Winning Business Through Bribery Could Get You Into Trouble!
Winning Business Through Bribery Could Get You Into Trouble! was published by JD Supra on 1/8/19. In 1977, the United States enacted the Foreign Corrupt Practices Act (FCPA). The FCPA prohibits an offer, payment, promise or the authorization of a payment of money or anything of value (a/k/a bribery) to a foreign official for the purpose of […]
Understanding how IRS identifies and selects Individual Tax Returns for Automated Underreporter Review
Understanding how IRS identifies and selects Individual Tax Returns for Automated Underreporter Review was published by JD Supra on 1/8/19. The IRS Automated Underreporter Matching Process matches Tax Returns against Information Returns. IRS states that there were approximately 150 million individual tax returns filed in 2017 and about 25 million of them (17%) had a “mismatch”; […]
IRS-Criminal Investigations: going on 100 years and still looking at Tax Crimes!
IRS-Criminal Investigations: going on 100 years and still looking at Tax Crimes! was published by JD Supra on 1/8/19. On November 11, 2018, the IRS released its Criminal Investigation Annual Report as it begins its 2019 fiscal year and its 100th anniversary as a law enforcement agency. IRS-Criminal Investigation (IRS-CI) is a federal agency department […]
Should Business Owners rely on Whistleblowers or Forensic Accountants?
Should Business Owners rely on Whistleblowers or Forensic Accountants? was published by JD Supra on 12/21/18. According to a recent Foreign Corrupt Practices Act (FCPA) Blog entry (11/28/18), over 40% of internal frauds are discovered by whistleblowers and statistics show that 74% of whistleblowers are terminated. The National Center for Whistleblowers states that: “Whistleblowers are […]
Offshore Accounts Today Equal Transparency
Offshore Accounts Today Equal Transparency was published by JD Supra on 12/18/18. The days of avoiding taxes through hiding money or assets in unreported offshore accounts are gone. Nonetheless, there are still taxpayers with undeclared offshore accounts, as well as the banks and bankers that are suspected of helping clients hide their reportable assets overseas. […]
IRS can start asking questions about Campaign Issues. Have your Audit Plan Ready!
IRS can start asking questions about Campaign Issues. Have your Audit Plan Ready! was published by JD Supra on 12/14/18. On January 31, 2017, the IRS Large Business and International Division (LBI) announced a compliance campaign strategy to redefine large business compliance work and build a supportive infrastructure inside the LBI. The campaigns require strategic planning […]
What is Tax Evasion?
What is Tax Evasion? was published by JD Supra on 12/7/18. The IRS TAX CRIMES HANDBOOK states that there are two kinds of tax evasion: (a) the willful attempt to evade or defeat the ASSESSMENT of a tax, and (b) the willful attempt to evade or defeat the PAYMENT of a tax. Meaning, if a […]
How to determine an Individual’s Residency for Tax Treaty Purposes?
How to determine an Individual’s Residency for Tax Treaty Purposes? was published by JD Supra on 12/7/18. The guidelines for determining an Individual’s tax residency are as follows: An Individual Taxpayer is a resident based on the laws of one treaty-partner country and is considered to be a resident of that country for treaty purposes. […]
What is Reasonable Cause for the IRS?
What is Reasonable Cause for the IRS? was published by JD Supra on 12/7/18. In the US, Taxpayers “self-assess and voluntarily” pay taxes. The IRS position is that Voluntary Compliance occurs when a Taxpayer makes a “good faith” effort to meet the Taxpayer’s tax obligations as defined in the Internal Revenue Code. IRS encourages Taxpayer Voluntary […]
Comentarios del Director de FinCEN sobre las Deficiencias en el Cumplimiento de la Moneda Virtual
Comentarios del Director de FinCEN sobre las Deficiencias en el Cumplimiento de la Moneda Virtual was published by JD Supra on 12/7/18. El 8 de agosto de 2018, el Director de FinCEN, Kenneth A. Blanco, pronunció un discurso en la Conferencia Técnica (Legal) Chicago-Kent Block 2018. Los puntos más destacados de sus comentarios incluyen: La […]
Do you own a Rental income is reportableor a vacation home that you rent out?
Do you own a second home or a vacation home that you rent out? was published by JD Supra on 11/30/18. Rental income is reportable on a Taxpayer’s tax return. Certain expenses such as mortgage interest, real estate taxes, casualty losses, maintenance, utilities, insurance, and depreciation may be deducted from a Taxpayer’s rental income from the […]
IRS Guidance on Business Meals is Transitional
IRS Guidance on Business Meals is Transitional was published by JD Supra on 11/30/18. The Tax Cut and Jobs Act (TCJA) amended Section 274 of the Internal Revenue Code (IRC) created a confusion for Taxpayers by disallowing a deduction for expenses with respect to “entertainment”, amusement, or recreation and failing to address the deductibility of expenses […]
