game changer

The Anti-Money Laundering Act of 2020 may be a Game-Changer for Compliance Professionals

December 2020

On December 2, 2020, the ‘‘William M. (Mac) Thornberry National Defense Authorization Act for Fiscal Year 2021’’ was passed by the U.S. House of Representatives.  The Act includes DIVISION F (ANTI-MONEY LAUNDERING).  This Division is cited as the ‘‘Anti-Money Laundering

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proof

IRS Agents Use Methods of Proof

December 2020

The IRS has tools inside of its Internal Revenue Manual (“IRM”) available to its agents for determining a Taxpayer’s taxable income as well as documenting its adjustments and corrections through what it calls “Methods of Proof”.  The IRM describes seven

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forensic accountant mug

A Forensic Accountant digs beneath the surface and finds what is missing

December 2020

The decision to hire a Forensic Accountant can be a gamble. Not all possess critical characteristics such as being able to see beyond what is immediately in front of them utilizing a panoramic approach.  Traditionally, a CPA looks at historical

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forensic accountant

Working together, Attorneys and Forensic Accountants Can Bring About Optimal Solutions

December 2020

There is a value added for a client when an Attorney is working in tandem with a forensic accountant. Litigation often involves overlapping complex accounting and legal issues. Working together, Attorneys and Forensic Accountants can bring about optimal solutions. Clients

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cumplimiento compliance

Compliance Function Shall Not be “Underfunded”

December 2020

Compliance Professionals continue protecting their Financial Institutions during these unprecedented times. They have become a source of regulatory information for Financial Institutions facing challenges that are changing from day to day.  As the Pandemic continues, Compliance Departments and Compliance Officers

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fatca

After Ten Years, FATCA is NOT GOING AWAY!

December 2020

FATCA was signed into law in March 2010 with the objective of combating international income tax reporting non-compliance by US citizens and U.S. taxpaying residents (US Taxpayers). It requires Foreign Financial Institutions (FFIs) to annually report the reportable balances and

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cause

“Reasonable Cause” When Dealing with the IRS

December 2020

On November 5, 2020, the IRS removed the Delinquent Information Submission Procedure Program from its Offshore Compliance Options Menu.  Before the removal of this program, a US Taxpayer could file a “delinquent” international information tax return with what is known

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obligations

What can I do if I made a willful mistake and willfully failed to comply with my tax obligations?

Voluntary compliance is the foundation of the US tax system. Although the majority of US Taxpayers voluntarily comply with their obligations, some fail to do so (willful mistake). Submitting a voluntary disclosure via the Voluntary Disclosure Practice may resolve a

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IRS

IRS Commissioner Hylton sends an important message to high income non-filers

December 2020

On December 3, 2020, the IRS published  “How the IRS prioritizes compliance work on high income non-filers through national and international efforts” in the Closer Look.    It addresses how the IRS is in pursuit of high-income non-filers as an important

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uncover the facts

A Forensic Accountant Bringing the Investigative Component to a Matter at Hand, Can Give an Attorney an Edge

December 2020

Presenting results in an easily understood manner is something one must expect a forensic accountant to bring to the plate. The skill set of a forensic accountant can provide a significant advantage by taking complex financial data and putting it

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fatca

Is your Financial Institution Maintaining Continuous Compliance with FATCA?

December 2020

Participation in FATCA is not an option, it is here to stay, and it is part of a global initiative. FATCA is complicated, and for the bankers, it has implied learning new terminology and understanding thousands of pages of a

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shutterstock wide net

The BSA CASTS A WIDER NET

November 2020

On  September 15, 2020,  FinCEN issued a Final Rule stating that Banks lacking a Federal Functional Regulator will be required to establish and implement AML programs including policies and procedures,  a dedicated compliance officer, employee training,  an independent audit function

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