Offshore Compliance | Information for Reporting Requirements

Robert F. Smith

Background and Non-Prosecution Agreement

INTRODUCTION:

Mr. Smith in 2020, at the age of 57, entered into a Non-Prosecution Agreement, NPA, with the IRS. Let’s look at what I believe happened to Mr. Smith to cause his personal and professional life to intersect with potential Criminal Prosecution with the United States Government. Let’s also see what could have been done differently to head off such a horrible outcome to his reputation, his freedom, and a lifelong stain on his legacy.

Finally, let’s see if this is now the end of Mr. Smith’s criminal and civil problems with the successful negotiation of this NPA.

PART I.

Background

Operating on the “DARKNET” Brings a penalty of $209,144,554

OPERATING ON THE “DARKNET” BRINGS A PENALTY OF $209,144,554. Larry Dean Harmon is a U.S. person residing in Akron, was the creator, administrator, and primary operator of Grams, a darknet website that operated on the onion router (Tor) network and advertised itself as the “Google of the Darkwe

United States Financial Action Task Force – Anti-Money Laundering

United States Financial Action Task Force (FATF) List of Jurisdictions with Strategic Deficiencies in Anti-Money Laundering Introduction: In 2020, the United States’ Financial Crimes Enforcement Network (FinCEN) issued their advisory to financial institutions of updates to FATF’s list of juris

Legal Requirements for Hemp-Related Business Customers.

Introduction:

The Financial Crimes Enforcement Network (FinCEN) periodically provides guidance for hemp-related business customers (HRBC). We will also talk about FinCEN conduct towards HRBC as well as how FinCEN collects and gathers information in relation to both the Bank Secrecy Act and Anti-Money Laundering (BSA/AML) regulatory requirements.

First, we need to define a few institutions and definitions that will assist the reader to understand this article as it may apply to them or their clients, but is not intended to be legal advice and is time-sensitive with rapidly expanding regulations from FinCEN, BAS, and AML. Also, we explain how financial institution

Expedited suspension from practice before the IRS

10.82 Expedited suspension (a) When applicable. Whenever the Commissioner, or delegate, determines that a practitioner is described in paragraph (b) of this section, the expedited procedures described in this section may be used to suspend the practitioner from practice before the Internal Rev

Recovery Rebate Credit/Economic Impact Payment.

For this year, 2020, there are some key items to consider involving credits, deductions, and refunds:

Recovery Rebate Credit/Economic Impact Payment.

Taxpayers who received an Economic Impact Payment should keep their Notice 1444, Your Economic Impact Payment, with their 2020 tax records. You may be eligible to claim the Recovery Rebate Credit on your tax year 2020 federal income tax return if:

you didn’t receive an Economic Impact Payment, or your Economic Impact Payment was less than $1,200 ($2,400 if married filing jointly for 2019 or 2018), plus $500 for each qualifying child you had in 2020.

If you didn’t receive the full amount of the Economic Impact Payment for which you were eligible, you may be able to claim the Recovery Rebate Credit when you file

IRS warns people about a COVID-related text message scam

IRS warns people about a COVID-related text message scam The IRS is warning people to be aware of a new text message scam. The thief’s goal is to trick people into revealing bank account information under the guise of receiving the $1,200 Economic Impact Payment. Here’s how this scam works: Pe

Kaepernick’s NFL Settlement Amount

How much did Colin Kaepernick actually receive from his “opting out” of the contract with the San Francisco Giants following the 2016 season and the recent Collective Bargaining Agreement, (CBA), with the NFL.[1] In a recent interview between Kaepernick’s attorney, Mark Geragos and

This Year You are Preparing Your Own Tax Return

So, this year you are preparing your own tax return, no need for a CPAs, Enrolled Agent or Tax Attorney…great!

But have you thought about “FBAR” and your 2018 tax return!!!

You might ask, do I have to worry about this FBAR quagmire if I have never been outside of the United States?

YES

What triggers this FBAR compliance for me?

Usually this is triggered when you have foreign interest on your form 1099-int. You investments from your money managers, such as Schwab, Merrill, Wells Fargo, etc.… will send you this rather thick packet of how your investments have performed for 2018 that have a summary page at the front. Now look to see if you have “foreign interest” and/or “foreign tax paid”. If

FOREIGN TRUST WITH U.S. TRUSTEE?

FOREIGN TRUST WITH U.S. JURISDICTION? FRACTIONAL OWNERSHIP OF A FOREIGN ENTITY? BEWARE!!! The Tax Season for filing 2018 tax returns is now upon us and the full brunt of the Tax cuts and Job Act (TCJA) will occupy tax compliance by both the Taxpayers and the Tax Preparers. One of the most stag

We are experts in unreported foreign bank accounts, foreign trusts, unfiled U.S. tax returns.

Kaepernick’s NFL Settlement Amount

Calculate Your 2018 Federal Tax Under the New Law

More End Of The Year 2018 Tax Planning

Robert F. Smith

Operating on the “DARKNET” Brings a penalty of $209,144,554

United States Financial Action Task Force – Anti-Money Laundering

Legal Requirements for Hemp-Related Business Customers.

Expedited suspension from practice before the IRS

Recovery Rebate Credit/Economic Impact Payment.

IRS warns people about a COVID-related text message scam

Kaepernick’s NFL Settlement Amount

This Year You are Preparing Your Own Tax Return

FOREIGN TRUST WITH U.S. TRUSTEE?