financial planning

Extra Time Provided for Filing 2020 Taxes may offer Financial Planning Opportunity

April 2021

The federal income tax filing due date for individuals for the 2020 taxes has been extended from April 15, 2021, to May 17, 2021.  Individual taxpayers can also postpone federal income tax payments for the 2020 tax year due on

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tax time

Have you hired the right Tax Preparer to prepare your Taxes?

April 2021

Tax Season is here.  Tax Preparers have different levels of skills, education and expertise and Taxpayers ought to take a closer look at what constitutes a “Qualified” Tax Preparer.  There are various types of regulated Tax Preparers, including Certified Public

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tax time

19 possible Questions that your Tax Preparer ought to Ask regarding Foreign Accounts and Assets

April 2021

Many Taxpayers with international entanglements seek the assistance of tax return preparers without U.S. international tax reporting experience.  Because US International tax reporting is complicated and often overwhelming for US Taxpayers, international tax specialist CPA is the appropriate choice for

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taxpayer

How does the IRS enforce the Nation’s Tax Laws for the benefit of all Taxpayers?

April 2021

On December 17, 2020, the IRS published a document entitled “Closer Look”. It explains the IRS aspiration for balancing the Taxpayer burden with the potential benefit of its compliance effort when deciding which compliance tool to use.  The goal of

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corporate governance

Forensic Accountants augment a Financial Institution’s Corporate Governance Program

April 2021

A financial institution’s understanding and management of financial crimes and their genesis would enhance and strengthen its Corporate Governance programs and internal controls.  Forensic Accountants with a law enforcement background and with an understanding of the provisions of the Bank

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beneficial ownership

Included in the AML ACT of 2020 is the Corporate Transparency Act which outlines Beneficial Ownership Reporting Requirements

March 2021

The Corporate Transparency Act (CTA) is within the AML Act of 2020.  It establishes Beneficial Ownership Information Reporting Requirements to facilitate important national security, intelligence, and law enforcement activities; and confirm beneficial ownership information provided to financial institutions to facilitate

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US Tax Haven

Will the Perception of the USA as a Preferred Tax Haven be Jeopardized Going Forward?

March 2021

Changes to the Bank Secrecy Act incorporated into the National Defense Authorization Act (NDAA) contain requirements for beneficial ownership disclosure by covered legal entities at the time of their creation for inclusion in a database that will be accessible by

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training

How will the AML Act of 2020 (the “Act”) Required Examiner Training Impact your Financial Institution?

March 2021

Section 6307 of the Act requires annual Anti-Money Laundering and Countering the Financing of Terrorism training for Examiners.  The training is to be done in consultation with FinCEN and all levels of law enforcement, including federal, state, tribal, and local. 

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bank secrecy act

Will Financial Institutions be Ready for the Proposed Travel Rule Rulemaking?

March 2021

The “Travel Rule” is a Bank Secrecy Act (BSA) rule [31 CFR 103.33(g)] that requires financial institutions to pass certain information on to the next financial institution, in certain funds transmittals involving more than one financial institution.  “Financial institutions” include

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de risk

Is there help on the Way for the De-risked?

March 2021

Rising compliance costs, hard to understand corporate client structures, fines and penalties, a shift from corporate responsibility to individual liability, and reputational concerns have led many US Financial Institutions (“FI”) to de-risk or end customer relationships as along with the

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criminal offenses

New Criminal Offenses related to Foreign Political Figures and Money Laundering Entities

February 2021

Regarding assets belonging to Senior Foreign Officials, Section 6313 of the AML Act of 2020 prohibits the concealment of the source of those assets in monetary transactions or involving Institutions of primary Money Laundering concern as two new criminal offenses. 

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attache

Treasury Attachés, Foreign Financial Intelligence Unit Liaisons and Foreign Financial Institutions

February 2021

The AML Act of 2020 includes the creation of  “Treasury Attachés” (SEC. 6106, appointed by the US Treasury Department) and the “Foreign Financial Intelligence Unit Liaisons” (SEC. 6108, appointed by FinCEN) to be stationed abroad.   The Treasury Attachés will: Assist

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