Tax

August 2, 2021

Many taxpayers are familiar with information document requests where taxpayers are notified that taxing authorities are inquiring into certain transactions based on their receipt of the request. But today, many types of foreign tax information exchanges occur without the taxpayer’s knowledge. Moreover, tax administrations around the world are expanding tax information exchange programs. For example, on May 19, 2021, the European Union (“EU”) approved a measure to spend an additional € 270 million to improve…

Take Stock: Federal Policy Watch

Washington Healthcare Update | Aug. 2, 2021

By Stephanie Kennan & Alexandra Gale

August 2, 2021

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This week in Washington: Senate agrees on infrastructure compromise, budget resolution with reconciliation instructions to be voted on. House 76 Members of Congress Request CMS Guidance for States to Extend Postpartum Medicaid Coverage On July 26, a group of 14 Senate and 62 House members wrote to Centers for Medicare and Medicaid Services (CMS) Administrator Chiquita Brooks-LaSure requesting that CMS take immediate steps to implement the State plan option authority authorized by the American Rescue Plan…

Zalma on Insurance

Zalma on Insurance Claims – 4 Updated Volumes to Third Edition

By Barry Zalma

August 2, 2021

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Third Edition Treatise: Zalma on Insurance Claims This series of books is the latest addition to Barry Zalma’s insurance claims series of books and articles that will form the most thorough, up-to-date, expert-authored insurance claims guide available today. Thorough, yet practical, this series of books form the ideal guide for any professional who works in or frequently interacts with the insurance industry. Claims professionals, risk managers, producers, underwriters, attorneys (both plaintiff and defense), and business…

Zalma on Insurance

Zalma’s Insurance Fraud Letter – August 1, 2021

By Barry Zalma

August 2, 2021

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ZIFL – 08-01-2021 Volume 25 Issue 15 See the full article at https://lnkd.in/gzG-wR4; See the full video at https://rumble.com/c/c-262921 and at https://youtu.be/xbX2MXHrwIg Convicted Insurance Fraudster Appeals Finding She Breached Probation Fraud Perpetrators Have Unmitigated Gall Kristi Heffington appealed from the revocation of her probation. She argued on appeal that the revocation court’s decision was error even though it was proved that she had sent text messages to herself claiming it came from her…

Disputing Tax

Tax Controversy Coronavirus Thought Leadership

By Kat Gregor, Elizabeth Julia Smith, Isabelle Farrar & COVID-19 Developments Team

August 2, 2021

In response to the Coronavirus (COVID-19), the tax controversy group has put together a chart detailing tax controversy-related developments as they arise. Please refer to the following list of recent tax and tax controversy-related alerts and original articles for additional insight and guidance. For a comprehensive list of related thought leadership, please refer to the COVID-19 landing page. Tax Controversy Coronavirus Developments: Court, Federal and State-by-State Updates (Current as of June 1, 2021) Bipartisan Infrastructure …

Disputing Tax

Best Practices to Avoid Tax-Related Identity Theft

By Edward McNicholas, Elizabeth Julia Smith & Anna Chan

August 2, 2021

Fraudulent tax refunds issued as a result of identity theft occur when an individual steals a victim’s personally identifiable information (PII), such as a Social Security number (SSN), and files a tax return claiming to be the victim. More than 89,000 Americans filed complaints with the Federal Trade Commission (FTC) reporting tax fraud linked to identity theft in 2020. Similarly, businesses may also fall victim to tax fraud, where an individual steals a business’s employer…

AGP & Co Insights

CySEC Register of Express Trusts and Other Similar Legal Arrangements

By A.G. Paphitis & Co LLC

August 2, 2021

CySEC has issued a new Administrative Regulatory Act with regards to the enactment of the Express Trusts or other similar legal arrangements BOs. Pursuant to Article 61C of the Prevention and Suppression of Money Laundering and Terrorist Financing Law of 2021 (the “AML Law”) issued on the 18th of June 2021, the Cyprus Securities and Exchange Commission (the “CySEC”) adopted the Regulatory Administrative Act 257/2021 (the “Directive”), under which is identifying the obligations and procedure…

Milikowsky Tax Law Blog

Why IRS is Redirecting Their Focus Towards Cryptocurrency Tax Evasion

By John Milikowsky

August 1, 2021

Futuristic digital blockchain background. Abstract connections technology and digital network. 3d illustration of the Big data and communications technology.

In mid-May, the U.S Treasury Department announced that they would require any transfer of $10,000 or more to be reported to the Internal Revenue Service (IRS). This update comes in response to growing concerns with regard to cryptocurrency compliance. While many forms of crypto trading were designed to be hidden or virtually invisible, IRS is far from blind to these transactions. It is suspected that a significant amount of money is laundered through crypto transactions…

FBAR Blog & Foreign Account Compliance

Court Rules FBAR Willful Regulation Does Not Limit FBAR Penalties: New 2021

By Sean Golding

August 1, 2021

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FBAR Willful Regulation Does Not Limit FBAR Penalties FBAR Willful Regulation Does Not Limit FBAR Penalties Court Rules FBAR Willful Regulation Does Not Limit FBAR Penalties: In a recent FBAR case in the U.S. Court of Appeals for the Second Circuit, the Court of Appeals affirmed the District Court’s ruling that willful FBAR Penalties are NOT limited to $100,000 per year. Appellant’s argument (which has been pursued by other Taxpayers across the nation as well)…

IRS Streamlined Procedures

Penalties for FBAR May Survive Death, Texas Court Rules 2021

By Board-Certified Tax Law Specialist

July 31, 2021

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FBAR Penalties May Survive Death FBAR Penalties May Survive Death FBAR Penalties May Survive Death: There have a slew of new FBAR court rulings on matters involving the For eign Bank Account Reporting (FinCEN Form 114) and how penalties should issued and upheld. When a Defendant’s back is against the wall, they have to try and find anyway they can to limit or minimize the FBAR Penalties — which can be astronomical. One way…

Tax

No Secrets are Safe in an Era of Global Tax Information Exchange

Washington Healthcare Update | Aug. 2, 2021

Zalma on Insurance Claims – 4 Updated Volumes to Third Edition

Zalma’s Insurance Fraud Letter – August 1, 2021

Tax Controversy Coronavirus Thought Leadership

Best Practices to Avoid Tax-Related Identity Theft

CySEC Register of Express Trusts and Other Similar Legal Arrangements

Why IRS is Redirecting Their Focus Towards Cryptocurrency Tax Evasion

Court Rules FBAR Willful Regulation Does Not Limit FBAR Penalties: New 2021

Penalties for FBAR May Survive Death, Texas Court Rules 2021

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