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Penalty of $25,000 for Foreigners with a 25% ownership stake or control of a U.S. legal entity that fail to file Form 5472

July 2019

Penalty of $25,000 for Foreigners with a 25% ownership stake or control of a U.S. legal entity that fail to file Form 5472 was published by JD Supra on 7/9/19. Form 5472 is an Information Return of a 25% Foreign-Owned

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Is There an Anti-Money Laundering (AML) Component to the Revision of the IRS EIN Process?

June 2019

Is There an Anti-Money Laundering (AML) Component to the Revision of the IRS EIN Process? was published by JD Supra on 6/25/19. An EIN is also known as a Federal Entity Tax Identification Number (EIN) and is used to  identify

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IRS can Prove that a Taxpayer Under-Reported Income

June 2019

IRS can Prove that a Taxpayer Under-Reported Income was published by JD Supra on 6/18/19. There are Taxpayers that understate income, overstate expenses and present fraudulent claims on their tax returns for credits and deductions. These Taxpayers run the risk

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Taxpayers can be Embarrassed when IRS Contacts a Third-Party

June 2019

Taxpayers can be Embarrassed when IRS Contacts a Third-Party was published by JD Supra on 6/18/19. Under Internal Revenue Code (IRC), Subtitle F – Income Taxes, Chapter 78 – Discovery of Liability and Enforcement of Title, Subchapter A – Examination

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Taxpayers that have VIRTUAL CURRENCY held in a Centralized Virtual Currency Exchange outside the U.S must file an FBAR and FORM 8938!

June 2019

Taxpayers that have VIRTUAL CURRENCY held in a Centralized Virtual Currency Exchange outside the U.S must file an FBAR and FORM 8938! was published by JD Supra on 6/11/19. On May 30, 2018, the AICPA (American Institute of Certified Public

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Content Matters in a Suspicious Activity Report (SAR)

June 2019

Content Matters in a Suspicious Activity Report (SAR) was published by JD Supra on 6/4/19. The Suspicious Activity Report (SAR) was created by five federal financial agencies and the Treasury Department’s Financial Crimes Enforcement Network (FinCEN). The purpose of the

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Varsity Blues, the “Charity” and how a Forensic Accountant can be a Silver Bullet!

May 2019

Varsity Blues, the “Charity” and how a Forensic Accountant can be a Silver Bullet! was published by JD Supra on 5/29/19. The forensic accounting skillset of FBI Special Agent, Mrs. Laura Smith, is receiving a lot of credit for her

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Is your Passport at Risk?

May 2019

Is your Passport at Risk? was published by JD Supra on 5/21/19. Certain US Taxpayers that have been identified by IRS with overdue tax bills maybe at risk of losing US passport privileges.  IRS has been trying to encourage US

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IRS: Offshore Financial Accounts will NOT go Unnoticed

May 2019

IRS: Offshore Financial Accounts will NOT go Unnoticed was published by JD Supra on 5/14/19. On March 15, 2019, IRS reported that hiding money or assets in unreported offshore accounts remains on the Internal Revenue Service’s “Dirty Dozen” list of

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The Noose is Closing

May 2019

The Noose is Closing was published by JD Supra on 5/1/19. Now that IRS has four years of FATCA exchanged data in its computers and is embarking on a FATCA Filing Accuracy Campaign, there is a special urgency for for

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The Financial Action Task Force and Virtual Assets

April 2019

The Financial Action Task Force and Virtual Assets article was published by JD Supra on 4/30/19. The FATF (FATF) is an inter-governmental body with 38 members that sets standards and promotes the implementation of legal, regulatory and operational measures for

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Auditors are required to be “Independent” of their Audit Clients

April 2019

Auditors are required to be “Independent” of their Audit Clients was published by JD Supra on 4/23/19. The Sarbanes-Oxley Act of 2002 (SOX) mandates that audit committees be directly responsible for the oversight of the engagement of the company’s independent

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