El 3/6/24, el IRS publicó un recordatorio a todos los contribuyentes de que todas las fuentes de ingresos deben declararse en su declaración de impuestos. El IRS está prestando mucha atención a todas las fuentes de ingresos...more
On 3/6/24, the IRS released a reminder to all taxpayers that all sources of income must be reported on their tax return. The IRS is paying close attention to all sources of income derived from digital asset transactions, the...more
La planificación fiscal le aplica a todos. El 1/22/24, el IRS le recordó a todos los contribuyentes que comenzaran a prepararse para presentar su declaración de impuestos federales sobre la renta. Planificar con anticipación...more
Tax planning applies to everyone. On 1/22/24, IRS reminded all taxpayers to start getting ready to file their federal income tax return. Planning ahead can help taxpayers file an accurate return and avoid delays that can slow...more
La Sección 6001 del Código de Rentas Internas requiere que los contribuyentes mantengan libros y registros adecuados y “que toda persona responsable de cualquier impuesto requerido por el Código, o de su recaudación, debe...more
Internal Revenue Code Section 6001 requires Taxpayers to maintain adequate books and records and “that that every person liable for any tax imposed by the Code, or for the collection thereof, must keep such records, render...more
On 8/25/23, the IRS announced that Interest rates increase for the fourth quarter 2023 would increase to 8% per year for the calendar quarter beginning 10/1/23 for taxes owed but not fully paid by individual taxpayers...more
Taxpayers ought to start getting ready to file 2022 taxes. Going through statements, receipts, tax forms and other financial documents when it’s time to prepare to file 2022 taxes in 2023 can be a downer for those...more
Un nuevo informe de la Organización para la Cooperación y el Desarrollo Económico (OCDE) dice que las administraciones tributarias pueden evaluar el cumplimiento de FATCA y CRS de las instituciones financieras al monitorear...more
Guía de la OCDE ofrece a las instituciones financieras asesoramiento sobre la contratación de organizaciones de servicios externos para gestionar el cumplimiento....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
Rule #1: Don’t Panic! Under the Biden Administration’s proposed American Families Tax Plan, there is the possibility of more tax audits, but only for a certain groups of high income people. That’s because more information...more
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 taxed” depends on who you ask....more
11/17/2021
/ Bank Secrecy Act ,
Bitcoin ,
Capital Gains ,
Cryptocurrency ,
FBAR ,
Filing Requirements ,
Financial Transactions ,
FinCEN ,
Income Taxes ,
Investment ,
IRS ,
Money Services Business ,
Regulatory Agenda ,
Regulatory Requirements ,
Reporting Requirements ,
Tax Liability ,
Tax Planning ,
Trading Platforms ,
Virtual Currency
I Predicted the Subprime Lending Bubble’s Collapse. The Signs Are The Same For Crypto.
When I predicted the bursting of the housing market’s subprime lending bubble in 2006, a lot of people called me crazy....more
Definition of a broker is debated The Biden Administration’s 2021–2022 Priority Guidance Plan (the Plan) supports a push from the IRS and the US Treasury to more closely scrutinize the virtual currency industry....more
11/4/2021
/ Bitcoin ,
Brokers ,
Capital Gains ,
Cryptocurrency ,
Financial Services Industry ,
Financial Transactions ,
Income Taxes ,
Investment ,
IRS ,
Reporting Requirements ,
Tax Liability ,
Tax Planning ,
Tax Reform ,
Tax Returns ,
Virtual Currency
OECD Report suggests compliance regime elements for FIs and Stakeholders -
Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standards (CRS) stakeholders are key to financial institutions’ (FIs) successful...more
Tax administrations can use a combination of detective, preventative and corrective measures to assess and treat Foreign Account Tax Compliance (FATCA) and Common Reporting Standard (CRS) non-compliance, according to the...more
When it comes to taxes, mistakes can cost you more than money. That’s especially true with Federal backup withholding taxes. In simplest terms, 24 percent backup withholding is demanded of both payers and payees who either...more
If you’ve engaged in cryptocurrency or other virtual currency transactions worth $20,000 in any one year between 2016 and 2020, the IRS wants to hear from you. The IRS believes thousands of taxpayers are not telling the...more
7/20/2021
/ Bitcoin ,
Capital Gains ,
Cryptocurrency ,
Digital Currency ,
Financial Transactions ,
Income Taxes ,
Investment ,
IRS ,
John Doe Investigation ,
Popular ,
Reporting Requirements ,
Tax Liability ,
Tax Planning ,
Virtual Currency
Under current FinCEN regulations, a foreign account holding virtual currency is not reportable on the FBAR. However, FinCEN in its FinCEN Notice 2020-2, proposes amending reports of foreign financial accounts (FBAR)...more
7/8/2021
/ Anti-Money Laundering ,
FATCA ,
FBAR ,
FinCEN ,
Foreign Financial Institutions (FFI) ,
Future Tax Treatment ,
IRS ,
Regulatory Requirements ,
Reporting Requirements ,
Tax Planning ,
Virtual Currency
The US Treasury reports that it is expecting the tax gap to rise to approximately $7 trillion over the course of the next decade if left unaddressed. In May 2021, the US Department of the Treasury issued the “THE AMERICAN...more
7/7/2021
/ BSA/AML ,
Corporate Governance ,
Financial Institutions ,
High Net-Worth ,
Income Taxes ,
IRS ,
Reporting Requirements ,
Strategic Enforcement Plan ,
Tax Audits ,
Tax Liability ,
Tax Planning ,
Tax Returns
The 2022 discretionary funding request (request) made by the Biden Administration will invest in a “fair and robust” tax system that includes tax compliance enforcement directed at High Income and High Net Worth Individuals...more
5/13/2021
/ Corporate Taxes ,
Failure-to-File ,
FATCA ,
High Net-Worth ,
Income Taxes ,
IRS ,
Offshore Banks ,
Strategic Enforcement Plan ,
Tax Audits ,
Tax Liability ,
Tax Planning ,
Tax Returns
Professional service providers including CPAs, Attorneys, Life Insurance Agents, Bankers, Brokers, Investment Advisors and Certified Financial Planners often are viewed a Taxpayer’s financial planning “trusted advisors”. ...more
Taxpayers who engaged virtual currency transactions in 2020 must answer a Yes or No Question on page 1 of Form 1040 or Form 1040-SR. The question is: “At any time during 2020, did you receive, sell, send, exchange or...more
An IRS “soft letter” is an IRS “tickler”. IRS will send a “soft letter” to provide an opportunity for the Taxpayer to address an issue that could avoid the need for further IRS contact or examination. ...more