J5 Countries are Pooling Resources Aimed at FINtech CompaniesAlicea Castellanos | 03/25/2021
IRS HAS ANNOUNCED OPEN SEASON AGAINST THOSE COVERED BY FIRPTA!This article reports on recent efforts by the IRS to become more proactive in collecting taxes from foreign individuals and entities. Specifically, the article covers an act that lays a tax on transactions including the investment in, and ownership of, real estate in the US.Alicea Castellanos | 02/12/2021
EL IRS HA ANUNCIADO TEMPORADA ABIERTA EN CONTRA DE AQUELLOS CUBIERTOS POR FIRPTA!Este articulo informa sobre los esfuerzos recientes del IRS de volverse mas proactivos en la recaudacion de impuestos de individuos y entidades extranjeras. Especificamente, el articulo cubre una ley que coloca un impuesto sobre las transaccionesAlicea Castellanos | 02/12/2021
A RECEITA ANUNCIOU ANUNCIOU TEMPORADA ABERTA CONTRA OS COBERTOS PELA FIRPTA!Este artigo relata os esforcos recentes da Receita Federal para se tornar mais proativo na cobranca de impostos de pessoas estrangeiras fisicas e juridicas. Especificamente, o artigo cobre uma lei que impoe um imposto sobre as transacoes, incluindo o investimento e a propriedade de bens imoveis nos Estados Unidos.Alicea Castellanos | 02/12/2021
THE IRS DECRIES NO MORE CHANCES: REMOVAL OF THE DELINQUENT INFORMATION SUBMISSION PROCEDUREInternational taxpayers and domestic taxpayers having assets offshore necessitating its reporting to the IRS have certain forms to present to the IRS in addition to their regular reporting requirements. With international taxes coming under increased IRS scrutiny, there has been a proliferation of additional reporting compliance requirements in recent decades, the result of which has been confusion and delayed compliance by taxpayers. In an effort to give taxpayers a fair chance to come into compliance, the IRS established programs that incorporated liberal forgiveness policies and/or mitigating factors in order to reduce penalties. One of those programs, discussed here, has since been rescinded.Alicea Castellanos | 01/14/2021
EL IRS VITUPERA NO MAS OPORTUNIDADES: ELIMINACION DE LOS PROCEDIMIENTOS DE PRESENTACION DE INFORMACION MOROSALos contribuyentes internacionales y los contribuyentes domesticos que tengan bienes en el extranjero necesitan que sus declaraciones presenten ciertos formularios ademas de sus requisitos regulares de declaracion. Con los impuestos internacionales encontrandose bajo mayor escrutinio del IRS, ha habido una proliferacion de requisitos adicionales para el cumplimiento de las declaraciones en decadas recientes, el resultado del cual ha sido confusion y cumplimiento tardio por parte de los contribuyentes. En un esfuerzo de darle a los contribuyentes una oportunidad justa de estar en cumplimiento, el IRS establecio programas que incorporaban politicas liberales de perdon y/o factores de mitigacion con el fin de reducir las penas. Uno de estos programas, discutidos aqui, ha sido desde entonces rescindido.Alicea Castellanos | 01/14/2021
A RECEITA FEDERAL DECLARA SEM MAIS CHANCES: REMOCAO DO PROCEDIMENTO DE ENVIO DE INFORMACOES INDEVIDOOs contribuintes internacionais e os contribuintes nacionais com ativos offshore que precisam relatar a Receita Federal tem certos formularios para apresentar, alem de seus requisitos de relatorios regulares. Com os impostos internacionais sob crescente escrutinio da Receita Federal, tem havido uma proliferacao de requisitos adicionais de conformidade de relatorios nas ultimas decadas, o resultado dos quais tem sido confusao e atraso no cumprimento por parte dos contribuintes. Em um esforco para dar aos contribuintes uma chance justa de entrar em conformidade, a Receita Federal estabeleceu programas que incorporaram politicas liberais de perdao e/ou fatores atenuantes para reduzir as penalidades. Um desses programas, discutido aqui, ja foi rescindido.Alicea Castellanos | 01/14/2021
CORPORATE VEILS, THE SEQUEL: JEREMIAH AND THE TRANSFORMATION OF WALLS OF TRANSPARENCY INTO SEE-THROUGH WALLSOn August 19, an article was published concerning the introduction of Congressional legislation to require corporations to disclose the identities of their beneficial owners to the Department of the Treasury. The purpose of this proposed legislation is to eliminate the use of shell companies for illegal purposes such as money laundering, evading trade sanctions, financing terroristic activity, committing financial fraud and other similar misconduct. This article is a follow up to that one about recent events affecting the proposed legislation, which has now been ratified and codified into law.Alicea Castellanos | 01/10/2021
VELOS CORPORATIVOS, LA SECUELA: JEREMIAS Y LA TRANSFORMACION DE LOS MUROS DE TRANSPARENCIA EN MUROS PENETRABLES.El 19 de agosto se publico un articulo sobre la introduccion de una legislacion del Congreso para exigir que las corporaciones revelen la identidad de sus beneficiarios efectivos al Departamento del Tesoro. El proposito de esta legislacion propuesta es eliminar el uso de empresas fantasmascon fines ilegales como lavado de dinero, evasion de sanciones de comerciales, financiamiento de actividades terroristas, cometer fraude financiero y otras malas conductas similares. Este articulo es una continuacion de aquel en el cual eventos recientes afectaron la legislacion propuesta, la cual ya ha sido ratificada y codificada como ley.Alicea Castellanos | 01/10/2021
VEUS CORPORATIVOS, A CONTINUACAO: JEREMIAS E A TRANSFORMACAO DAS PAREDES DE TRANSPERANCIA EM PAREDES TRANSPARENTESEm 19 de agosto, um artigo foi publicado sobre a introducao de legislacao do Congresso para exigir que as empresas revelem as identidades de seus proprietarios beneficiarios ao Departamento do Tesouro. O objetivo desta legislacao proposta e eliminar o uso de empresas de fachada para fins ilegais, como lavagem de dinheiro, evasao de sancoes comerciais, financiamento de atividades terroristas, pratica de fraude financeira e outras condutas ilicitas semelhantes. Este artigo e uma continuacao daquele sobre eventos recentes que afetaram a legislacao proposta, que agora foi ratificada e codificada em lei.Alicea Castellanos | 01/10/2021
New Law Requires Disclosure of Beneficial Owners of CompaniesMany lawyers, accountants, trust officers and financial advisors in the United States may be unaware that buried deep in the National Defense Authorization Act for Fiscal Year 2021 (the Defense Bill), which became law on Jan. 1, 2021, was a new law that could have a profound impact on the private client community in the coming years. Check this article I co-authored with Melvin Warshaw where we explain how this law requires disclosure of Beneficial Owners of Companies.Alicea Castellanos | 01/07/2021
AMERICA, LOVE IT OR LEAVE IT! : TAX CONSEQUENCES OF CITIZENSHIP RENUNCIATIONThis article explores the pros and cons of renouncing US citizenship as it pertains to subject of taxation. Renunciation is a process undertaken by some people in order to avoid taxation on their worldwide assets pursuant to the rules and regulations of the US tax code.Alicea Castellanos | 11/30/2020
AMERICA, AMALA O DEJALA: CONSECUENCIAS FISCALES AL RENUNCIAR A LA CIUDADANIAEste articulo explora los pros y contras de renunciar a la ciudadania estadounidense en cuanto al tema fiscal concierne. Renunciar es un proceso que se lleva a cabo por algunas personas para evitar la tributacion sobre sus bienes alrededor del mundo conforme a las reglas y regulaciones del codigo fiscal de Estados Unidos.Alicea Castellanos | 11/30/2020
AMERICA, AME-A OU DEIXE-A: AS CONSEQUENCIAS TRIBUTARIAS DA RENUNCIA DE CIDADANIAEste artigo explora as vantagens e desvantagens de renunciar a cidadania americana no tocante ao assunto de tributacao. Renuncia e um processo feito por algumas pessoas para evitar tributacao em seus ativos mundiais de acordo com as regras e regulacoes do Codigo Tributario dos Estados Unidos.Alicea Castellanos | 11/30/2020
A TALE OF TWO CITIZENSHIPS: TAXATION OF AMERICAN CITIZENS WITH DUAL CITIZENSHIP LIVING ABROADThis article provides a general overview of the tax requirements faced by US citizens who hold dual citizenship and reside in their second country. The impetus for addressing this issue is due to the recent uptick in the number of US citizens contemplating a move abroad. Many of these people have also been applying for citizenship in countries wherein the pandemic has been handled more effectively than in the US.Alicea Castellanos | 11/14/2020
UNA HISTORIA DE DOBLE CIUDADANIA: IMPOSICION A CIUDADANOS AMERICANOS CON CIUDADANIA DOBLE VIVIENDO EN EL EXTRANJEROEste articulo provee una visualizacion general de los requisitos fiscales a los que se enfrentan los ciudadanos estadounidenses que portan una doble ciudadania y residen en su segundo pais. El impetu para hablar de este problema se debe al reciente repunte de ciudadanos estadounidense que estan contemplando mudarse al extranjero. Muchas de estas personas tambien han estado aplicando para ciudadanias en paaises en donde la pandemia ha sido manejada de manera mas efectiva que en Estados Unidos.Alicea Castellanos | 11/14/2020
UM CONTO DE DUAS CIDADANIA: TRIBUTACAO DE CIDADAOS AMERICANOS COM DUPLA CIDADANIA MORANDO NO EXTERIOREste artigo fornece uma visao geral dos requisitos tributarios enfrentados por cidadaos americanos que possuem dupla cidadania e residem em seu segundo pais. O impeto de abordar esse assunto se deve ao recente aumento no numero de cidadaos americanos contemplando uma mudanca para o exterior. Muitas dessas pessoas tambem solicitado cidadania em paises onde a pandemia foi controlada de forma mais efetiva do que nos Estados Unidos.Alicea Castellanos | 11/14/2020
Staying Safe on Social MediaIn this article, we are happy to share timely and important information from BlackCloak. BlackCloak provides concierge cybersecurity services for high-profile or high-net worth individuals and executives. Please contact them directly with any questions.Alicea Castellanos | 10/28/2020
ENCYCLOPEDIA BROWN, THE ELECTION, AND TAXESThis article explores the two possible outcomes of this election and its effect on taxes and tax policies. In reliance on the promises and proposals put forth by both candidates, the article assesses the transformation of the fiscal landscape of the US as a result of revisions to the tax code.Alicea Castellanos | 10/15/2020
ENCICLOPEDIA BROWN, LAS ELECCIONES Y LOS IMPUESTOSEste articulo explora los dos posibles resultados de estas elecciones y su efecto sobre los impuestos y las politicas fiscales. Confiando en las promesas y las propuestas dadas por ambos candidatos, el articulo evalua la trasformacion del panorama fiscal de Estados Unidos como resultado de las revisiones del codigo fiscal.Alicea Castellanos | 10/15/2020
ENCYCLOPEDIA BROWN, A ELEICAO E OS IMPOSTOSEste artigo explora os dois resultados possiveis dessa eleicao e seu efeito sobre os impostos e as politicas fiscais. Com base nas promessas e propostas apresentadas por ambos os candidatos, o artigo avalia a transformacao do cenario fiscal dos Estados Unidos como resultado das revisoes do codigo tributario.Alicea Castellanos | 10/15/2020
FIRST CAME THE MOD SQUAD, NOW COMES THE WEALTH SQUAD: POST-OFFSHORE VOLUNTARY DISCLOSURE PROGRAMAlicea Castellanos | 09/30/2020
PRIMEIRO VEIO O MOD SQUAD, AGORA VEM O ESQUADRAO O DA RIQUEZA: POS-PROGRAMA DE DIVULGAO VOLUNTRIO DE OFFSHOREAlicea Castellanos | 09/30/2020
PRIMERO LLEGO EL ESCUADRON OCULTO, AHORA LLEGA EL ESCUADRON DE RIQUEZA: PROGRAMA DE DIVULGACION VOLUNTARIA POST-EXTRATERRITORIALAlicea Castellanos | 09/30/2020
Offshore Banking: Separating Reality from FictionThis article covers the tax implications of opening and maintaining offshore accounts in various jurisdictions. Some offshore jurisdictions are well known in the financial and banking industries as havens for transferring assets such as in Switzerland, the United Kingdom, and the Caymans. In collaboration with Deaglo, this article serves an appendix of sorts to the article on their website entitled Tips for Swiss Banking - is there a better way? (https://www.deaglo.com/post/tips-for-swiss-banking-is-there-a-better-way)Alicea Castellanos | 09/14/2020
Banca en el Extranjero: Separando la Realidad de la FiccionEste articulo cubre las implicaciones fiscales de abrir y mantener cuentas en el extranjero en varias jurisdicciones. Algunas jurisdicciones son bien conocidas en las industrias fiscales y bancarias como refugios para transferir bienes como los son Suiza, el Reino Unido y las Islas Caiman. En colaboracion con Deaglo, este articulo sirve como tipo apendice del articulo en su pagina web llamado Tips for Swiss Banking - is there a better way. (https://www.deaglo.com/post/tips-for-swiss-banking-is-there-a-better-way)Alicea Castellanos | 09/14/2020
Banco Offshore: Separando Realidade da FiccaoEste artigo cobre as implicacoes fiscais da abertura e manutencao de contas estrangeiras em varias jurisdicoes. Algumas jurisdicoes estrangeiras sao bem conhecidas nos setores financeiro e bancario como paraisos para transferencia de ativos como na Suica. Reino Unido, e as Ilhas Cayman. Em colaboracao com Deaglo, este artigo serve como uma especie de apendice ao artigo no website intitulado Tips for Swiss Banking - is there a better way? (https://www.deaglo.com/post/tips-for-swiss-banking-is-there-a-better-way)Alicea Castellanos | 09/14/2020
5 Effective Ways to Protect Yourself from Being HackedIn this blog, we are happy to share A timely and important article from BlackCLoak. BlackCloak provides concierge cybersecurity services for high-profile or high-net worth individuals and executives. Please contact them directly with any questions.Alicea Castellanos | 08/31/2020
Escape from New York City: The Pandemic and Its Tax ImplicationsGlobal Taxes LLC CEO & Founder, Alicea Castellanos CPA, TEP, N.P. explains the difference between residence and domicile in tax parlance, what to expect when establishing a new domicile outside of Manhattan and how to avoid being hit with a hefty City income tax bill.Alicea Castellanos | 08/26/2020
Escapando de la ciudad de Nueva York: La Pandemia y sus Implicaciones FiscalesCEO de Global Taxes LLC & Fundadora, Alicea Castellanos CPA, TEP, N.P. explica la diferencia entre residencia y domicilio en el lenguaje fiscal, que esperar al establecer un nuevo domicilio fuera de Manhattan y como evitar sen sancionado con un abundante pago de impuestos sobre la renta citadinos.Alicea Castellanos | 08/26/2020
Fuga da Cidade de Nova York: A Pandemia e Suas Implicacoes FiscaisDiretora Executiva Chefe e fundadora do Global Taxes LLC, Alicea Castellanos CPA, TEP, N.P. explica a diferenca entre residencia e domiciÃÂÃÂÃÂÃÂlio na linguagem tributaria, o que esperar ao estabelecer um novo domiciÃÂÃÂÃÂÃÂlio fora de Manhattan e como evitar ser atingido por uma pesada fatura de imposto de renda municipal.Alicea Castellanos | 08/25/2020
REPLACING CORPORATE VEILS WITH WALLS OF TRANSPARENCY: REQUIREMENTS FOR DISCLOSING BENEFICIAL OWNERSHIP OF US COMPANIESGlobal Taxes LLC CEO & Founder, Alicea Castellanos CPA, TEP, N.P. explains what a corporate veil is and the requirements for disclosing beneficial ownership of US companies.Alicea Castellanos | 08/18/2020
REEMPLAZANDO LOS VELOS DE CORPORATIVOS CON MUROS DE TRANSPARENCIA: REQUISITOS PARA DECLARAR PROPIEDAD EFECTIVA DE EMPRESAS ESTADOUNIDENSESCEO de Global Taxes LLC & Fundadora, Alicea Castellanos CPA, TEP, N.P. explica que es un velo corporativo y los requisitos para declarar propiedad efectiva de empresas estadounidenses.Alicea Castellanos | 08/18/2020
SUBSTITUINDO VEUS CORPORATIVOS POR PAREDES DE TRANSPARENCIA: REQUISITOS PARA REVELAR OS BENEFICIARIOS DE EMPRESAS AMERICANASAlicea Castellanos a Diretora Executiva e a Fundadora da Global Taxes LLC explica o que um vu corporativo e os requisitos para divulgar a propriedade beneficiaria de empresas americanas.Alicea Castellanos | 08/18/2020
Accepting Accipitor: Foreign Corporations, Imputed Rental Income, and the IRSGlobal Taxes LLC CEO & Founder, Alicea Castellanos CPA, TEP, N.P. explains the tax structure "Stiftung", Foreign corporations as blocker, and Imputed Rental IncomeAlicea Castellanos | 08/02/2020
Aceptando Accipitor: Corporativos Extranjeros, Ingreso Inmobiliario Imputado y el IRSCEO de Global Taxes LLC & Fundadora, Alicea Castellanos CPA, TEP, N.P. explica la estructura fiscal "Stiftung", las corporaciones extranjeras como bloqueadores y la renta inmobiliaria imputadaAlicea Castellanos | 08/02/2020
Aceitando Accipitor: Comporacoes Estrangeiras, Renda de Aluguel Imputada e a Receita FederalAlicea Castellanos a Diretora Executiva e a Fundadora da Global Taxes LLC explica a estrutura tributaria "Stiftung", empresas estrangeiras como bloqueadoras e receita imputada de aluguelAlicea Castellanos | 08/02/2020
Pre-Immigration Tax Planning for the Hong Kong EmigrantGlobal Taxes LLC CEO & Founder, Alicea Castellanos CPA, TEP, N.P. explains the Pre-Immigration Tax Planning for the Hong Kong EmigrantAlicea Castellanos | 07/08/2020
How Joseph Wilson, Damsel in Distress, Escaped the Clutches of the Villainous IRS and Its Assessment of Form 3520 PenaltiesGlobal Taxes LLC CEO & Founder, Alicea Castellanos CPA, TEP, N.P. explains what is Form 3520 and its respective penaltiesAlicea Castellanos | 06/11/2020
Como Joseph Wilson, a Donzela em Perigo, Escapou das Garras da Perversa Receita Federal e Sua Avalicao das Multas do Formulario 3520Alicea Castellanos | 06/07/2020
Como Joseph Wilson, Damisela en Apuros, Escapo de las garras del ruin IRS, y su evaluacion de las sanciones del Formulario 3520CEO de Global Taxes LLC & Fundadora, Alicea Castellanos CPA, TEP, N.P. explica que es el Formulario 3520 y sus respectivas sancionesAlicea Castellanos | 06/07/2020
Americanos Por AcasoAlicea Castellanos | 05/17/2020
Gringos AccidentalesCEO de Global Taxes LLC & Fundadora, Alicea Castellanos CPA, TEP, N.P. explica que es un Gringo Accidental y sus responsabilidades fiscalesAlicea Castellanos | 05/16/2020
Accidental AmericansAlicea Castellanos | 05/16/2020
Just in: U.S. tax filing day moved from April 15 to July 15Alicea Castellanos | 03/20/2020
COVID-19 US Tax Payment ReliefAlicea Castellanos | 03/19/2020
Noncompliant High-Income Nonfilers Will Be Surpised By Unannounced Visits from the IRSThe IRS is stepping up its efforts and sending more revenue officers on unannounced face-to-face meetings with high-income nonfilers who have not paid their taxes.Alicea Castellanos | 02/22/2020
J5 tax chiefs closing the net on global tax evasionHope you had a nice holiday weekend. Below is an update on the J-5. The J5 includes the Australian Taxation Office (ATO), The HMRC from the UK, Internal Revenue Service (IRS) Criminal Investigations from the US, the Canadian Revenue Agency (CRA) and the Dutch Fiscal Information and Investigation Service (FIOD). The Joint Chiefs of Global Tax Enforcement (J5) was formed in 2018 after a call to arms from the OECD Taskforce on Tax Crime and has been working together to gather information, share intelligence and conduct coordinated operations, making significant progress in each country against transnational tax crime.Alicea Castellanos | 02/18/2020
Global tax chiefs undertake unprecedented multi-country day of action to tackle international tax evasionHope you are having a smooth transition into 2020! This is hot off the press and I wanted to share this with you. Below is the J5 press release that was posted and has been officially released today (1/23). This release announces results of the first coordinated operations undertaken by the J5 through an international day of action yesterday (1/22). This is earlier than what the J5 would usually discuss operations in the US and because of the first ever nature of their coordinated actions and the overwhelming interest to this point of operational activity, the attached press release has been issued today.Alicea Castellanos | 02/01/2020
Foreign Investment an U.S. Real Estate A F.I.R.P.T.A IntroductionHave a look at the article published for the "Insights 2019 Year in Review" by Alicea Castellanos. This paper covers the basic procedures for complying with Federal tax withholding requirements under F.I.R.P.T.A.Alicea Castellanos | 01/29/2020
Las LLCs que manejan bienes inmuebles en NY ahora deberan revelar sus propietarios naturalesAlicea Castellanos | 11/02/2019
LLCs Conveying NY Real Estate Are Now Required to Disclose Their Natural OwnersAlicea Castellanos | 10/31/2019
El IRS presenta nuevos procedimientos de apoyo para ciertos ex ciudadanosAlicea Castellanos, CEO & Fundadora de Global Taxes LLC, explica los nuevos procedimientos de apoyo del IRS para ciertos ex ciudadanos.Alicea Castellanos | 09/13/2019
Cambios principales al programa de inversionistas EB-5 que tomaran curso el 21 de noviembre de 2019Alicea Castellanos | 09/13/2019
IRS Introduces New Relief Procedures for Certain Former CitizensAlicea Castellanos, CEO & Founder of Global Taxes LLC, explains the IRS's New Relief Procedures for Certain Former Citizens.Alicea Castellanos | 09/12/2019
Major Changes to EB-5 Investor Program Effective Nov. 21, 2019Alicea Castellanos | 09/01/2019
Alicea Castellanos on Business Playbook TVAlicea Castellanos | 08/21/2019
LB&I's New Compliance CampaignsAlicea Castellanos | 07/28/2019
Foreign Investment in U.S. Real Estate - A F.I.R.P.T.A. IntroductionAlicea Castellanos, C.E.O. and Founder of Global Taxes L.L.C., guest authored an article published in Insights by Ruchelman P.L.L.C. covering the basic procedures for complying with Federal tax withholding requirements under F.I.R.P.T.A.Alicea Castellanos | 05/23/2019
Non-U.S. Investors Take Note of New York State's Revised Mansion Tax and Transfer TaxGlobal Taxes LLC CEO & Founder, Alicea Castellanos CPA, TEP, N.P. explains New York State's Revised Mansion Tax and Transfer TaxAlicea Castellanos | 04/29/2019
How to Avoid High Penalties This Tax SeasonAlicea Castellanos | 03/20/2019
Foreign National Students: Optional and Curricular Practical Training, Transition to H-1B Status and Individual Income Tax FilingsDepending on their situation, some students will need to supplement their 1040NR with additional forms.Alicea Castellanos | 02/06/2019
Entertainment Expenses are NOT Deductible but Meals areAlicea Castellanos, CPA, TEP, N.P. discusses meal and entertainment expense deduction and the changes to it made by the Tax Cuts and Jobs Act (TCJA).Alicea Castellanos | 02/05/2019
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