IRS updates its Voluntary Disclosure Program, and it includes Crypto
The IRS wants to encourage Voluntary Disclosure participation and reduce Taxpayer uncertainty, but its current Voluntary Disclosure Program is not set up for success according to the 2021 National Taxpayer Advocate Annual Report, issued in January 2022. Shortly thereafter, in
- Foodman Website and JD Supra
Beware of FATCA Certifications Being Under OFAC Review
In a quiet news release delivered on 3/23/22, the IRS updated the FATCA FAQ’s (Q. 22) to inform FATCA Stakeholders that a registration status could be changed to under review with a message indicating “For more information contact the Treasury
- Foodman Website and JD Supra
“Reciprocal FATCA” Bill will be a Game Changer
Under the concept of “Reciprocal FATCA” financial institutions and brokers ought to start preparing to assume greater and expanded reporting responsibilities. As FATCA Stakeholders, financial institutions, and brokers, such as U.S. digital asset exchanges, need to get ready to share
- Foodman Website and JD Supra
Cómo las administraciones tributarias pueden monitorear la capacitación en cumplimiento de FATCA y CRS de las IF
Administraciones tributarias – Sellos de Calidad de Gobernanza y Cumplimiento de la Implementación para las IF Un nuevo informe de la Organización para la Cooperación y el Desarrollo Económico (OCDE) dice que las administraciones tributarias pueden evaluar el cumplimiento de
- Foodman Website and JD Supra
Cómo las Administraciones Tributarias Manejan el Incumplimiento de FATCA, CRS
Informe de la OCDE detalla las medidas preventivas y correctivas para el incumplimiento de FATCA, CRS de las instituciones financieras Las administraciones tributarias pueden utilizar una combinación de medidas de detección, preventivas y correctivas para evaluar y tratar Ley de
- Foodman Website and JD Supra
Preguntas que las IF deberían hacer a los Proveedores de Servicios Externos de FATCA y CRS
Guía de la OCDE ofrece a las instituciones financieras asesoramiento sobre la contratación de organizaciones de servicios externos para gestionar el cumplimiento Mientras las instituciones financieras (IF) tienen la responsabilidad final del cumplimiento de la Ley de Cumplimiento Tributario de
- Foodman Website and JD Supra
¿Cómo implementará FinCEN las Provisiones de Reportaje de Información de los Dueños Beneficiarios de la Ley de Transparencia Corporativa (“CTA”)? Quieren tu opinión.
FinCEN ha estado ocupada en la búsqueda de combatir la corrupción, como lo demuestra la emisión consecutiva de Avisos de Propuesta de Reglamentación (“NPRMs”). El 6/12/21, emitieron el (Proceso regulatorio para los nuevos requisitos de reportaje del sector inmobiliario para
- Foodman Website and JD Supra
How will FinCEN Implement the Beneficial Ownership Information Reporting Provisions of the Corporate Transparency Act (CTA)? They want your input.
FinCEN has been busy in the quest to fight corruption as evidenced by back-to-back issuance of Notices of Proposed Rulemaking (NPRMs). On 12/6/21, they issued the (Regulatory Process for New Real Estate Sector Reporting Requirements to Curb Illicit Finance) and
- Foodman Website and JD Supra
Lawmakers Propose Crackdown on Money Laundering “Enablers”
Should lawmakers have to follow the same rules as financial institutions? For the first time, a bipartisan group of U.S. lawmakers has proposed legislation that would require trust companies, lawyers, accountants, notaries, real estate agents, dealers in precious metals and
- Foodman Website and JD Supra
How Will Virtual Currency Be Taxed?
Non-compliance with virtual currency (crypto) tax rules can cost taxpayers dearly It Depends Who You Ask! Despite the confusing interpretations by US regulators, non-compliance with crypto tax rules can cost taxpayers dearly. Unfortunately, the answer to “how is virtual currency
- Foodman website and JD Supra
How Tax Administrations Can Monitor FIs’ FATCA and CRS Compliance Training
Governance and Implementation Compliance Hallmarks for FIs A new report from the Organization for Economic Cooperation and Development (OECD) says that tax administrations can assess financial institutions’ FATCA and CRS compliance by monitoring their staff training initiatives. The report, “Guide
- website and JD Supra
2021 “Green Book” Introduces Comprehensive Financial Account Reporting
The “Green Book” is a US Treasury Department document that presents detailed explanations of an Administration’s revenue proposals in support of a President’s annual budget request. On May 28, 2021, the Biden administration released its “Green Book” titled “General Explanations
- Foodman website and JD Supra
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