Did you know that the IRS has 59 Compliance Campaigns? Have your Audit Plan Ready!

October 2018

IRS Large Business and International (IRS LBI) currently has 59 Active Compliance Campaigns.  The purpose of the IRS compliance campaign strategy is to redefine large business compliance work and build a supportive infrastructure inside the LBI.  The campaigns require strategic

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Automatic Exchange of Information leads to Deposit Drops at International Financial Centers

October 2019

On June 7, 2019, the Organisation for Economic Co-operation and Development (OECD) released a Memo which is a “summary of ongoing work to assess the impact of increasing tax transparency and exchange of information (EOI) on cross-border financial activity using

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Guilty from the Get-go in the IRS Updated Voluntary Disclosure Program?

September 2019

On June 20, 2019, the National Taxpayer Advocate (TA), an independent organization within the IRS that helps taxpayers and protects taxpayer rights, issued a final Report to Congress.  A section of the report focused on the TA’s request for the

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Could your Organization be holding Virtual Currency that is “blockable” pursuant to OFAC’s regulations?

September 2019

OFAC (Office of Foreign Asset Control) compliance applies to all US persons; including, all US citizens and permanent resident aliens regardless of their location, all persons and entities within the US, all US incorporated entities and their foreign branches, all

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IRS Initiates a Compliance Campaign for U.S. Persons with respect to Certain Foreign Corporations

September 2019

IRS Form 5471 is used by certain U.S. persons who are officers, directors, or shareholders in certain foreign corporations and must be attached to a covered Taxpayer’s Tax Return.  On April 16, 2019, IRS announced the approval of three additional

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Your Tax Home and Travel Expense Deductions

August 2019

The Internal Revenue Code (IRC) permits a U.S. Taxpayer to deduct  “certain travel expenses” when traveling away from home on business.   Taxpayers ought to keep close attention to a travel expense deduction and ensure that it accurately correlates with a

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Foodman CPAs and Advisors Adds Isabelle Wheeler as Director of Anti-Money Laundering Compliance

Isabelle Wheeler, CFA, AMLCA brings over three decades of experience in international private banking and wealth management to Foodman CPAs and Advisors Foodman CPAs and Advisors, a full-service accounting firm specializing in forensic accounting, banking compliance and tax consulting services,

IRS using Data Analytics to Uncover Criminal Arrangements

August 2019

IRS-Criminal Investigation (IRS-CI) is a federal agency department specifically authorized to investigate and  https://www.jdsupra.com/legalnews/irs-using-data-analytics-to-uncover-67780/

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When do you need an IRS Certifying Acceptance Agent?

August 2019

There are foreign national Individuals and other foreign Persons that do not have or do not qualify for a Social Security Number (SSN) but need a  https://www.jdsupra.com/legalnews/when-do-you-need-an-irs-certifying-16624/

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Does it make sense to go from an S-Corp to a C-Corp?

August 2019

IRS defines an S-Corp as a corporation whose shareholders make the election to pass corporate income, losses, deductions, and credits through to their shareholders for https://www.jdsupra.com/legalnews/does-it-make-sense-to-go-from-an-s-corp-45960/

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What is an Abusive Tax Trust?

August 2019

In a “legitimate” Trust, the ownership and control of the Trust assets and income is “separate” from a Settlor’s control and https://www.jdsupra.com/legalnews/what-is-an-abusive-tax-trust-56770/

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An effective compliance program can help diminish an organizational criminal fine

July 2019

On April 30, 2018, the Criminal Division of the US Department of Justice (DOJ) released a  https://www.jdsupra.com/legalnews/an-effective-compliance-program-can-13323/

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