Foodman CPAs & Advisors

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

If IRS wants to obtain records held in another country, Don’t ignore its request!

At a certain point during an income tax examination, if the IRS determines that it needs documents or items located outside the U.S., it may issue a Formal Document Request (FDR) under the Internal Revenue Code Section 982 (IRC…more
 /  Taxation

Tenga cuidado con las Ventas o Transferencias del 10% de la Propiedad en una Corporación Extranjera

La "Ley de reducción de impuestos y empleos" (la "Ley") contiene una provisión que es una "acompañante hermana" de la Deducción por Dividendos Recibidos (DRD) que implica ventas o transferencias que envuelven un 10% de la …more
 /  Taxation

Beware of Sales or Transfers of 10% ownership in a Foreign Corporation

The “Tax Cuts and Jobs Act” (the “Act”) contains a provision that is a “sister companion” to the Deduction for Dividends Received (DRD) that involves sales or transfers that involve specified 10% ownership in foreign…more
 /  Taxation

¿Sabía usted que la "Ley" tiene una Deducción por Dividendos Recibidos (DRD)?

La "Ley de Reducción de impuestos y empleos" (la "Ley") tiene el propósito declarado de que los EE.UU. se convierta a un sistema de impuestos “territorial". Antes de que se aprobara la Ley, la mayoría de las empresas de los…more
 /  Taxation

La habilidad del IRS de negar o revocar los Pasaportes de los Contribuyentes con deudas fiscales significativas es uno de los problemas más graves que enfrentan los Contribuyentes

El Departamento de Estado de los EE.UU esta requerido a denegar la solicitud de pasaporte de un individuo y está autorizado a revocar o limitar un pasaporte existente si el IRS certifica que el individuo tiene una deuda fiscal…more
 /  Taxation

Did you know that the “Act” has a Deduction for Dividends Received (DRD)?

The “Tax Cuts and Jobs Act” (the “Act”) has a stated purpose of converting the U.S. to a “territorial” tax system. Before the Act was approved, most U.S. companies were incentivized to keep their earnings offshore. In the…more
 /  Taxation

Accionistas Estadounidenses que poseen el 10% o más tienen un mandatorio nuevo “impuesto de transición”

La "Ley de reducción de impuestos y empleos" (la "Ley") tiene una provisión que requiere que los Contribuyentes Estadounidenses que poseen el 10% o más de una Corporación Controlada Extranjera (Controlled Foreign Corporation…more
 /  Elections & Politics, Taxation

U.S. 10% Shareholder Taxpayers have a new Mandatory “Transition Tax”

The “Tax Cuts and Jobs Act” (the “Act") has a provision requiring U.S. Shareholder Taxpayers that own 10% or more of a Controlled Foreign Corporation (CFC) and other “Specified Foreign Corporations” to pay a “transition tax”. …more
 /  Commercial Law & Contracts, Elections & Politics, International Law & Trade, Securities Law, Taxation

Conflict of Interest: When professional judgement is compromised….

Conflicts of interest can arise at any time during a professional engagement. According to the American Institute of Certified Public Accountants (AICPA), “A conflict of interest may occur if a member performs a professional…more
 /  Taxation

The IRS's ability to deny or revoke the Passports of Taxpayers with significant tax debts is one of the Most Serious Problems encountered by Taxpayers

The U.S Department of State is required to deny an individual’s passport application and is authorized to revoke or limit an existing passport if the IRS has certified that the individual has seriously delinquent federal tax…more
 /  Taxation

¿Será la pregunta para el año 2017: ¿tiene cuentas financieras extranjeras?

Desde la crisis financiera mundial que comenzó en el 2007, los contribuyentes Estadounidenses e Internacionales han estado bajo un escrutinio creciente. El sistema financiero ha sido fuertemente regulado y monitoreado de…more
 /  Taxation

Will the question for the Year 2017 be: Do you have Foreign Financial Accounts?

Since the Global Financial Crisis that began in 2007, domestic and international Taxpayers have been under increasing scrutiny. The financial system has been heavily regulated and closely monitored. In addition, the US Tax Gap…more
 /  Taxation

BSA, FinCEN, Treasury and IRS Want to Know: Who is the Ultimate Beneficial Owner (UBO)?

There seems to be a convergence by the Financial Crimes Enforcement Networks (FinCEN), the Treasury Department and the IRS for determining “who is the UBO” of entities. The U.S. Government is determined to enforce financial…more
 /  Finance & Banking, International Law & Trade, Taxation

Why are US Citizens Renouncing their Citizenship?

A significant number of US Taxpayers living overseas have become “unbankable” where they live because of high account servicing costs for local banks (Foreign Financial Institutions – also known as FFIs) caused by the…more
 /  Taxation

Bitcoins and the IRS: Reporting and Storing

Possession of virtual currency, also known as cryptocurrency, is legal in the U.S. as well as many other parts of the world. The most well-known form of virtual currency is Bitcoin. There are other virtual currencies that…more
 /  Finance & Banking, Science, Computers, & Technology, Taxation
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