Brunoro Law Blog

Monday, August 8, 2016

How can I prevent an electronic audit by the SAT?

Since 2011, companies operating in Mexico have been required to utilize electronic invoices (or e-invoices) in order to document business transactions with the country's tax authority - Servicio de Administración Tributaria or SAT. Then in 2014 tax reforms required the electronic uploading of  accounting records to SAT's website. Now, Mexico is enhancing tax regulations by implementing electronic audits as a means of enhancing revenues.

What is e-invoicing?

Electronic invoicing (or e-invoicing) is a method utilized by trading partners to exchange data such as invoices, purchase orders, debit and credit notes, payment terms and instructions and remittance slips in an integrated electronic format such as EDI or XML, or standard internet-based web forms.

The pending electronic audits should not come as breaking news to entities that have been involved in cross border transactions with businesses in Mexico.


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Tuesday, July 19, 2016

Banco Bradesco Executives Facing Criminal Charges


How is "Operation Zealot" affecting the political climate in Brazil?

Branco Bradesco SA CEO Luiz Carlos Trabuco and two senior executives are facing various charges, including influence peddling, corruption, racketeering and money laundering, in connection with a scheme to avoid a 3 billion-real tax fine. This case is another in the long list of white-collar crimes that dovetail with the corruption scandal that has led to the pending impeachment trial of former Brazilian President Dilma Rouseff.

For its part, Bradesco intends to fight the accusations, and also said it had been acquitted in prior rulings. The charges were brought after a police investigation into the negotiations between Bradesco and government tax auditors regarding the elimination of the tax fine that the country's Tax Revenue Service had levied against the bank. However, it's been reported that Trabuco was not part of those negotiations.


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Wednesday, July 13, 2016

On November Ballot Californians Will Be Asked to Extend Tax Increases

What is Proposition 30?

In 2012, California voters approved temporary tax increases until 2018. This November, they will be asked to extend some of those higher taxes for 12 more years. The proposed measure would levy higher income taxes on individuals earning more than $250,000 a year in order to fund education and healthcare programs. The proposal is supported by the California Teachers Association, Service Employees International Union and California Association of Hospitals and Health Systems. The California Chamber of Commerce, however, opposes the measure.


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Wednesday, July 6, 2016

California Sunsets Come With A Price---California Taxes


Many residents of California regularly enjoy the beautiful sunsets often spotted in this popular state.  However, the high California tax rates might not be as beautiful as the state’s breathtaking landscapes.

California tax law can be a very difficult subject to understand.  Between the multitude of information available which relates to franchise, sales, use, income, employment and property tax law, and the variety of boards that are involved, such as the Board of Equalization or the Franchise Tax Board, it can be difficult to decipher what you owe the government.


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Monday, June 27, 2016

Private Museums May Be Too Private


Are charitable institutions established by the wealthy in danger of losing their tax-exempt status?

Many wealthy families enjoy sharing their art collections and supporting the arts through small museums that are supposed to serve to the public. Donors often enjoy huge tax breaks as a result of their contributions. Yet a recent investigation raises questions about whether the tax-exempt status of these organizations needs to be re-evaluated in light of the very limited benefit they offer the public.

Few Hours and Limited Public Access

The Finance Committee of the United States Senate has investigated the public access of eleven private museums to determine if, as required by


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Thursday, June 16, 2016

The Common Reporting Standard is Coming


What are the reporting requirements under the CRS?

While efforts to rein in tax avoidance have been in play in the U.S. for some time by virtue of the Foreign Account Tax Compliance Act (FATCA), financial information reporting will become a global concern in 2017 under the Organisation for Economic Cooperation and Development's (OECD) Common Reporting Standard (CRS).

Officially known as the Standard for Automatic Exchange of Financial Account Information in Tax Matters, the CRS provides a mechanism for the annual automatic exchange of financial account information between governments. The OECD contends the globalization of finance has made it easier for individuals and businesses to conceal money abroad in an effort to evade taxes.


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Thursday, June 9, 2016

How Brazil is Fighting Tax Evasion


What steps is Brazil taking to work with the international community to fight tax evasion?

In the wake of the Panama Papers scandal, the world's attention has once again been focused on tax evasion. Some estimates are that 8 percent of the world's wealth is deposited in tax havens, which represents trillions of dollars. To combat the problem, the G20 has taken a number of steps to fight tax evasion and Brazil is playing its part in this endeavor.

There are of course legitimate uses of tax havens, but aggressive tax planning leads many wealthy individuals and businesses to avoid taxes by  concealing the actual owners of profits and incomes in areas lacking in transparency. The problem with these maneuvers is that states are deprived of financing that are essential for a democratic social contract.


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Saturday, May 28, 2016

Don’t Let Tax Issues Stop You From Becoming a U.S. Citizen


“Taxes are the price we pay for a civilized society.” That quote, which is attributed to the famous U.S. Supreme Court Justice Oliver Wendell Holmes, Jr., seems to have been taken to heart by not just the IRS, but by the INS (which is officially known today as the United States Citizenship and Immigration Services (USCIS)).


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Sunday, May 22, 2016

What Expats Need to Know About Taxes


Do I have to file U.S. taxes if I live abroad?

Some Americans live abroad for a variety of reasons, professional and personal alike. Being an expatriate, however, does not relinquish one of  certain rights and responsibilities, particularly with respect to taxes. Many expatriates have misconceptions about taxation and filing tax returns, as well as reporting about money in foreign bank accounts and the tax treatment of contributions to retirement and saving plans.


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Monday, May 9, 2016

A Primer on FATCA and FBAR Requirements


What are FATCA reporting requirements?

The Foreign Account Tax Compliance Act (FATCA) is designed to prevent tax evasion by U.S. individuals who have foreign accounts and other offshore financial assets. FATCA requires taxpayers holding such assets to file a Statement of Specified Foreign Financial Assets (Form 8938) with the IRS as part of their annual tax filing. The Act also requires foreign financial institutions, including banks, investment firms, brokers, and certain insurance companies, to report information about the foreign accounts being held by U.


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Tuesday, April 26, 2016

Amending Your Personal Tax Returns


When is it necessary to amend tax returns?

If you are like most people, you find actually filing your taxes a relief. Anxiety can rear its ugly head again, however, if after filing you find you've made a mistake. Perhaps you discover that you've omitted a form or, on the other hand, that you've forgotten to include a sizable charitable contribution. You may be distressed to think that the IRS will think you were trying to cheat the government or that your negligence will cost you a refund. In such a situation, it's comforting to know that you can amend your taxes.


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