FinCEN to host second ‘exchange’ on preventing ransomware

July 2021

The United States Treasury Department’s Financial Crimes Enforcement Network (FinCEN) will hold a second FinCEN Exchange in August to discuss ways to combat increasingly sophisticated cyber and ransomware attacks. The FinCEN Exchange is a voluntary public and private partnership that

  • Foodman website and JD Supra

What is Backup Withholding Tax and Who Has to Pay It?

July 2021

When it comes to taxes, mistakes can cost you more than money. That’s especially true with Federal backup withholding taxes. In simplest terms, 24 percent backup withholding is demanded of both payers and payees who either mistakenly or intentionally supply

  • Foodman website and JD Supra

The IRS Is Cracking Down On Cryptocurrency Tax Reporting

July 2021

If you’ve engaged in cryptocurrency or other virtual currency transactions worth $20,000 in any one year between 2016 and 2020, the IRS wants to hear from you. The IRS believes thousands of taxpayers are not telling the government about their

  • Foodman website and JD Supra

2021 “Green Book” Introduces Comprehensive Financial Account Reporting

July 2021

The “Green Book” is a US Treasury Department document that presents detailed explanations of an Administration’s revenue proposals in support of a President’s annual budget request.  On May 28, 2021, the Biden administration released its “Green Book” titled “General Explanations

  • Foodman website and JD Supra

Upcoming Virtual Currency FBAR and FATCA Reporting Enforcement

July 2021

Under current FinCEN regulations, a foreign account holding virtual currency is not reportable on the FBAR.  However, FinCEN in its FinCEN Notice 2020-2, proposes amending reports of foreign financial accounts (FBAR) regulations to include virtual currency accounts as a type

  • Foodman website and JD Supra

THE TAX GAP TO RISE TO APPROXIMATELY $7 TRILLION

July 2021

The US Treasury reports that it is expecting the tax gap to rise to approximately $7 trillion over the course of the next decade if left unaddressed.   In May 2021, the US Department of the Treasury issued the “THE AMERICAN

  • Foodman website and JD Supra

Forensic Audits are Trending

July 2021

The demand for forensic auditing services is soaring during our ongoing Covid-19 pandemic. In the space of Certified Public Accountants (CPA) service offerings, forensic auditing is a recognized   tool for detecting and preventing fraud or financial crimes.  Keep in mind

  • Foodman website and JD Supra

How IRS Finds “Mismatches” via its Automated Compliance Programs

May 2021

The IRS uses the information it collects to detect, prevent, and reduce noncompliance and fraud.  The US Government accountability Office (GAO) produced a Tax Administration Report on December 2020 (Better Coordination Could Improve IRS’s Use of Third-Party Information Reporting to

  • Foodman website and JD Supra

How is your Organization’s Performance with Respect to Fraud?

May 2021

US Regulations including the Foreign Corrupt Practices Act (FCPA), Sarbanes-Oxley Act and Anti-Bribery legislation require that Management in a business have a zero tolerance for fraud and have an Audit Committee in place that will establish the procedures for receipt

  • Foodman website and JD Supra

IRS Global High Wealth Group is a Tool to Reduce the Tax Gap

May 2021

In its April 28, 2021 Press Release (the “Release”) “Investing in the IRS and Improving Tax Compliance”, the US Department of the Treasury addresses available enforcement activities relating to reducing the U.S. Tax Gap;   estimated to reach approximately $7 Trillion

  • Foodman website and JD Supra

High-Income Individuals and Corporate Tax Returns are Targets of IRS Additional Funding Program

May 2021

The 2022 discretionary funding request (request) made by the Biden Administration will invest in a “fair and robust” tax system that includes tax compliance enforcement directed at High Income and High Net  Worth Individuals and Corporations. The funding request states

  • Foodman website and JD Supra