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

The Accountant and the Paradise Papers

Under U.S. Tax Law, it is appropriate for an Accountant to advise a US Taxpayer regarding his tax efficiency if the Taxpayer wants to pay less tax and accumulate wealth. While tax avoidance is legal and encouraged by the IRS,…more
 /  Taxation

Here is what you need to know about IRS proposed draft of Form 1040 for 2017

As a courtesy to Taxpayers, IRS provides an “early release draft” of an IRS tax form. The drafts are not to be used for filing, but are generally released when most changes have been incorporated into the Form. The highlights…more
 /  Taxation

Is your spouse having trouble with the IRS and you didn’t know?

In a joint tax return filing, IRS has the right to assess both spouses that sign a joint income tax return under the penalty of perjury. This is similar to jointly signing for a loan at a Bank. The Bank will impose a legal…more
 /  Taxation

US Persons and Financial Institutions: Beware when engaging financially with Venezuela

On 8/25/17, President Donald Trump signed an Executive Order (EO) restricting and prohibiting certain transactions between US Persons and Venezuela. The transactions that are prohibited by US Persons apply wherever a US Person…more
 /  Elections & Politics, Finance & Banking, International Law & Trade, Taxation

New GTO covers Wire Transfers

On August 22, 2017, FinCEN (Financial Crimes Enforcement Network) published a new Advisory regarding Geographic Targeting Orders (GTOs) covering residential real estate transactions in certain counties or boroughs of New York,…more
 /  Finance & Banking, International Law & Trade, Real Estate - Residential, Taxation

After the Storm: Forensic Accounting = Record Reconstruction

IRS is authorized to grant certain relief that may help Taxpayers and Businesses recover financially from the impact of a disaster when the federal government declares their location to be a major disaster area. IRS could grant…more
 /  Commercial Law & Contracts, Toxic Torts

Greedy Charitable Deductions May Cost You

Taxpayers are not required to pay a negligence penalty for underpayment of income taxes if, under Internal Revenue Code regulations, there is reasonable cause for a position that the Taxpayer takes in an income tax return…more
 /  Nonprofit Law, Taxation

Watch out if you are an Expatriate US Passport Holder with Tax Debt and receive Notice CP-508C!

According to the US Department of State, there are approximately nine (9) Million US passport holders living overseas. There continues to be a misimpression by certain US Taxpayers living overseas that they are not required to…more
 /  Immigration Law, International Law & Trade, Taxation

Out of Compliance Taxpayers: Beware of new IRS-Programs!

The IRS-Criminal Investigation Unit (IRS-CI) is the Criminal Law Enforcement Arm of the IRS. Its conviction rate of over 90% is one of the highest in federal law enforcement. Those convicted pay taxes, penalties and interest…more
 /  Criminal Law, Taxation

The OECD is focused on maintaining the integrity of the CRS

As of August 2017, 102 international Jurisdictions are committed to the implementation timelines of the Common Reporting Standard (CRS). There are 49 Jurisdictions that are committed to the first exchange during 2017 and 53…more
 /  Taxation

Does investing in a PFIC make sense given FATCA reporting?

Since FATCA’s implementation in 2010, investing in a Passive Foreign Investment Company (PFIC) is a questionable decision. PFICs are reportable investments and their tax regime is punitive. Under FATCA, US Taxpayers’…more
 /  Taxation

Mayweather vs. McGregor – is it about the FIGHT or is it about the TAXES? Or the Passport?

Much has been published concerning Floyd Mayweather’s Federal Tax Liens in the amount of $22.2 Million and an unpaid 2010 IRS debt of $7.2 Million. The Jasminebrand.com released on 7/21/17 that a $3.3 million federal lien has…more
 /  Taxation

FATCA, FCPA, AML and OFAC allow the US to regulate the world. But what does it really mean?

In the current environment of increased regulation, transparency, reporting and heightened compliance standards, the US and its Government Agencies have an arsenal of tools with extraterritorial application…more
 /  International Law & Trade, Taxation

Cumplimiento Fiscal Internacional

Detectar, disuadir y responder al incumplimiento internacional son desafíos clave que enfrentan las autoridades tributarias de todo el mundo. El incumplimiento fiscal internacional es un problema significativo reconocido por…more
 /  Commercial Law & Contracts, International Law & Trade, Taxation

Are you a Taxpayer identified by IRS for not Reporting Offshore Financial Assets?

Taxpayers with unreported foreign financial assets and income run the risk of having the Government determine if their conduct was willful or non-willful. The definition of “Willful" or "non-willful” in Taxpayer’s conduct makes…more
 /  Finance & Banking, International Law & Trade, Taxation
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