Foodman CPAs & Advisors

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1201 Brickell Ave., Suite 610
Colonnade Plaza
Miami, FL 33131, United States
Phone: 305.365.1111
Fax: 305.365.2244
Areas of Practice
  • Accounting
Locations
Other U.S. Locations
  • Florida

A Quick Guide to the Suspicious Activity Report (SAR)

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…more
 /  Taxation

Financial Planning Season: A way to evaluate your Provider

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…more
 /  Taxation

Make your connection with the “Top 10” Tax Cut and Jobs Act Changes and be prepared for 2019!

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..…more
 /  Taxation

FATCA is still Standing!

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…more
 /  Taxation

Who will have the last word with Virtual Currency? IRS, FinCEN, SEC, OFAC or the CFTC?

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…more
 /  Taxation

Everyone wins when accepting Virtual Currency as Payment…

Acceptance of Virtual Currency (VC) as a form of 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…more
 /  Taxation

Who monitors digital currency wallets?

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)…more
 /  Taxation

Here is what you need to know about the FinCEN’s Final CDD Rule effective May 11, 2018

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 imposes a new…more
 /  Taxation

Watch out for those who Promise Bogus Charitable Giving Tax Schemes

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…more
 /  Taxation

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?

On April 9, 2018, IRS released Notice (IR-2018-87) to remind Taxpayers that hold foreign assets of their U.S. tax obligations which could include a filing requirement and a U.S. tax liability. This Notice applies to all U.S…more
 /  Taxation

Avoid this while filing your taxes

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…more
 /  Taxation

Virtual Currency Investors have a lot of responsibilities!

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…more
 /  Taxation

Taxpayers may have to pay Section 965 Transition Tax when filing their 2017 Tax Returns

Section 965 of the Internal Revenue Code requires certain U.S. Shareholders to pay a transition tax on the untaxed foreign earnings of certain Specified Foreign Corporations as if those earnings had been repatriated to the…more
 /  Taxation

May I continue excluding income earned in a Foreign country after 2017?

For most Expatriates, very little changes under the Tax Cut and Jobs Act (TCJA) because “foreign earned income” continues to be treated the same way for Individual Taxpayers under the TCJA. For others, provisions of the TCJA…more
 /  Taxation

Common Reporting Standard (CRS) Reporting Avoidance Game Is Over

The Common Reporting Standard (CRS) is a reality for over one hundred Jurisdictions during 2018. The Organization for Economic Co-operation and Development (OECD) has stated that there are potential and perceived loopholes in…more
 /  Taxation
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