Articles - Page 31 of 60 - Foodman CPAs and Advisors

Let’s Understand Filing FBARs

September 2018

Let’s Understand Filing FBARs was published by JD Supra on 9/25/18. The jurors in the Paul Manafort case had questions regarding the complex Foreign Bank Account Reports (FBARs) regulations. This was evidenced by the jury’s questions to the judge addressing

JD Supra

IRS ENDS OVDP right when some Taxpayers GET IT!

September 2018

IRS ENDS OVDP right when some Taxpayers GET IT! was published by JD Supra on 9/18/18. 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

JD Supra

What we know about Crypto Compliance and US Federal Taxes

September 2018

What we know about Crypto Compliance and US Federal Taxes was published by JD Supra on 9/18/18. The last Notice issued by the IRS on Cryptocurrency was Notice 2014-21 posted on March 25, 2014 providing guidance in the form of

JD Supra

FinCEN’s Director Comments on Virtual Currency Compliance deficiencies

September 2018

FinCEN’s Director Comments on Virtual Currency Compliance deficiencies was published by JD Supra on 9/11/18. On August 8, 2018, FinCEN Director Kenneth A. Blanco, delivered a speech at the 2018 Chicago-Kent Block (Legal) Tech Conference. Highlights from the commentary include:

JD Supra

An IRS Summons Is a Powerful Tool That Can Even Reach Law Firms’ Escrow Accounts

August 31, 2018

An IRS Summons Is a Powerful Tool That Can Even Reach Law Firms’ Escrow Accounts was published by the Daily Business Review on 8/31/18.

Daily Business Review

FATCA Is Being Enforced Despite Hiccups And TIGTA Report!

August 2018

FATCA Is Being Enforced Despite Hiccups And TIGTA Report! was published by JD Supra on 8/28/18. On July 5, 2018, the Treasury Inspector General for Tax Administration (TIGTA) issued a report https://www.treasury.gov/tigta/auditreports/2018reports/201830040fr.pdf titled: “Despite Spending Nearly $380 Million, the Internal Revenue Service

JD Supra

The “J5” is on to Cryptocurrencies

August 2018

The “J5” is on to Cryptocurrencies was published by JD supra on 8/28/18. The Organisation for Economic Co-operation and Development (OECD) issued a “call to action” for countries to do more to tackle enablers of tax crimes. The result of

JD Supra

Did you know that GTO’s have a $300,000 Threshold?

August 2018

Did you know that GTO’s have a $300,000 Threshold? was published by JD Supra on 8/22/18. A GTO is a Geographic Targeting Order issued by the Financial Crimes Enforcement Network (FinCEN) under the Bank secrecy Act (BSA) for a specific

JD Supra

Gatekeepers are under a lot of Stress!

August 2018

Gatekeepers are under a lot of Stress! was published by JD Supra on 8/22/18. The FATF is an independent inter-governmental entity that develops policies for protection of our global financial system from money laundering (AML), terrorist financing and financing of

JD Supra

What is a Virtual Currency Taxable event?

August 2018

What is a Virtual Currency Taxable event? was published by JD Supra on 8/22/18. There continues to be limited Virtual Currency (VC) guidance from the US Treasury and the IRS and VC investors ought to proceed cautiously. IRS continues to

JD Supra

FATCA Registration System Is Up And Running. Are You Ready?

August 2018

FATCA Registration System Is Up And Running. Are You Ready? was published by JD Supra on 8/14/18. On 7/31/18, IRS released notification (2018-9) to inform that the Certification of Pre-Existing Accounts (COPA) and Periodic Certification Process (relates to an Entity’s

JD Supra

US Passports: Taxpayers Should Act Before IRS Notifies The State Department

August 2018

US Passports: Taxpayers Should Act Before IRS Notifies The State Department was published by JD Supra on 8/7/18. US Taxpayers that come forward to the IRS to arrange payment of their seriously delinquent tax debt before the IRS notifies the