On 8/29/23, the IRS issued a Notice of Proposed Rulemaking and Notice of Public Hearing for Digital Assets Proposed Regulations. The IRS Digital Assets Proposed Regulations address information reporting, the determination...more
After a yearlong investigation, the US Senate Finance Committee probed into a FATCA Loophole and delivered an investigative report titled “The Shell Bank Loophole” that exposes a tax evasion scheme under a FATCA loophole...more
11/2/2022
/ Corporate Transparency Act ,
FATCA ,
Foreign Bank Accounts ,
Foreign Tax ,
Global Intermediary Identification Number (GIIN) ,
IRS ,
NFFE ,
Shell Corporations ,
Swiss Banks ,
Tax Evasion ,
Tax Loopholes
El IRS concluyó su lista de Estafas de la Docena Sucia (“Dirty Dozen”) del 2022 recomendando a los contribuyentes a estar atentos y evitar ser engañados por las estrategias de evasión fiscal....more
10/5/2022
/ Cryptocurrency ,
Digital Assets ,
IRS ,
Offshore Funds ,
Scams ,
Tax Avoidance ,
Tax Court ,
Tax Deductions ,
Tax Evasion ,
Tax Fraud ,
Tax Scams
According to the IRS, the Dirty Dozen represents the worst of the worst tax scams. The Dirty Dozen is a list that is compiled annually by the IRS in order to alert taxpayers, tax professionals and financial institutions of...more
8/2/2022
/ Captive Insurance Company ,
Charitable Remainder Trust ,
Conservation Easements ,
Economic Impact Payments ,
Identity Theft ,
IRS ,
Offer-in-Compromise ,
Offshore Banks ,
Phishing Scams ,
Puerto Rico ,
Scams ,
Tax Evasion ,
Tax Refunds ,
Tax Scams ,
Unemployment
The IRS wrapped its 2022 Dirty Dozen scams list urging taxpayers to watch out for and avoid being misled by tax avoidance strategies. Making the 2022 List are Cryptocurrency, non-filing, abusive syndicated conservation...more
Does your Twitter, Reddit, Facebook, Instagram or other social media feed feature photos of your new sports car, boat, fabulous vacation or the beach house that you bought with your crypto gains? Do you also report a low...more
1/25/2022
/ Bitcoin ,
Cryptoassets ,
Cryptocurrency ,
Data Collection ,
Enforcement Priorities ,
Government Investigations ,
IRS ,
Reporting Requirements ,
Social Media ,
Tax Evasion ,
Tax Liability ,
Tax Planning ,
Tax Reform ,
Virtual Currency
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 stones, art dealers,...more
12/14/2021
/ Anti-Money Laundering ,
Financial Regulatory Reform ,
Financial Services Industry ,
High Net-Worth ,
Money Laundering ,
Offshore Funds ,
Pandora Papers ,
Popular ,
Proposed Legislation ,
Tax Evasion ,
White Collar Crimes
El IRS agregó recientemente nuevas categorías de fraude fiscal En su Manual de Fraude actualizado recientemente, el IRS agrega nuevas categorías de fraude fiscal, incluyendo el ocultamiento de cuentas bancarias nacionales o...more
The IRS recently added new categories of tax fraud -
In its recently updated Fraud Handbook, the IRS adds new categories of tax fraud, including concealing domestic or foreign bank accounts and digital assets such as...more
La diferencia entre el monto del impuesto adeudado por los Contribuyentes para un año determinado y el monto que realmente se paga oportunamente para ese mismo año se conoce como “Brecha Fiscal Bruta” (“Tax Gap”). El IRS...more
The difference between the amount of tax owed by Taxpayers for a given year and the amount that is actually paid timely for that same year is known as the “Gross Tax Gap”. The IRS looks at this number as an estimate of the...more
In 2017, following the Panama Papers and Paradise Papers data leaks, the Organization for Economic Co-operation and Development (OECD) issued a “call to action” for countries to do more to tackle enablers of tax crimes. ...more
On March 6, 2021, Forbes reported that Damon Rowe, Director, Fraud Enforcement Office, Internal Revenue Service, Washington, DC, remarked that the IRS “added some crown jewels,” including a dedicated team of IRS Criminal...more
5/4/2021
/ Blockchain ,
Cryptocurrency ,
Distributed Ledger Technology (DLT) ,
Enforcement Guidance ,
Financial Crimes ,
Financial Fraud ,
Innovative Technology ,
IRS ,
Regulatory Oversight ,
Tax Evasion ,
Tax Liability ,
Virtual Currency
IRS is interested in U.S. Taxpayer financial accounts everywhere in the world. If the IRS learns that a Taxpayer has undisclosed reportable accounts or income before a US Taxpayer reports them, the Taxpayer can face serious...more
4/22/2021
/ FBAR ,
Filing Requirements ,
Foreign Bank Accounts ,
Income Taxes ,
IRS ,
Offshore Funds ,
Reporting Requirements ,
Tax Evasion ,
Tax Liability ,
Tax Planning ,
Tax Returns
El 3 de diciembre del 2020, el IRS publicó “Cómo el IRS prioriza el trabajo de cumplimiento en los no declarantes de altos ingresos a través de esfuerzos nacionales e internacionales” en el Estudio titulado “Closer Look”. El...more
On December 3, 2020, the IRS published “How the IRS prioritizes compliance work on high income non-filers through national and international efforts” in the Closer Look. ...more
The U.S. Department of Justice (DOJ) 39 count indictment charging Robert T. Brockman, with tax evasion, wire fraud, money laundering, and other offenses, demonstrates that the DOJ is committed to the investigation and...more
11/3/2020
/ Criminal Investigations ,
Criminal Prosecution ,
Department of Justice (DOJ) ,
Indictments ,
IRS ,
Money Laundering ,
Offshore Funds ,
Popular ,
Tax Evasion ,
Tax Fraud ,
Voluntary Disclosure ,
White Collar Crimes ,
Wire Fraud
Under FATCA, an Event of Default (EOD) will occur if an Entity fails to perform required material obligations with respect to the due diligence, verification, withholding, or reporting FATCA requirements, or if the IRS...more
Bajo FATCA, un Evento de Incumplimiento (“Event of Default o EOD”) ocurrirá si una Entidad no cumple con las obligaciones materiales requeridas con respecto a los requisitos de diligencia debida, verificación, retención o...more
There was an IRS termination of the Offshore Voluntary Disclosure Program (OVDP) on September 28, 2018. On November 20, 2018, following the OVDP notice of termination, there was a release of a Memorandum announcing the...more
U.S. Taxpayers (includes a citizen, permanent resident, corporation, partnership, limited liability company, trust and estate) are required to file a Report of Foreign Bank and Financial Accounts (FBAR) if they have...more
2/7/2020
/ FBAR ,
FinCEN ,
Foreign Bank Accounts ,
Income Taxes ,
IRS ,
Offshore Banks ,
Offshore Funds ,
Reporting Requirements ,
Tax Court ,
Tax Evasion ,
Tax Liability ,
Tax Penalties ,
Tax Planning ,
Tax Returns
The U.S. income tax system is based on the idea of voluntary taxpayer compliance. It is the taxpayer’s responsibility to report all reportable worldwide income. Some people attempt to evade paying taxes by failing to report...more
An individual that provides information to an attorney may normally assume that the information provided to the attorney will be kept confidential under the attorney-client privilege. That said, according to the Internal...more
On June 7, 2019, the Organisation for Economic Co-operation and Development (OECD) released a Memo which is a “summary of ongoing work to assess the impact of increasing tax transparency and exchange of information (EOI) on...more
10/4/2019
/ Bank Deposits ,
Common Reporting Standard (CRS) ,
Cross-Border Transactions ,
Data Management ,
Exchange of Information ,
FATCA ,
International Financial Reporting Standards ,
OECD ,
Offshore Funds ,
Tax Evasion ,
Tax Revenues ,
Transparency
El 15 de marzo del 2019, el IRS informó que la ocultación de dinero o activos en cuentas extraterritoriales (“offshore”) no declaradas permanece en la lista de las estafas tributarias conocidas come la Docena Sucia o "Dirty...more
5/13/2019
/ FATCA ,
FBAR ,
Filing Requirements ,
Foreign Bank Accounts ,
IGAs ,
Income Taxes ,
IRS ,
Offshore Banks ,
Offshore Funds ,
OVDP ,
Tax Evasion ,
Tax Liability ,
Tax Returns ,
Tax Scams