Category: Uncategorized

By of MillarLaw A Professional Corporation On Sunday, July 29, 2018

The following is abstracted from an article appearing in the July, 2018 edition of the Journal of taxation (WG&L). It is well written and covers the major points of concern and practice recommendations for an accountant or enrolled agent approached by an agent of the Criminal Investigation Division of the IRS and/or when facing an … Continue reading Accountants: Practice Alert-Dealing With IRS-Criminal Investigation Division

By Sanford Miller of MillarLaw A Professional Corporation On Monday, June 11, 2018

The Financial Crimes Enforcement Network (“FinCEN”) of the U.S. Dept of the Treasury issued revised Customer Due Diligence (CDD)rules which may seriously impair the ultimate benefit of cryptocurrency, “Secrecy”. In is news release FinCEN stated: FinCEN issued the CDD Rule, which amends Bank Secrecy Act regulations, to improve financial transparency and prevent criminals and terrorists … Continue reading Did FinCEN just Destroy Cryptocurrency annonymity?

By Sanford Miller of MillarLaw A Professional Corporation On Sunday, June 3, 2018

The Offshore Voluntary Disclosure Program (“OVDP”), ends in September, 2018.  All taxpayer who want to participate in the OVDP must have their Voluntary Disclosure Letter submitted by September 28, 2018 or they will not be considered for  the program.  The reality is that the last day to be considered eligible of the OVDP will be … Continue reading The OVDP Is Coming to an End; What’s Next?

By Sanford Miller of MillarLaw A Professional Corporation On Sunday, May 13, 2018

On May 2, 2018 The Section of Taxation of the ABA issued its  “Comments  Regarding OVDP and Streamlined  Procedures” in the form of a lengthy letter to Acting IRS Commissioner Kautter.  Section II B  provides “Guidance on Treatment of Undisclosed Cryptocurrencies”.   It is reprinted in pertinent part below (footnotes have been omitted in the interests … Continue reading Are Cryptocurrencies Subject to FBAR and Form 8938 Reporting?

By Sanford Miller of MillarLaw A Professional Corporation On Sunday, April 29, 2018

Perhaps the most popular feature of cryptocurrency is a promise of anonymity (read secrecy).  Cryptocurrency in many respects has replace the “numbered” Swiss bank account but without the protections of the bank secrecy laws of a sovereign country.  What cryptocurrency offers instead is the promise of the ability to move and store large amounts of … Continue reading Cryptocurrency and Asset Protection: Is Cryptocurrency the new Swiss Bank Account?

By Sanford Miller of MillarLaw A Professional Corporation On Sunday, April 22, 2018

In FRANCESCHI V. YEE, the Ninth Circuit Court of Appeals affirmed the right of the State of California to publish a list of the Top 500 Delinquent Tapayers and to suspend their drivers and professional licenses. “This action challenges the constitutionality of Section 19195 of the California Revenue and Taxation Code and Section 494.5 of the California Business … Continue reading Make the California Top 500 Delinquent Taxpayer List and Lose Your Professional LIcense

By Sanford Miller of MillarLaw A Professional Corporation On Sunday, April 15, 2018

A recent Tax Court case illustrates how a taxpayer should anticipate an audit by maintaining proper books and records. The case involved the deductibility of losses as “ordinary losses” as opposed to “passive losses” by an owner of a private jet. The specifics of the case are unnecessary to this discussion but the general principle … Continue reading Audit Defense: The time to prepare for an audit is before the return is filed

By Sanford Miller of MillarLaw A Professional Corporation On Sunday, April 8, 2018

On March 13, 2018 the IRS announced that the formal Offshore Voluntary Disclosure Program  (“OVDP”would end  September 28, 2018. The rationale for ending the the OVDP is as follows: “Taxpayers have had several years to come into compliance with U.S. tax laws under this program,” said Acting IRS Commissioner David Kautter. “All along, we have … Continue reading The End of the Offshore Voluntary Disclosure Program is Near!!! What Can I do?

By Sanford Miller of MillarLaw A Professional Corporation On Sunday, February 18, 2018

In a recent enforcement action FinCEN, the Financial Crimes Enforcement Network levied an $8 million fine on a California card club for violation of the Anti-Money Laundering provisions of the Bank Secrecy Act. (“BSA”). One of the more common claims is the cryptocurrency is negotiable at casinos and card clubs resulting in Money Laundering opportunities. … Continue reading Cryptocurrency and Money Laundering

By Sanford Miller of MillarLaw A Professional Corporation On Sunday, February 11, 2018

“The U.S. Internal Revenue Service, fresh off its success in uncovering U.S. assets hidden in Swiss banks, has assigned elite criminal agents to investigate whether Bitcoin and other cryptocurrencies are being used to cheat the taxman.” Bloomberg, 02/08/2018 Could Internet Gambling Sites be one of their targets? There are numerous on-line interactive casinos that accept … Continue reading Internet Gambling, Cryptocurrency and IRS Enforcement