Aug. 4 — Practitioners are praising the new deadline for reporting foreign bank accounts tucked into the new law (Pub. L. No. 114-41) to extend the Highway Trust Fund.
The measure ensures that the due date for the Report of Foreign Bank and Financial Accounts (FBAR), formerly June 30, is now the same as the U.S. tax filing deadline of April 15—a change that practitioners said will help taxpayers who frequently didn't know that the deadlines were different.
"I think that is one of the biggest challenges of bitcoin," said Bryan C. of Kostelanetz & Fink LLP. Some questions that arise are how to track each transaction; which bitcoin was used; what the basis in the bitcoin was; and what the fair market value was at the time of the exchange, he said.
Many people with offshore issues are considering their options for coming into compliance with U.S. tax rules, given the threat of exposure due to Fatca and the potentially stiff penalties.
But choosing the right way to go about it isn’t easy, and advice is often expensive.
Mr. Hodgen, the Pasadena lawyer, has helped hundreds of U.S. taxpayers with offshore issues. He cautions people with problems not to give into “fear-mongering” by advisers.
Bryan C. Skarlatos presents at the Tax Planning for Domestic & Foreign Partnerships, LLCs, Joint Ventures & Other Strategic Alliances 2015 on May 13th, 2015
Bryan C. Skarlatos will be participating in PLI's upcoming Tax Planning for Domestic & Foreign Partnerships, LLCs, Joint Ventures & Other Strategic Alliances 2015. This will take place May 12th to May 14th at the new state-of-the-art New York Conference Center. Mr. Skarlatos will be presenting at 5:00pm on May 13th on Economic Substance, Judicial Doctrines, and Ethics.
Bryan C. Skarlatos presents at the PLI Partnership Program, May 13, 2015, "Economic Substance, Judicial Doctrines and Ethics”
Impact on partnerships of recent judicial decisions, legislation, and administrative developments relating to economic substance, tax shelters and the codification of the economic substance doctrine, including LB&I Directives; penalty defenses, Circular 230 and related ethical considerations that come into play in evaluating the difference between good tax planning and overly aggressive or even criminal tax advice.
Bryan C. Skarlatos presents at Inside Bitcoins, May 13, 2015, "Taxation of Bitcoin”
Bryan C. Skarlatos presents at WeiserMazers Breakfast Seminar on "The Impact of FATCA" on April 2, 2015 in New York, NY.
Bryan C. Skarlatos quoted in WSJ, December 4, 2014, "London Mayor Is Poster Boy for Expat Tax Woes"