How does the “Accounting” for a Forgivable Loan received under the PPP work?
The PPP (Paycheck Protection Program) was established by Congress to assist small businesses during the Covid-19 pandemic as part of the $2 trillion CARES Act. Via the PPP, the U.S. Treasury requires the U.S. Small Business Administration (SBA) to fund
- Foodman website and JD Supra
The FATF identifies Money Laundering Threats arising from the Covid-19 Crisis
On May, 2020, the FATF published new money laundering and terrorist financing threats and vulnerabilities arising from the COVID-19 crisis. The document highlights how fraud, cybercrime, misdirection of government funding and international financial assistance are opening the way for illicit
- Foodman website and JD Supra
FCPA Compliance Report-Episode 482 – Stanley Foodman on the Travel Act and FCPA
Thomas Fox has practiced law in Houston for 30 years. He is an Independent Consultant, assisting companies with anti-corruption and anti-bribery compliance and international transaction issues. He specializes in bring business solutions to compliance problems. In the Episode, I am
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The “Affidavit” in the IRS Streamlined Filing Compliance Procedures is a Key Component
Streamlined Filing Compliance Procedures (Streamlined) is one of the options available for US Taxpayers with unreported foreign financial assets and income. The intention of the program is to provide non-willful uncompliant Taxpayers with a less stressful path toward recovering compliant
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The OVDP is now the VDP
There was and IRS termination of the Offshore Voluntary Disclosure Program (OVDP) on September 28, 2018. On November 20, 2018, following the OVDP notice of termination, there was a release of a Memorandum announcing the Voluntary Disclosure Practice (VDP). On
- Foodman website and JD Supra
What is new in the DOJ Updated Corporate Compliance Program Evaluation Guidance?
On June 1, 2020, the Department of Justice (DOJ) Criminal Division published an update to the U.S. Department of Justice Criminal Division Evaluation of Corporate Compliance Programs. The Corporate Compliance Evaluation Guideline assists prosecutors with making decisions regarding a corporation’s
- Foodman website and JD Supra
Forensic Accountants Should Be an Integral Component of PPP Loan Audits
The published goal of the Paycheck Protection Program (PPP) loan program is to assist small businesses to remain open during the Covid-19 crisis and to reduce the rate of unemployment. The loans provide a direct incentive for small businesses to
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Financial Institutions Can No Longer Afford to Underfund Compliance Hiring and Training
The Covid-19 Pandemic and the accompanying reduction in economic activity has been a rationale for Financial Institutions (FI) to re-analyze their budgets for compliance training and education. FIs, as well as businesses in other industries, are seeking to preserve liquidity
- Foodman website and JD Supra
Fraud is Everywhere. The IRS is looking for it and the Forensic Accountants are right behind them
The Internal Revenue Manual defines fraud as a “deception by misrepresentation of material facts or silence when good faith requires expression, which results in material damage to one who relies on it and has the right to rely on it.
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IRS has a Commitment to Service US Taxpayers and Enforce Collections Compliance
According to the Internal Revenue Code, Taxpayers have three obligations: (1) to file timely returns; (2) to file accurate returns; and (3) to pay the required tax voluntarily and timely. Voluntary compliance, in which Taxpayers determine the correct amount of
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PPP Safe Harbor is meant to promote economic certainty for PPP borrowers with limited resources
On May 13, 2020, the U.S. Treasury published PAYCHECK PROTECTION PROGRAM (PPP) LOANS Frequently Asked Question (FAQ 46). It addresses SBA review of a borrower’s required good-faith certification concerning the necessity of a loan request. According to FAQ 46, the
- Foodman website and JD Supra
This is the Time to Update Important Documents
By unexpectedly raising apprehensions regarding mortality and quality of life issues that many Individuals were not addressing prior to the pandemic, the Covid-19 pandemic is provoking individuals to think about their personal financial planning. Individuals may be considering estate planning
- Foodman website and JD Supra