Learn more about Government Initiatives and Reporting Requirements surrounding the response to the growth of cryptocurrency markets. watch our full webinar on the topic at web address to learn more about the topic
The world of FATCA & CRS can be daunting. But with the KENDRIS Ultimate Guide to FATCA & CRS for Fiduciaries, we go through everything you need to know.
Cryptocurrencies through the lens of commercial law and tax lawEmilyBroadbent1
Want to know more about cryptocurrencies? How about blockchain ledger technology and why it matters? Are there tax considerations that should be taken into account when dealing with bitcoin?
Find the answers to these questions and more with this comprehensive slide deck from a presentation given by Murray Plumb & Murray attorneys Andrew Helman and Chris Branson.
The document is an introduction to a training program on the Foreign Account Tax Compliance Act (FATCA) for Latin American firms. It outlines the agenda for the training, which covers the historical background of FATCA, its key aims and objectives, milestones, impact, and the three pillars of classification, reporting and withholding that FATCA implements. The training will be held in Panama City and Santo Domingo in February 2015 and presented by consultant Rodrigo Zepeda.
IBSA Webinar on FATCA & Exchange of Information which took place on 27 January 2015. Presented by Ross Belhomme of Saffery Champness (Geneva) and Peter Grant of KPMG (London). To view the webinar on demand, please visit our Bright Talk channel at https://www.brighttalk.com/channel/11641
Foreign account tax compliance act (FATCA) impact to Netherlands Financial In...Henk-Jan van der Klis
The document discusses the impact of the Foreign Account Tax Compliance Act (FATCA) on financial institutions in the Netherlands. It provides an overview of FATCA, including its goal of combating tax evasion by US persons holding offshore accounts. It outlines key requirements for foreign financial institutions, such as identifying and reporting US persons' accounts to avoid withholding taxes. It also discusses the bilateral agreement signed between the US and Netherlands to reduce administrative burden and exchange tax information. Finally, it lists major milestones and key players for Dutch financial institutions to comply with FATCA requirements.
MasterSnacks: Cryptocurrency Taxes on Bitcoin and Digital AssetsCitrin Cooperman
Sign up for our weekly MasterSnacks courses here: https://www.citrincooperman.com/infocus/mastersnacks
MasterSnacks, our C-Suite Snacks spin-off, brings you a series of topic-specific courses, using our snack-sized sessions to go in depth on content important to you. Join MasterSnacks live every Wednesday at noon for live exclusive sessions.
The recent cryptocurrency bull market has attracted many new retail and institutional investors. With this transformational technology, there are tax considerations related to every transaction. During this MasterSnacks: Cryptocurrency session, we covered:
• Taxation of digital assets
• Unusual tax situations for crypto assets (forks, airdrops, securities, etc.)
• Tax tips related to cryptocurrency to save time and money
This was a presentation to NJTC audience - a Government delegation on Financial Innovation & Supervision, with Tax Evasion, Tax Transparency and how FATCA, CRS solutions addresses tax transparency.
Global and local Implementation
Timeline for early adopters
Integration of CRS into the Cyprus Tax National Law
Entity Classification
Reporting/Non-reporting Financial Institutions (FI)
Defining FI
Depository Institutions
Specified Insurance Company
Custodial Institution
Investment Entities
Defining Non-Financial Institutions (NFEs)
Active NFEs
Criteria of being considered a NFE
Based on Income and Assets
‘Substantially all ’ - Holding Company
‘Treasury Centre’ – Financing Company
Under CRS definitions & examples
Non-profit Organisations
Reporting and Timing
Sanctions for non-Compliance
The world of FATCA & CRS can be daunting. But with the KENDRIS Ultimate Guide to FATCA & CRS for Fiduciaries, we go through everything you need to know.
Cryptocurrencies through the lens of commercial law and tax lawEmilyBroadbent1
Want to know more about cryptocurrencies? How about blockchain ledger technology and why it matters? Are there tax considerations that should be taken into account when dealing with bitcoin?
Find the answers to these questions and more with this comprehensive slide deck from a presentation given by Murray Plumb & Murray attorneys Andrew Helman and Chris Branson.
The document is an introduction to a training program on the Foreign Account Tax Compliance Act (FATCA) for Latin American firms. It outlines the agenda for the training, which covers the historical background of FATCA, its key aims and objectives, milestones, impact, and the three pillars of classification, reporting and withholding that FATCA implements. The training will be held in Panama City and Santo Domingo in February 2015 and presented by consultant Rodrigo Zepeda.
IBSA Webinar on FATCA & Exchange of Information which took place on 27 January 2015. Presented by Ross Belhomme of Saffery Champness (Geneva) and Peter Grant of KPMG (London). To view the webinar on demand, please visit our Bright Talk channel at https://www.brighttalk.com/channel/11641
Foreign account tax compliance act (FATCA) impact to Netherlands Financial In...Henk-Jan van der Klis
The document discusses the impact of the Foreign Account Tax Compliance Act (FATCA) on financial institutions in the Netherlands. It provides an overview of FATCA, including its goal of combating tax evasion by US persons holding offshore accounts. It outlines key requirements for foreign financial institutions, such as identifying and reporting US persons' accounts to avoid withholding taxes. It also discusses the bilateral agreement signed between the US and Netherlands to reduce administrative burden and exchange tax information. Finally, it lists major milestones and key players for Dutch financial institutions to comply with FATCA requirements.
MasterSnacks: Cryptocurrency Taxes on Bitcoin and Digital AssetsCitrin Cooperman
Sign up for our weekly MasterSnacks courses here: https://www.citrincooperman.com/infocus/mastersnacks
MasterSnacks, our C-Suite Snacks spin-off, brings you a series of topic-specific courses, using our snack-sized sessions to go in depth on content important to you. Join MasterSnacks live every Wednesday at noon for live exclusive sessions.
The recent cryptocurrency bull market has attracted many new retail and institutional investors. With this transformational technology, there are tax considerations related to every transaction. During this MasterSnacks: Cryptocurrency session, we covered:
• Taxation of digital assets
• Unusual tax situations for crypto assets (forks, airdrops, securities, etc.)
• Tax tips related to cryptocurrency to save time and money
This was a presentation to NJTC audience - a Government delegation on Financial Innovation & Supervision, with Tax Evasion, Tax Transparency and how FATCA, CRS solutions addresses tax transparency.
Global and local Implementation
Timeline for early adopters
Integration of CRS into the Cyprus Tax National Law
Entity Classification
Reporting/Non-reporting Financial Institutions (FI)
Defining FI
Depository Institutions
Specified Insurance Company
Custodial Institution
Investment Entities
Defining Non-Financial Institutions (NFEs)
Active NFEs
Criteria of being considered a NFE
Based on Income and Assets
‘Substantially all ’ - Holding Company
‘Treasury Centre’ – Financing Company
Under CRS definitions & examples
Non-profit Organisations
Reporting and Timing
Sanctions for non-Compliance
This document summarizes a seminar by J.P. Morgan on the Foreign Account Tax Compliance Act (FATCA). FATCA aims to identify U.S. persons invested in foreign accounts by imposing new reporting and withholding requirements on foreign financial institutions (FFIs) and non-financial foreign entities (NFFEs). FFIs must enter agreements to report U.S. account information to the IRS or face 30% withholding on U.S. payments, while NFFEs must certify they have no substantial U.S. owners or provide owner information to avoid withholding. The seminar covers key FATCA definitions, requirements, exceptions, and timeline, as well as preliminary IRS guidance that requests industry comments
The document discusses anti-money laundering and counter-terrorist financing regulations. It provides definitions of money laundering and terrorist financing under Hong Kong law. It also outlines Hong Kong's anti-money laundering regulatory framework, including the key ordinance, regulatory authorities for financial institutions, and components of supervision and enforcement.
The Common Reporting Standard (CRS) is an automatic exchange of financial account information between jurisdictions. It was formulated in 2014 by the OECD and leverages existing standards like FATCA. Over 100 countries have committed to implementing CRS, with 50 early adopters exchanging information starting in 2018. CRS requires financial institutions to report account information like interest, dividends, and account balances to their local tax authorities, who will automatically share that information with other tax authorities annually. Implementing CRS involves translating it into domestic laws, establishing agreements for exchange of information, building IT systems, and protecting confidential data.
The Foreign Account Tax Compliance Act (FATCA) was enacted in 2010 in response to lost US tax revenues from accounts held overseas. It requires foreign banks to report financial information of US persons directly to the IRS. Implementation has been delayed and phased in over time to allow for compliance efforts. FATCA has significant impacts on individuals, financial institutions, and international tax information exchange standards. The OECD has developed a global standard called GATCA that is based on but goes beyond the FATCA model by requiring automatic exchange of financial account information for taxpayers based on residence rather than citizenship.
The document discusses major changes made by the IRS in 2014 to the Offshore Voluntary Disclosure Program and streamlined filing procedures. It expanded eligibility for the streamlined procedures to include more U.S. taxpayers, eliminated certain tax thresholds and risk assessment processes. There are now two types of streamlined procedures - one for taxpayers living abroad and one for taxpayers living in the U.S. The streamlined foreign procedures eliminate penalties for back taxes and interest, while the domestic procedures charge a reduced penalty of 5% of undisclosed foreign assets. The document outlines various eligibility requirements and potential issues or "traps" to be aware of for each streamlined procedure.
Malaysia established various entities and frameworks to combat money laundering, including establishing a Financial Intelligence Unit (FIU) in Bank Negara Malaysia in 2001. When establishing the FIU, key issues that had to be addressed included building stakeholder confidence, ensuring reporting institution compliance, and developing expertise. Resolutions involved guidelines, training, and establishing legal and regulatory frameworks. The FIU works with domestic partners and international organizations to analyze financial intelligence and support law enforcement consistent with international standards. Ongoing challenges include organizational effectiveness and timely response to money laundering trends.
The Criminal Finances Act 2017 (CFA) gives new powers
to law enforcement to recover the proceeds of crime and
tackle money laundering, tax evasion, corruption and terrorist financing.This short presentation primarily focusses on the corporate offences of failing to prevent the facilitation of tax evasion.
Living in the Wild Wild West of Fintechdouglaslyon
The document provides an overview of recent developments in fintech and crowdfunding. It discusses the different types of crowdfunding enabled by the JOBS Act of 2012, including Title II offerings to accredited investors using general solicitation, Title III crowdfunding allowing offerings to non-accredited investors, and Regulation A+ expanding exemptions. It also covers the growth of cryptocurrency and initial coin offerings, noting concerns about their environmental impact and lack of tangible value.
This document provides an overview of the IRS Offshore Voluntary Disclosure Program (OVDP). It discusses how the program allows noncompliant taxpayers to become compliant by disclosing foreign accounts and assets. It notes that taxpayers must disclose all information truthfully to receive reduced penalties, including paying a miscellaneous penalty of 27.5% of the highest balance of undisclosed foreign accounts over an 8 year period. However, the penalty increases to 50% for accounts at banks being investigated or cooperating with authorities. The document provides examples and explanations of how penalties are calculated under OVDP.
Money laundering is the process of making illegally obtained money appear legal. This document discusses how criminals first place illegal funds into the financial system through various techniques like structuring deposits to avoid reporting requirements, using alternative remittance systems, or purchasing assets or insurance policies. It then explains how launderers further layer the funds by moving them through many transactions to obscure their source and make the money harder to trace back to criminal activity. Kenya's new anti-money laundering law aims to regulate these processes but questions remain over successful implementation.
This document discusses steps organizations can take to demonstrate reasonable prevention procedures and defenses against the corporate criminal offence (CCO) legislation introduced by the UK Criminal Finances Act 2017. It recommends conducting a risk assessment to identify potential tax evasion risks, developing appropriate prevention policies and procedures, implementing training programs, and monitoring controls. BDO, which has assisted over 150 clients with CCO compliance, can provide customized support options for the risk assessment and implementation of defenses through workshops, template documents, eLearning training, and other practical services.
This presentation serves as study notes for the e-learning material titled: "South African Hedge funds and international developments"
These notes focus on FATCA and its Impact on the Hedge Fund Industry.
http://www.hedgefund-sa.co.za/fatca
The document provides an overview of state procurement and contract management in Texas. It discusses that procurement is centrally managed by the Texas Procurement and Support Services (TPASS) and Department of Information Resources (DIR), but there are many exemptions. Oversight is shared across multiple entities and reporting is limited. It outlines the central management, delegation of authority, exemptions, oversight mechanisms, and reporting requirements for state procurement in Texas.
This document summarizes the global journey towards establishing public registers of beneficial ownership across different regions from 2007 to 2016. It provides an overview of why beneficial ownership registers are needed to increase transparency and combat financial crimes. It then outlines the approaches taken in Europe, Asia-Pacific, Africa/Middle East, and the Americas. It specifically discusses the UK's implementation and key challenges faced in the digital age related to transparency, identification, and cross-border cooperation.
This document provides information about Acumen Group, a company that assists with obtaining authorization and registration from regulatory bodies like the Financial Conduct Authority (FCA) and HM Revenue & Customs (HMRC). It outlines the authorization and registration services offered, including application assistance, ongoing compliance support, training, and audit representation. The stages of the application process and details of compliance services provided to money service businesses are also summarized.
The 440 page LexisNexis® Guide to FATCA Compliance was designed in consultation, via numerous interviews and meetings, with government officials, NGO staff, large financial institution compliance officers, investment fund compliance officers, and trust companies, from North and South America, Europe, South Africa, and Asia, and in consultation with contributors who are leading industry experts. The contributors hail from several countries and an offshore financial center and include attorneys, accountants, information technology engineers, and risk managers from large, medium and small firms and from large financial institutions. Thus, the challenges of the FATCA Compliance Officer are approached from several perspectives and contextual backgrounds. See http://www.lexisnexis.com/store/catalog/booktemplate/productdetail.jsp?pageName=relatedProducts&prodId=prod19190327
This 28 chapter Guide contains three chapters written specifically to guide a financial institution's lead FATCA compliance officer in designing a plan of internal action within the enterprise and interaction with outside FATCA advisors with a view of best leveraging available resources and budget [see Chapters 2, 3, and 4]. Sample chapter available at http://www.lexisnexis.com/store/images/samples/9780769853734.pdf
Inbound Real Estate Investment Taxation(United States, Australia, Canada, Br...Chris Cervellera
This document summarizes key taxation concepts related to US and Canadian inbound real estate investment by non-residents. For the US, it defines FIRPTA and USRPI and outlines applicable taxes such as income tax, withholding tax, and capital gains tax. It then discusses common structuring approaches like standard and leveraged blockers. For Canada, it notes trends in foreign investment, defines TCP, and outlines applicable taxes on passive income, business income, and interest deductibility.
1) FATCA (Foreign Account Tax Compliance Act) requires foreign financial institutions to report information about financial accounts held by US taxpayers to the IRS. FFIs must enter agreements to share this information or face penalties like tax withholding.
2) Complying with FATCA's requirements will be extremely costly and challenging for financial institutions. It will require changes to internal systems, processes, and procedures across organizations.
3) FATCA will impact more than just financial institutions. All companies that make US-sourced payments abroad will need to modify their practices to comply with FATCA by 2013 to avoid penalties.
This document provides an overview of know your customer (KYC) procedures for financial institutions. It discusses collecting basic customer due diligence information such as identity documents and address for individuals. It also describes risk assessing customers and categorizing them as regular, medium, or higher risk. Higher risk customers require enhanced customer due diligence and justification that they are not involved in money laundering. The document outlines KYC procedures for individuals and corporations.
The document summarizes a presentation on cryptocurrency and IRS tax enforcement. It discusses various means of obtaining cryptocurrency, current IRS guidance, and unresolved tax issues. It also covers potential disclosure requirements, civil examination considerations, criminal investigations, and using voluntary disclosures to come into compliance. Attendees are warned that IRS cryptocurrency enforcement is increasing and advised to ensure proper tax reporting and record keeping of cryptocurrency transactions.
The document discusses the IRS's guidance on the tax treatment of bitcoin and other virtual currencies. Some key points:
- The IRS treats virtual currency as property, so general tax rules for property transactions apply. This means mining or receiving bitcoin as income requires reporting the fair market value as gross income. Selling or exchanging bitcoin triggers capital gains/losses taxes.
- Tax treatment depends on how the bitcoin was acquired. Purchasing has no tax consequences until sale. Mining requires reporting fair market value as income. Receiving bitcoin for goods/services also requires reporting fair market value as income.
- Record keeping for transactions is important to determine cost basis and calculate capital gains/losses. Form 8949 is
This document summarizes a seminar by J.P. Morgan on the Foreign Account Tax Compliance Act (FATCA). FATCA aims to identify U.S. persons invested in foreign accounts by imposing new reporting and withholding requirements on foreign financial institutions (FFIs) and non-financial foreign entities (NFFEs). FFIs must enter agreements to report U.S. account information to the IRS or face 30% withholding on U.S. payments, while NFFEs must certify they have no substantial U.S. owners or provide owner information to avoid withholding. The seminar covers key FATCA definitions, requirements, exceptions, and timeline, as well as preliminary IRS guidance that requests industry comments
The document discusses anti-money laundering and counter-terrorist financing regulations. It provides definitions of money laundering and terrorist financing under Hong Kong law. It also outlines Hong Kong's anti-money laundering regulatory framework, including the key ordinance, regulatory authorities for financial institutions, and components of supervision and enforcement.
The Common Reporting Standard (CRS) is an automatic exchange of financial account information between jurisdictions. It was formulated in 2014 by the OECD and leverages existing standards like FATCA. Over 100 countries have committed to implementing CRS, with 50 early adopters exchanging information starting in 2018. CRS requires financial institutions to report account information like interest, dividends, and account balances to their local tax authorities, who will automatically share that information with other tax authorities annually. Implementing CRS involves translating it into domestic laws, establishing agreements for exchange of information, building IT systems, and protecting confidential data.
The Foreign Account Tax Compliance Act (FATCA) was enacted in 2010 in response to lost US tax revenues from accounts held overseas. It requires foreign banks to report financial information of US persons directly to the IRS. Implementation has been delayed and phased in over time to allow for compliance efforts. FATCA has significant impacts on individuals, financial institutions, and international tax information exchange standards. The OECD has developed a global standard called GATCA that is based on but goes beyond the FATCA model by requiring automatic exchange of financial account information for taxpayers based on residence rather than citizenship.
The document discusses major changes made by the IRS in 2014 to the Offshore Voluntary Disclosure Program and streamlined filing procedures. It expanded eligibility for the streamlined procedures to include more U.S. taxpayers, eliminated certain tax thresholds and risk assessment processes. There are now two types of streamlined procedures - one for taxpayers living abroad and one for taxpayers living in the U.S. The streamlined foreign procedures eliminate penalties for back taxes and interest, while the domestic procedures charge a reduced penalty of 5% of undisclosed foreign assets. The document outlines various eligibility requirements and potential issues or "traps" to be aware of for each streamlined procedure.
Malaysia established various entities and frameworks to combat money laundering, including establishing a Financial Intelligence Unit (FIU) in Bank Negara Malaysia in 2001. When establishing the FIU, key issues that had to be addressed included building stakeholder confidence, ensuring reporting institution compliance, and developing expertise. Resolutions involved guidelines, training, and establishing legal and regulatory frameworks. The FIU works with domestic partners and international organizations to analyze financial intelligence and support law enforcement consistent with international standards. Ongoing challenges include organizational effectiveness and timely response to money laundering trends.
The Criminal Finances Act 2017 (CFA) gives new powers
to law enforcement to recover the proceeds of crime and
tackle money laundering, tax evasion, corruption and terrorist financing.This short presentation primarily focusses on the corporate offences of failing to prevent the facilitation of tax evasion.
Living in the Wild Wild West of Fintechdouglaslyon
The document provides an overview of recent developments in fintech and crowdfunding. It discusses the different types of crowdfunding enabled by the JOBS Act of 2012, including Title II offerings to accredited investors using general solicitation, Title III crowdfunding allowing offerings to non-accredited investors, and Regulation A+ expanding exemptions. It also covers the growth of cryptocurrency and initial coin offerings, noting concerns about their environmental impact and lack of tangible value.
This document provides an overview of the IRS Offshore Voluntary Disclosure Program (OVDP). It discusses how the program allows noncompliant taxpayers to become compliant by disclosing foreign accounts and assets. It notes that taxpayers must disclose all information truthfully to receive reduced penalties, including paying a miscellaneous penalty of 27.5% of the highest balance of undisclosed foreign accounts over an 8 year period. However, the penalty increases to 50% for accounts at banks being investigated or cooperating with authorities. The document provides examples and explanations of how penalties are calculated under OVDP.
Money laundering is the process of making illegally obtained money appear legal. This document discusses how criminals first place illegal funds into the financial system through various techniques like structuring deposits to avoid reporting requirements, using alternative remittance systems, or purchasing assets or insurance policies. It then explains how launderers further layer the funds by moving them through many transactions to obscure their source and make the money harder to trace back to criminal activity. Kenya's new anti-money laundering law aims to regulate these processes but questions remain over successful implementation.
This document discusses steps organizations can take to demonstrate reasonable prevention procedures and defenses against the corporate criminal offence (CCO) legislation introduced by the UK Criminal Finances Act 2017. It recommends conducting a risk assessment to identify potential tax evasion risks, developing appropriate prevention policies and procedures, implementing training programs, and monitoring controls. BDO, which has assisted over 150 clients with CCO compliance, can provide customized support options for the risk assessment and implementation of defenses through workshops, template documents, eLearning training, and other practical services.
This presentation serves as study notes for the e-learning material titled: "South African Hedge funds and international developments"
These notes focus on FATCA and its Impact on the Hedge Fund Industry.
http://www.hedgefund-sa.co.za/fatca
The document provides an overview of state procurement and contract management in Texas. It discusses that procurement is centrally managed by the Texas Procurement and Support Services (TPASS) and Department of Information Resources (DIR), but there are many exemptions. Oversight is shared across multiple entities and reporting is limited. It outlines the central management, delegation of authority, exemptions, oversight mechanisms, and reporting requirements for state procurement in Texas.
This document summarizes the global journey towards establishing public registers of beneficial ownership across different regions from 2007 to 2016. It provides an overview of why beneficial ownership registers are needed to increase transparency and combat financial crimes. It then outlines the approaches taken in Europe, Asia-Pacific, Africa/Middle East, and the Americas. It specifically discusses the UK's implementation and key challenges faced in the digital age related to transparency, identification, and cross-border cooperation.
This document provides information about Acumen Group, a company that assists with obtaining authorization and registration from regulatory bodies like the Financial Conduct Authority (FCA) and HM Revenue & Customs (HMRC). It outlines the authorization and registration services offered, including application assistance, ongoing compliance support, training, and audit representation. The stages of the application process and details of compliance services provided to money service businesses are also summarized.
The 440 page LexisNexis® Guide to FATCA Compliance was designed in consultation, via numerous interviews and meetings, with government officials, NGO staff, large financial institution compliance officers, investment fund compliance officers, and trust companies, from North and South America, Europe, South Africa, and Asia, and in consultation with contributors who are leading industry experts. The contributors hail from several countries and an offshore financial center and include attorneys, accountants, information technology engineers, and risk managers from large, medium and small firms and from large financial institutions. Thus, the challenges of the FATCA Compliance Officer are approached from several perspectives and contextual backgrounds. See http://www.lexisnexis.com/store/catalog/booktemplate/productdetail.jsp?pageName=relatedProducts&prodId=prod19190327
This 28 chapter Guide contains three chapters written specifically to guide a financial institution's lead FATCA compliance officer in designing a plan of internal action within the enterprise and interaction with outside FATCA advisors with a view of best leveraging available resources and budget [see Chapters 2, 3, and 4]. Sample chapter available at http://www.lexisnexis.com/store/images/samples/9780769853734.pdf
Inbound Real Estate Investment Taxation(United States, Australia, Canada, Br...Chris Cervellera
This document summarizes key taxation concepts related to US and Canadian inbound real estate investment by non-residents. For the US, it defines FIRPTA and USRPI and outlines applicable taxes such as income tax, withholding tax, and capital gains tax. It then discusses common structuring approaches like standard and leveraged blockers. For Canada, it notes trends in foreign investment, defines TCP, and outlines applicable taxes on passive income, business income, and interest deductibility.
1) FATCA (Foreign Account Tax Compliance Act) requires foreign financial institutions to report information about financial accounts held by US taxpayers to the IRS. FFIs must enter agreements to share this information or face penalties like tax withholding.
2) Complying with FATCA's requirements will be extremely costly and challenging for financial institutions. It will require changes to internal systems, processes, and procedures across organizations.
3) FATCA will impact more than just financial institutions. All companies that make US-sourced payments abroad will need to modify their practices to comply with FATCA by 2013 to avoid penalties.
This document provides an overview of know your customer (KYC) procedures for financial institutions. It discusses collecting basic customer due diligence information such as identity documents and address for individuals. It also describes risk assessing customers and categorizing them as regular, medium, or higher risk. Higher risk customers require enhanced customer due diligence and justification that they are not involved in money laundering. The document outlines KYC procedures for individuals and corporations.
The document summarizes a presentation on cryptocurrency and IRS tax enforcement. It discusses various means of obtaining cryptocurrency, current IRS guidance, and unresolved tax issues. It also covers potential disclosure requirements, civil examination considerations, criminal investigations, and using voluntary disclosures to come into compliance. Attendees are warned that IRS cryptocurrency enforcement is increasing and advised to ensure proper tax reporting and record keeping of cryptocurrency transactions.
The document discusses the IRS's guidance on the tax treatment of bitcoin and other virtual currencies. Some key points:
- The IRS treats virtual currency as property, so general tax rules for property transactions apply. This means mining or receiving bitcoin as income requires reporting the fair market value as gross income. Selling or exchanging bitcoin triggers capital gains/losses taxes.
- Tax treatment depends on how the bitcoin was acquired. Purchasing has no tax consequences until sale. Mining requires reporting fair market value as income. Receiving bitcoin for goods/services also requires reporting fair market value as income.
- Record keeping for transactions is important to determine cost basis and calculate capital gains/losses. Form 8949 is
License for forex brokers. The best jrusdictionsAmirani Azaladze
This document provides information on obtaining various financial services licenses from regulatory bodies around the world. It outlines the application process, timeline, fees, and requirements for licenses from the UK Financial Conduct Authority (FCA), Labuan Financial Services Authority (LFSA) in Malaysia, and the FCA's Small Payment Institution (SPI) license in the UK. Key details include application fees ranging from $60,000 to $97,000, capital requirements, required documents, and the multistage application and review process taking 3-8 months.
The document provides an overview of Malta's Virtual Financial Assets Act, which aims to regulate cryptocurrencies and initial coin offerings (ICOs). Some key points:
- The Act defines terms like virtual tokens, virtual financial assets, and the financial instrument test to determine the classification.
- It establishes a licensing framework for ICOs, virtual financial asset service providers, and virtual financial asset agents who will guide companies.
- ICOs must publish a whitepaper meeting extensive disclosure requirements and be registered through a licensed VFA agent.
- It outlines different classes of licenses for services like exchanges, custody, and advice and exemptions from licensing.
- Rules propose capital and insurance requirements for
Tax Support to Professional Services PracticesCrowleys DFK
Crowleys DFK is an Irish accounting firm that provides tax and advisory services. They have experience working with legal firms and other sectors. Their tax services include corporate tax, VAT, capital gains tax, and assisting with revenue audits. They also offer outsourced accounting and payroll. Crowleys DFK is a member of DFK International, an association of independent accounting firms with over 400 offices worldwide. This allows them to provide integrated services for clients with international needs.
A presentation on AML & CFT Risks and Opportunities delivered at the Gibraltar Association of Compliance Officers Blockchain & DLT Event on 17 October 2018.
This presentation covers different industry players; what obligations those industry players may have; how to meet those compliance obligations; other key risks and the future of compliance in the cryptocurrency and DLT sector.
The document discusses recent updates from the U.S. Treasury regarding regulations on the Foreign Account Tax Compliance Act (FATCA). It outlines FATCA's goal of ensuring tax compliance for U.S. taxpayers' offshore financial assets and accounts. Key points include: expanded categories of compliant foreign institutions, extended timelines for requirements, and reduced burdens for foreign institutions. FATCA now joins existing disclosure regimes for foreign bank accounts, offshore entities, and specified foreign assets. Implementation of FATCA provisions will take place between 2013-2017.
This is an in-house training paper that reviews the highlights of the Income Tax (Country by Country Reporting) Regulations, 2018 released by the Federal Inland Revenue Service.
Opinion expressed herein by the author does not necessarily in anyway represent the Opinion of OECD, ATAF or the Federal Inland Revenue Service (FIRS). The write up is strictly for information purpose, I therefore make no representation as to the accuracy and completeness of the information contained in this publication. I accept no liability for any loss that may arise from the use of this paper.
Presented by Jon Kutner, hyperWALLET General Counsel, at the 2014 DSA Global Regulatory Conference.
The Foreign Accounts Tax Compliance Act (FATCA) should be on the radar screen of every DSA member company. This presentation will begin with a background on the legislation and how it is being implemented globally, followed by a summary of how the FATCA rules interact with Section 1441/Non-resident alien withholding rules affecting DSOs paying distributors in foreign countries. The presentation will also cover FATCA issues affecting DSOs with business entities in foreign countries, and provide some suggestions for multinationals to prepare for FATCA due diligence requests from their foreign financial institutions.
This document provides a summary of Anti-Money Laundering, Combating the Financing of Terrorism & Countering Proliferation Financing (AML/CFT/CPF) regulations for State Bank of Pakistan's regulated entities. It outlines 10 key regulations, including requiring a risk-based approach to AML/CFT, defining customer due diligence requirements, reliance on third parties for CDD, financial sanctions screening, enhanced due diligence for politically exposed persons, NGO/NPO/charity accounts, reporting suspicious transactions, record keeping, correspondent banking, and money value transfer services. The document is intended to help regulated entities understand and comply with Pakistan's AML/CFT/CPF
Crowdfunding from the Start-Up's Perspective (Series: Crowdfunding)Financial Poise
How can businesses use the tools created by the JOBS Act to access capital? This webinar compares raising money online to traditional methods of capital raising. It also compares each of the different titles available under the JOBS Act. Finally, we discuss and compare the differences between security based crowdfunding and rewards based crowdfunding, exploring those instances where such a method would make sense.
To view the accompanying webinar, go to: https://www.financialpoise.com/financial-poise-webinars/crowdfunding-from-the-start-ups-perspective-2021/
OECD | AUTOMATIC EXCHANGE OF INFORMATION AGREEMENT: IS THIS THE END OF BANK S...preoffshore1
For many years OECD has without much conviction talked about implementing automatic exchange agreements. Then came FACTA. The success and the speediness of the implementation process of FACTA has launched again the automatic exchange agreement program.
201502 accenture automatic exchange of information regime an emerging compl...Francisco Calzado
publicación acerca de la norma internacional sobre el intercambio automático de información, elaborada por la OCDE junto con el G20 y la colaboración de la Unión Europea.
Este informe pone de manifiesto los nuevos retos en materia regulatoria a los que se enfrentan las entidades financieras tras la adopción de la norma, con especial foco en el impacto que supondrá el cumplimiento de los requerimientos exigidos por el CRS.
E-book: How to manage Anti-Money Laundering and Counter Financing of Terroris...Jitske de Bruijne
Financial Institutions continue to face heightened fines and regulatory scrutiny over their AML/CFT Programs. This e-book helps you to manage AML/CFT Programs.
Investment Fund placing ownership positions in tax credited real estate projects. This entity will empower development to more effectively execute on the actionable opportunities it has incubated with its strategic partners.
Formal introduction to The Opportunity Zone program provides three primary tax benefits for investing
unrealized capital gains.
This document discusses the Foreign Account Tax Compliance Act (FATCA) reporting requirements that fund managers must comply with. It explains that FATCA reporting is due by mid-2015 and involves classifying entities, obtaining registration numbers, and reporting on US and UK taxpayers. It advises fund managers to ensure they have an efficient process to minimize costs and risks of non-compliance.
This memorandum discusses the tax treatment of Bitcoin in the US. It notes that the IRS issued guidance in March 2014 treating Bitcoin as property for tax purposes. This means that Bitcoin transactions are taxable in the same way as property transactions. The memo provides details on how to calculate capital gains and losses from Bitcoin use and explains the tax obligations of Bitcoin miners and those who receive Bitcoin for goods or services.
The document summarizes SEC and FINRA enforcement actions against broker-dealers and investment advisers in 2014. Some key points:
- The SEC brought a record 755 enforcement actions in 2014, up from 686 in 2013, collecting $4.16 billion in penalties and disgorgement. FINRA also took a more aggressive enforcement approach.
- Regulators increasingly rely on data and analytical tools to identify misconduct like churning, mutual fund switching, and lack of suitability. Both regulators and firms find regulators now have better data capabilities.
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The Foreign Account Tax Compliance Act (FATCA) will be taking place on 17-20 November, in Dubai, UAE will help financial institutions successfully implement and comply with FATCA in their organisation by providing implementable insights and tools to effectively review pre-existing accounts, identify US accounts and onboard new entities clients through 4 in-depth workshops, presentations and panels.
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2. DISCLAIMER
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understanding that Stephen Moskowitz, Moskowitz LLP, and the instructor are not engaged in rendering
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presentation and these accompanying materials. If legal advice or other professional assistance is
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use of these materials does not establish an attorney-client relationship with Stephen Moskowitz and/or
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IN ACCORDANCE WITH TREASURY REGULATIONS CIRCULAR 230, WE INFORM YOU THAT ANY TAX ADVICE
CONTAINED IN THIS COMMUNICATION WAS NOT INTENDED OR WRITTEN TO BE USED, AND CANNOT BE
USED, FOR THE PURPOSE OF (I) AVOIDING TAX-RELATED PENALTIES UNDER THE INTERNAL REVENUE
CODE OR (II) PROMOTING, MARKETING, OR RECOMMENDING TO ANOTHER PARTY ANY TAX-RELATED
MATTER ADDRESSED HEREIN.
3. Biden’s March 9 2022 Executive
Order on Digital Assets
Taxation of NFTs and Cryptocurrency
▪ Protect consumers, investors, and businesses in the United
States
▪ Protect United States and global financial stability and
mitigate systemic risk
▪ Mitigate the illicit finance and national security risks posed
by misuse of digital assets
▪ Reinforce United States leadership in the global financial
system and in technological and economic competitiveness
▪ Promote access to safe and affordable financial services
▪ Explore a US Central Bank Digital Currency (CBDC)
4. National Cryptocurrency
Enforcement Team
Taxation of NFTs and Cryptocurrency
▪ NCET will identify, investigate, support and pursue the
department’s cases involving the criminal use of digital
assets, with a particular focus on virtual currency exchanges,
mixing and tumbling services, to commit or facilitate criminal
activity.
▪ NCET will lead DOJ’s efforts to coordinate with domestic and
international law enforcement partners, regulatory agencies
and private industry to combat the criminal use of digital
assets.
▪ NCET will build capacity to aggressively investigate and
prosecute serious crimes involving cryptocurrency
5. Civil Cyber-Fraud Initiative
Taxation of NFTs and Cryptocurrency
▪ Be honest about your current cybersecurity procedures. Lying
about your current security protocols will subject a business to
substantial fines
▪ Monitor and immediately report breaches
▪ Provide only optimum cybersecurity products or services.
Providing deficient products or services will result in
substantial financial penalties
▪ Develop strong teams dedicated to data security that
continually monitor system activity
Several types of actions for which DOJ intends to hold
individuals and companies accountable under the False
Claims Act. Businesses should therefore:
6. Treasury Targets
Cryptocurrency Cyber Ransoms
Taxation of NFTs and Cryptocurrency
▪ United States law enforcement applying its anti-money
laundering/countering the financing of terrorism (AML/CFT)
framework for virtual currency
▪ FinCEN enforcement action against non-compliant virtual
currency money transmitters facilitating ransomware
payments, such as BTC-e in 2017 and the virtual currency
mixing service Helix in 2020
▪ United States is taking steps to improve transparency
regarding ransomware attacks and associated payments
▪ Treasury’s Office of Foreign Assets Control’s (OFAC)
designation of SUEX OTC, S.R.O. (SUEX), for facilitating
ransomware.
7. Taxation of Cryptocurrency
Taxation of NFTs and Cryptocurrency
▪ IRS Notice 2014-21 provides that cryptocurrency is treated as
property for federal tax purposes.
▪ Notice 2014-21 holds that taxpayers must recognize gain or
loss on the exchange of cryptocurrency for cash or for other
property.
▪ Gain or loss is recognized every time that cryptocurrency is
sold or used to purchase goods or services.
▪ Reporting depends on the type of transaction conducted and
the length of time the position was held.
8. Cryptocurrency Settled for Cash
Taxation of NFTs and Cryptocurrency
▪ Report a capital gain on Form 8949.
▪ Held for one year or less taxed at ordinary tax rates
▪ Held for more than one year is considered a long-term
capital gain.
▪ Capital losses offset capital gains in full, and a net capital
loss is limited to $3,000 Default for stock transactions is
the first-in, first-out (FIFO) method of accounting.
▪ Specific identification can drastically reduce the
recognized gain
9. Paying for Goods and Services
with Cryptocurrency
Taxation of NFTs and Cryptocurrency
▪ IRS Notice 2014-21 Question 4 addresses how to treat virtual
currency received as payment for goods or services.
▪ IRS Notice 2014-21 Question 6 addresses whether gain or
loss should be recognized when exchanging virtual currency
for other property.
▪ When a business receives cryptocurrency for services or as
payment for goods, the business is required to recognize
revenue when payment is received.
10. Taxation of Hard Forks
and Splits
Taxation of NFTs and Cryptocurrency
▪ A hard fork is when a single cryptocurrency splits in two.
▪ A hard fork requires all nodes or users to upgrade to the latest
version of the protocol software simultaneously.
▪ If NO new crypto, this is a SOFT FORK and there is NO taxable
income. It’s a protocol upgrade
▪ If new crypto received is taxable ordinary income in the year
received.
11. Reporting Foreign
Cryptocurrency Accounts
Taxation of NFTs and Cryptocurrency
▪ Financial Crimes Enforcement Network (FinCEN) Form 114,
▪ Form 8938, Statement of Specified Foreign Financial Assets
▪ FinCEN Form 114 thresholds are $10,000 or more at any
point during the year, and the reporting threshold for Form
8938 is either an aggregate value of:$100,000 or more on the
last day of the year or$150,000 or more at any point during the
calendar year
▪ FinCEN Form 114 is a standalone filing
▪ Form 8938 is filed with an individual’s tax
12. Taxation of NFT Creators
Taxation of NFTs and Cryptocurrency
▪ Creation of NFTs by itself, like creating art, IS NOT a taxable event
▪ Sale of the NFT on trading platforms or auctions IS a taxable event
▪ Creator of NFTs will be considered self-employed in the business of
creating and selling NFT tokens taxed at ordinary income rates
▪ NFT creators will usually entitled to deductions from expenses
incurred when creating the token from your sale value.
▪ Gas fees are tax-deductible.
13. Charitable Fundraising with
NFTs and Cryptocurrency
Taxation of NFTs and Cryptocurrency
▪ Cryptocurrencies are classified as property assets by the IRS
▪ Donations of cryptocurrency including NFTS are tax deductible
charitable contributions for donors and tax-free for the
nonprofit recipient
▪ Tax deduction equals the fair market value of the donated
cryptocurrency or NFTs, assuming the property was held for
more than one year.
▪ Charities need institutional-grade cryptocurrency account
14. New Cryptocurrency
Tax Reporting Requirements
Taxation of NFTs and Cryptocurrency
name, address and phone number of each customer
the gross proceeds from any sale of digital assets; and
capital gains or losses and whether such capital gains or losses were short-
term (held for one year or less) or long-term (held for more than one year).
1.
2.
3.
Starting in 2023, the following information is required to
be reported by cryptocurrency exchanges to the IRS:
Penalties will be as high as $250 per customer, up to a maximum
$3 million penalty.
If you receive more than $10,000 in cash, you are required to file
IRS Form 8300 (Report of Cash Payments Over $10,000 Received
in a Trade or Business).
15. Contact the legal team
at Moskowitz LLP for a
free consultation today.
1700 Broadway | 4th Floor | Oakland, CA 94612
ph: (Toll Free ) 888.829.332 fax: 415.398.6501 web: moskowitzllp.com