Anti-Laundering Panel Outlines Where Reporting Responsibility Lies (Miami)

March 2016

A respected bank client sells a luxury condominium in Miami, but the funds flow in through a wire transfer linked to an overseas shell company. Whose job is it to make sure the money is clean? Much of that burden

  • Daily Business Review

Red Flags for the I.R.S Agent and Examiner

March 2016

Most Tax returns are ignored by the I.R.S. primarily because I.R.S. is short on personnel and funding. Nonetheless, according to a report from Kiplinger, the chances of being audited by the I.R.S. increase substantially, if you have foreign assets, the

  • Foodman CPAs & Advisors

Did you know that there is an I.R.S. penalty for lack of accuracy?

March 2016

According to the I.R.S., our country is based on a voluntary system of compliance. This means that each citizen (taxpayer) reports their income freely and voluntarily. The tax liability is calculated, and the tax return is hopefully filed on a

  • Yucatan Times

Have You Received a FATCA Letter?

February 23, 2016

Many U.S. expatriate taxpayers are receiving “FATCA” letters from offshore banks around the world. The banks are sending the letters in anticipation of their I.R.S. FATCA reports of U.S. taxpayer offshore financial information. A FATCA letter is a letter from

  • Compliance Matters
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The I.R.S. Will Now Determine if You Can Travel Internationally (passport)

February 2016

If you owe the I.R.S., your passport could be cancelled, revoked or not issued. In simple words, the Government Accountability Office was looking at the issuance of passports to collect taxes, and they succeeded, as the passport provision is official.

  • Global Living Magazine

Law allowing I.R.S. to revoke your passport, now allows I.R.S. to use third-party debt collectors (private collectors)

February 2016

The I.R.S. can now enter into tax collection contracts with third parties (private collectors) for the collection of certain outstanding inactive tax receivables. The Journal of Accountancy states that the passport revocation section of the law (H.R. 22), defines inactive

  • The Yucatan Times
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Secret Miami-Dade Home Buyers? Read the GTO Carefully

January 2016

Over the last week, I’ve been asked on multiple occasions about the U.S. Department of Treasury’s Financial Crimes Enforcement Network’s Jan. 6 geographical targeting order (GTO), which is effective for Miami-Dade County from March 1 to Aug. 27. Published reports

  • Daily Business Review

Offshore Banking Responsibilities and Penalties – Video

January 2016

Offshore Banking Responsibilities and Penalties – Video is a one-minute video by Stanley Foodman explaining Offshore Banking. Do you have offshore accounts? Is so, this is a must-see! Stanley Foodman, of Foodman CPAs & Advisors fields questions regarding the responsibilities

  • Foodman CPAs & Advisors YouTube

CRS and FATCA: Both intend to combat tax evasion

January 2016

We know that large amounts of money all over the world are kept elsewhere”, or “other where”, and go untaxed as Taxpayers fall short of complying with their tax obligation in their home jurisdictions. We also know that FATCA was

  • The Yucatan times
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Join Us for Our FATCA Focus Group at FIBA AMLC Conference in March

January 2016

Join Us for Our FATCA Focus Group at FIBA AMLC Conference in March Are you attending the FIBA Anti Monday Laundering Compliance Conference in March? If so, and you are a responsible officer for FATCA/CRS in your institution, please join us

  • Foodman CPAs & Advisors
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Why Attorneys and Forensic Accountants Need Each Other

November 2015

Many attorneys think that the forensic accountants are simply fraud investigators, yet that isn’t entirely a true statement. Forensic accounting is really much more than dealing with the numbers. We live in a new world that deals with the issues

  • Foodman CPAs & Advisors

FACTA Alerts: IRS Upgrades, Enhances FATCA Online Registration System

November 2015

The Internal Revenue Service has upgraded the FATCA Online Registration System, enabling sponsoring entities to register their sponsored entities to obtain a global intermediary identification number. The upgraded system also will allow users to update their information, download registration tables

  • Foodman CPAs & Advisors