
The Noose is Closing
The Noose is Closing was published by JD Supra on 5/1/19. Now that IRS has four years of FATCA exchanged data in its computers and is embarking on a FATCA Filing Accuracy Campaign, there is a special urgency for for noncompliant U.S. Taxpayers that did not previously exist. Since March 2010, the U.S. has crafted […]
The Financial Action Task Force and Virtual Assets
The Financial Action Task Force and Virtual Assets article was published by JD Supra on 4/30/19. The FATF (FATF) is an inter-governmental body with 38 members that sets standards and promotes the implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing and threats to the integrity of the international financial system. […]
Auditors are required to be “Independent” of their Audit Clients
Auditors are required to be “Independent” of their Audit Clients was published by JD Supra on 4/23/19. The Sarbanes-Oxley Act of 2002 (SOX) mandates that audit committees be directly responsible for the oversight of the engagement of the company’s independent auditor, and the Securities and Exchange Commission (SEC) rules are designed to ensure that auditors […]
Understanding a Personal Representative
Understanding a Personal Representative was published by JD Supra on 4/16/19. A Personal Representative (PR) is in charge of the property (estate) of an individual who has died (known as the decedent). When a person passes away, their assets become property of their estate. Any income those assets generate is also part of the estate […]
Itemized Deductions Anyone?
Itemized Deductions Anyone? was published by JD Supra on 4/16/19. Taxpayers can either itemize or take the standard deduction. They can’t do both. Many Taxpayers that were able to itemize deductions in prior tax years are unable to do so in Tax Year 2018 because the Tax Reform has made it more beneficial for many […]
Unexpected Tax Bill and you Cannot pay the full amount of Taxes you Owe?
Unexpected Tax Bill and you Cannot pay the full amount of Taxes you Owe? was published by JD Supra on 4/16/19. Many Taxpayers might be faced with an unexpected tax bill during the 2018 Tax season. Many Taxpayers did not alter their tax withholding in their paychecks to reflect the changes in the Tax Reform. […]
What if the IRS wants to “Audit” your Tax Returns?
What if the IRS wants to “Audit” your Tax Returns? was published by JD Supra on 4/10/19. The IRS might want to audit (also known as a review or an examination) an Individual Taxpayer’s accounts and financial information to verify that the information that the Individual Taxpayer is reporting is compliant with the tax laws […]
Tax Time and Virtual Currency
Tax Time and Virtual Currency was published by JD Supra on 4/9/19. Virtual Currency (VC) investors continue to have accounting challenges at tax time. They are seeking to better understand and comply with their U.S. tax regulatory obligations when using VC. That said, IRS has not issued any additional guidance that Taxpayers may rely upon […]
Residential Real Property Purchased with Virtual Currency must be Reported
Residential Real Property Purchased with Virtual Currency must be Reported was published by JD Supra on 3/26/19. On November 15, 2018, the Financial Crimes Enforcement Network (FinCEN) announced the issuance of a “Revised” Geographic Targeting Order (GTO) that requires U.S. title insurance companies (Covered Business) to identify the 25% Beneficial Owners behind “Shell” companies (legal […]
