FCPA image

What is Covered under the FCPA?

July 2023

The FCPA prohibits payment of bribes to foreign officials to assist with obtaining or retaining business.  It also requires companies whose securities are listed in the US to make and keep books and records that accurately and fairly reflect their

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FinCen BOI BOI de FinCEN

FinCEN: Mission, Priorities and Successes

July 2023

On April 27, 2023,  Himamauli Das,  Acting Director of FinCEN spoke before the Committee on Financial Services U.S. House of Representatives. His Statement reiterated FinCEN’s mission to safeguard the financial system from illicit use, combat money laundering and its related

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Form 1099-K Formulario 1099-K

Form 1099-K: Understanding what the IRS wants you to know

July 2023

The American Rescue Plan Act of 2021 lowered the threshold for reporting third party network transactions from aggregate payments exceeding $20,000 to aggregate payments exceeding $600 during the calendar year and eliminated the 200-transaction threshold for reporting third party network

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Third-Party Relaciones con Terceros

Managing Third-Party Relationships and Risks

July 2023

On June 6, 2023, Federal Bank Regulatory Agencies (Federal Deposit Insurance Corporation (FDIC),  Board of Governors of the Federal Reserve System (FRB), and the Office of the Comptroller of the Currency (OCC)) issued final joint guidance designed to help banking

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digital assets image activos digitales

Digital Assets Transactions Subject to IRS Increased Enforcement Activities

June 2023

On 4/5/23, the IRS published the Inflation Reduction Act Strategic Operating Plan where it states that the Agency will pursue enforcement for complex, high-risk and emerging issues; including digital assets transactions. IRS reports in its Operating Plan that digital asset

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Activos Digitales Digital Assets

Offshore Digital Assets Information Exchange Coming!

April 2023

The Biden Administration General Explanations of the Administration’s Revenue Proposals for Fiscal Year 2024 discusses the proposal for exchange of  information reporting by financial institutions and offshore digital asset brokers. The proposal for exchange of information stems from the sentiment

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GAO Accountability Office

GAO highlights Underreporting, Underpayment and Non-filing of Taxes

April 2023

The U.S. Government Accountability Office (GAO) is known as the U.S. “congressional watchdog,”.  GAO is an independent, non-partisan agency that works for Congress by examining how taxpayer dollars are spent and provides Congress and federal agencies with objective, non-partisan, fact-based

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social media

Social Media Tax Advice? Could be bad news!

April 2023

On 3/20/23, the IRS launched its 2023 “Dirty Dozen” list with new warnings each day about common scams taxpayers (individuals and business) should avoid. Some items on the Dirty Dozen list are new, and some make a return visit. The

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high income

High Income Filers are “Schematized” by Fraudsters

April 2023

On 3/31/23, the IRS continued the release of its 2023 annual “Dirty Dozen” List – this time geared towards high income filers by presenting abusive arrangements that involve Charitable Remainder Annuity Trusts and Monetized Installment Sales. These tools can be

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Crypto

Crypto Asset Related Activities Assessed by the FDIC

April 2023

On 4/5/23, the FDIC released its 2023 Spring Consumer Compliance Supervisory Highlights.  The purpose of the Supervisory highlights is to provide an overview of consumer compliance issues identified through the FDIC’s supervision of state non-member banks and thrifts in 2022. 

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Phishing and Smishing

Phishing and Smishing IRS Warnings

April 2023

On 3/21/23, day two of the annual Dirty Dozen tax scams campaign, the IRS issued  a Phishing and Smishing warning to taxpayers to remain vigilant against email and text scams aimed at tricking taxpayers about refunds or tax issues. The

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BOI Beneficial Ownership information

FinCEN BOI Guidance

April 2023

On 3/24/23, FinCEN issued its first set of guidance materials to aid the public in understanding upcoming beneficial ownership information (BOI) reporting requirements taking effect on January 1, 2024.  BOI  refers to identifying information about the individuals who directly or

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