Automatic Exchange of Information leads to Deposit Drops at International Financial Centers
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
- Foodman CPAs & Advisors
Guilty from the Get-go in the IRS Updated Voluntary Disclosure Program?
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
- Foodman CPAs & Advisors
Could your Organization be holding Virtual Currency that is “blockable” pursuant to OFAC’s regulations?
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
- Foodman CPAs & Advisors
IRS Initiates a Compliance Campaign for U.S. Persons with respect to Certain Foreign Corporations (Form 5471)
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
- Foodman CPAs & Advisors
Your Tax Home and Travel Expense Deductions
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
- Foodman CPAs & Advisors
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
IRS using Data Analytics to Uncover Criminal Arrangements article appeared on JD Supra on 8/20/19. IRS-Criminal Investigation (IRS-CI) is a federal agency department specifically authorized to investigate and prosecute federal income tax crimes. IRS-CI uses data analytics such as models,
- JD Supra
When do you need an IRS Certifying Acceptance Agent?
When do you need an IRS Certifying Acceptance Agent? Article appeared at JD Supra on 8/15/19. There are foreign national Individuals and other foreign Persons that do not have or do not qualify for a Social Security Number (SSN) but
- JD Supra
Does it make sense to go from an S-Corp to a C-Corp?
Does it make sense to go from an S-Corp to a C-Corp? Article appeared at JD Supra on 8/9/19. IRS defines an S-Corp as a corporation whose shareholders make the election to pass corporate income, losses, deductions, and credits through
- JD Supra
What is an Abusive Tax Trust?
What is an Abusive Tax Trust? Article appeared at JD Supra on 8/9/19. In a “legitimate” Trust, the ownership and control of the Trust assets and income is “separate” from a Settlor’s control and benefit. IRS has been reporting that
- JD Supra
An effective compliance program can help diminish an organizational criminal fine
An effective compliance program can help diminish an organizational criminal fine. Article appeared at JD Supra on 7/30/19. On April 30, 2018, the Criminal Division of the US Department of Justice (DOJ) released a guidance document regarding corporate compliance programs. The
- JD Supra
If you Exchange Virtual Currency, you are a Money Transmitter and must comply with the Bank Secrecy Act (BSA)
If you Exchange Virtual Currency, you are a Money Transmitter and must comply with the Bank Secrecy Act (BSA) article was published by JD Supra on 7/23/19. FinCEN defines a Money Service Business (MSB) as any person DOING BUSINESS, whether
- JD Supra
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