Articles - Page 46 of 64 - Foodman CPAs and Advisors

Audit Sampling in Forensic Accounting – Could Something be Missed?

September 2016

Audit sampling techniques may permit errors or dishonesty to go undetected. Audit sampling occurs when a review of less than 100% of a population occurs. Determining how the size of a population is used in an audit sample is a

JD Supra

Received a Bill from the IRS?

If you receive a Bill from the IRS and you ignore it, the amount you owe will continue to grow. IRS may take action to collect the amount due like attaching your bank account or garnishing your wages. The IRS

Filed your Tax Return but Didn’t PAY?

You are a Taxpayer that filed Tax Returns, but did not pay your tax owed. Now you have received a bill for unpaid taxes. Perhaps you didn’t make federal tax deposits, or sufficient estimated tax payments, nor had enough taxes

Did You Know That Payroll Taxes Non-Compliance Can Get You Into TROUBLE?

September 2016

S Corps are corporate entities through which the income and or losses of the entity pass through to its owner’s personal income tax return. It is estimated that 100% of the shares of approximately 70% of small businesses incorporated as

JD Supra

Do You Know About the 4 Scenarios in the IRS Collection Process?

August 2016

The IRS collection process begins when IRS does not receive full and timely payments from a taxpayer after it issues a collection notice. Based on the information in the taxpayer’s 1040 tax return, if the taxpayer does not pay the

JD Supra

Are you Eligible for an IRS Offer in Compromise?

August 2016

Are you Eligible for an IRS Offer in Compromise? was published by JD Supra on 8/15/16. IRS has a program called Offer in Compromise (OIC) which allows eligible Taxpayers to settle a tax debt with IRS for less than the

JD Supra

Should Professional Service Providers Assume Greater AML Vigilance Responsibilities?

August 2016

Should Professional Service Providers Assume Greater AML Vigilance Responsibilities? was published by JD Supra on 8/8/16. Because they are known as “gatekeepers” in the financial industry, Professional Service Providers (PSPs), Bankers, Brokers, Realtors, Casino Managers, Trust Fund Managers, Money Managers,

JD Supra

On-boarding and Off-boarding Bank Clients

July 2016

On-boarding and Off-boarding Bank Clients was published by JD Supra on 8/1/16. After the Panama Papers, and with the recent FinCEN final Customer Due Diligence (CDD) rule, U.S. financial institutions are further focused on tightening internal controls against money laundering,

JD Supra

Are Compliance Officers at Financial Institutions Now in the Hot Seat for Fines?

July 2016

Are Compliance Officers at Financial Institutions Now in the Hot Seat for Fines? was published by JD Supra on 8/1/16. Otherwise reputable Financial Institutions continue being sanctioned for regulatory non-compliance. Well known“household” names continue receiving fines for failing to establish

JD Supra

Is Big Data a Misunderstood Moving Target?

July 2016

Is Big Data a Misunderstood Moving Target? was published by JD Supra on 7/27/16. The Oxford English Dictionary defines Big Data (BD) as data sets that are complex, hard to understand and difficult to process utilizing conventional methods. Historically,

JD Supra

US Reciprocity to Improve Under FATCA? Perhaps

July 2016

US Reciprocity to Improve Under FATCA? Perhaps was published by the Daily Business Review on 7/1/16. On May 5, Treasury Secretary Jacob J. Law wrote to U.S. House Speaker Paul

Daily Business Review

FinCEN Form 114 (FBAR) and IRS Form 8938 – Clearing the Air

June 2016

There seems to be some confusion regarding who must file a Report of Foreign Bank and Financial Accounts (FBAR) and who must file form 8938 Statement of Specified Foreign Financial Assets. This is not a surprise. While both forms are