Are Forensic Accountants an Attorney’s Silver Bullet?
From the art of interviewing, to recognizing mathematical irregularities, and following the money, Forensic Accountants are a proven invaluable tool for Attorneys and their clients. “Finding” the money combines the skill set of a financial investigator with the experience of locating otherwise hidden trails. Examples of cases requiring the experience of a Forensic Accountant are […]
FBI Is Focused On Professional Service Providers
James C. Barnacle, Chief of the Money Laundering Unit in the Financial Crimes Section, Criminal Investigation Division, of the FBI recently stated that there is a RENEWED emphasis on investigations targeting “ money laundering” middlemen, also known as third-party facilitators. Barnacle said: “Our focus is on third-party facilitators”. “They include, among others, lawyers, accountants, and […]
Is the IRS Wealth Squad After You? Here Are Some Triggers
Is the IRS Wealth Squad After You? Here Are Some Triggers was published by the DBR.
Bankers, Do your US Clients tell you everything that you need to know?
Given the information publicly revealed by “Panama Papers”, and recent IRS reminders to out-of-compliance US Taxpayers to come into full compliance with their federal tax obligations, it is critical that Bankers and Financial Institutions educate their clients regarding banking industry Customer Due Diligence (CDD) guidelines. FATCA reporting exchanges took place in 2015 and 2016. When […]
¿Sabe usted el propósito de los Procedimientos de Presentación de Cumplimiento Racionalizados?
Procedimientos Racionalizados de Presentación de Cumplimiento (Streamlined Filing Compliance Procedures) es una de las opciones disponibles para los contribuyentes Estadounidenses con activos e ingresos financieros extranjeros no autoreportados. Está destinado a los contribuyentes que han actuado no-intencionalmente. El Proceso está disponible para los contribuyentes Estadounidenses en su capacidad Individual y para las sucesiones que no […]
Do you know the purpose of the Streamlined Filing Compliance Procedures?
Streamlined Filing Compliance Procedures (Streamlined) is one of the options available for US Taxpayers with unreported foreign financial assets and income. It is intended for the Taxpayers that have acted non-willfully. The Streamlined process is available to US individual Taxpayers and Estates that have failed to report foreign financial assets and pay all the taxes […]
¿Sabe usted por qué y cómo entrar en el Programa de Divulgación Voluntaria de Cuentas en el Extranjero (OVDP)?
A través del Programa de Divulgación Voluntaria de Cuentas en el Extranjero (OVDP – Offshore Voluntary Disclosure Program), el IRS permite a los Contribuyentes que no están en cumplimiento intentionalmente revelar las cuentas en el extranjero no declaradas y los ingresos relacionados. La palabra “clave” para el OVDP es intencional. A diferencia de los Procedimientos […]
Do you know why and how to make an Offshore Voluntary Disclosure (OVDP)?
Through its Offshore Voluntary Disclosure Program (OVDP), IRS permits noncompliant taxpayers to disclose Willfully unreported offshore accounts and related income. The “key” word for OVDP is Willful. Unlike the Streamlined Filing Compliance Procedures, program which is intended for Taxpayers that have acted Non-Willfully, OVDP encourages Taxpayers who have acted Willfully to immediately disclose through OVDP […]
Cuando FATCA y los Programas de Amnistía Fiscal se cruzan, ¿será demasiado tarde para los contribuyentes Estadounidenses?
Las Instituciones Financieras extranjeras (FFIs) y las autoridades fiscales de los países anfitriones le han proporcionado al IRS con una segunda ronda de informes de información sobre cuentas financieras mantenidas por los contribuyentes Estadounidenses. Este intercambio de información es automatizado y estandarizado entre las autoridades fiscales de los gobiernos, el IRS y también directamente de […]
When FATCA and Tax Amnesty Programs intersect, will it be too late for US Taxpayers?
Foreign Financial Institutions (FFIs) and host country tax authorities have provided IRS with a second round of information reports on financial accounts held by US Taxpayers. This exchange of information is automated and standardized among Government Tax Authorities and IRS, also directly by FFIs in Non-IGA and IGA 2 Countries. IRS has information from over […]
Asset misappropriation – investigating people and money?
Forensic accounting has been described as an “art and science” that investigates people and money. Forensic accountants are known for tracing funds (following the money), uncovering hidden assets and educating involved parties as to potential damages. In simple words, a forensic accountant will hunt until the money is found, make sure that money is applied […]
Claiming Vehicle Expenses… Keep a Record!
Recently, a CPA lost his own business automobile deduction case in the U.S. Tax Court. The CPA had deducted business automobile expenses based on calculations from an after the fact MapQuest and not a contemporaneous diary or log. Tax court determined in this case that MapQuest did not provide adequate records for the purpose of […]
