A Quick Guide to the Suspicious Activity Report (SAR)
A Quick Guide to the Suspicious Activity Report (SAR) was published by JD Supra on 5/22/18. The Suspicious Activity Report (SAR) was originally created by five federal financial supervisory agencies (Federal Reserve Board, Office of the Comptroller of the Currency, Federal Deposit Insurance Corporation, Office of Thrift Supervision, and National Credit Union Administration) and the […]
Financial Planning Season: A way to evaluate your Provider
Financial Planning Season: A way to evaluate your Provider was published by JD Supra on 5/22/18. After the tax filing season, many Taxpayers realize that this is the right time to think about financial planning; given the fact that their financial records are updated and handy. The information contained in a Taxpayer’s Tax Return can be […]
Make your connection with the “Top 10” Tax Cut and Jobs Act Changes and be prepared for 2019!
Make your connection with the “Top 10” Tax Cut and Jobs Act Changes and be prepared for 2019! was published by JD Supra on 5/22/18. Here are the changes from the Tax Cut and Jobs Act (TCJA) that will impact “most” Individuals when they prepare their 2018 Tax Returns in 2019: Reduction of Individual Tax […]
FATCA is still Standing!
FATCA is still Standing! was published by JD Supra on 5/17/18. Tax Reform came and went and FATCA is still standing. While U.S. Corporations are now moving to a Territorial tax system, Individual U.S. Taxpayers living abroad ARE STILL REQUIRED to REPORT their worldwide income. Prior to the passage of The Tax Cuts and Jobs […]
Who will have the last word with Virtual Currency? IRS, FinCEN, SEC, OFAC or the CFTC?
Who will have the last word with Virtual Currency? IRS, FinCEN, SEC, OFAC or the CFTC? was published by JD Supra on 5/15/18. Virtual Currency (VC) investors are currently investing without clarity regarding which Government Agency(s) has the final word with respect to the treatment of VC. US Agencies: IRS, FinCEN, SEC and CFTC – have expressed differing views about VC. […]
Everyone wins when accepting Virtual Currency as Payment…
Everyone wins when accepting Virtual Currency as Payment… was published by JD Supra on 5/8/18. Accepting Virtual Currency (VC) as payment for goods and services is growing. States like Arizona and Georgia have introduced bills that would allow Taxpayers in those states to pay their taxes with VC. Two of the Big 4 Accounting firms […]
Who monitors digital currency wallets?
Who monitors digital currency wallets? was published by JD Supra on 5/8/18. 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 Service Businesses (MSB) by […]
Here is what you need to know about the FinCEN’s Final CDD Rule effective May 11, 2018
Here is what you need to know about the FinCEN’s Final CDD Rule effective May 11, 2018 was published by JD Supra on 5/1/18. 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 […]
Watch out for those who Promise Bogus Charitable Giving Tax Schemes
Watch out for those who Promise Bogus Charitable Giving Tax Schemes was published by JD Supra on 4/25/18. 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) […]
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?
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? published by JD Supra on 5/13/18. On April 9, 2018, IRS released Notice (IR-2018-87) to remind Taxpayers that hold foreign assets […]
Avoid this while filing your taxes
Avoid this while filing your taxes was published by JD Supra on 4/13/18. 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 Number, […]
Virtual Currency Investors have a lot of responsibilities!
Virtual Currency Investors have a lot of responsibilities! published by JD Supra 4/13/18. 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 year or […]
