¿Su institución financiera utiliza un “Matrix” de enfoque basado en el riesgo de la OFAC?

December 2019

El perfil de riesgo de la OFAC de una Institución Financiera se determina basado sus productos, servicios, clientes y ubicaciones geográficas.  Se requiere que un programa de cumplimiento OFAC de una Institución Financiera: Identifique las áreas de mayor riesgo Proporcione

  • Foodman CPAs & Advisors CPAs & JD Supra

Does your Financial Institution utilize OFAC’s Risk Based Approach Matrix?

December 2019

A Financial Institution’s OFAC risk profile is determined based on its products, services, customers and geographic locations.  A Financial Institution’s OFAC compliance program is required to: Identify higher-risk areas Provide internal controls for screening and reporting Establish independent testing for

  • Foodman CPAs & Advisors and JD Supra

IRS “BEEFS UP” Section 965 COMPLIANCE for 2017 and 2018 Returns

November 2019

On July 2, 2018, the IRS introduced a Compliance Campaign directed at Section 965 (Transition Tax) of the Internal Revenue Code (IRC).  In its original launch, the Section 965 Campaign stated that U.S. shareholder are required to pay a “transition

  • Foodman CPAs & Advisors and JD Supra

Los Contadores Forenses son “Detectives Privados”

November 2019

El entorno actual de cambio creciente, las presiones económicas, la globalización, la tecnología, el gobierno corporativo, el cumplimiento y la complejidad de las transacciones financieras son las fuerzas impulsoras del inicio del fraude. Además, la desesperación económica, un solo evento

  • Foodman CPAs & Advisors website and JD Supra

Indirect linkages to Tax Havens

November 2019

The U.S. income tax system is based on the idea of voluntary taxpayer compliance. It is the taxpayer’s responsibility to report all reportable worldwide income. Some people attempt to evade paying taxes by failing to report all or some of

  • Foodman CPAs & Advisors

Taxpayers, have you sold, received, exchanged or acquired Virtual Currency?

November 2019

During the month of October 2019, IRS issued Revenue Ruling 2019-24,  FAQ’s on Virtual Currency Transactions and a DRAFT Form of Schedule 1,  which, for the first time presents the question:  “At any time during 2019, did you receive, sell,

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An IRS “John Doe” Summons is a Powerful Weapon that can Puncture Attorney-Client Privilege

November 2019

An individual that provides information to an attorney may normally assume that the information provided to the attorney will be kept confidential under the attorney-client privilege.  That said, according to the Internal Revenue Manual (IRM), circumstances exist when attorney client

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El Programa de Cumplimiento de Sanciones de la OFAC le aplica a todos

November 2019

OFAC (Oficina de Control de Activos Extranjeros) es un departamento del Tesoro de los Estados Unidos que administra y aplica sanciones económicas y comerciales basadas en la política exterior de los Estados Unidos y los objetivos de seguridad nacional. El

  • Foodman CPAs & Advisors website

The OFAC Sanctions Compliance Program applies to all

November 2018

OFAC (Office of Foreign Assets Control) is a department of the US Treasury that administers and enforces economic and trade sanctions based on US foreign policy and national security goals.    On May 2, 2019, OFAC published guidance titled “A

  • Foodman CPAs & Advisors website

Why is it important to choose the right Power of Attorney for your IRS representation?

October 2019

Circular 230 (Regulations Governing Practice before the Internal Revenue Service) governs those that are authorized to practice in front of the IRS:  Attorneys, CPAs and Enrolled Agents.  Practicing in front of the IRS means that those authorized may: Communicate with

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Did you know that there is FCPA Individual Compliance Responsibility?

October 2019

The Foreign Corrupt Practices Act (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

  • Foodman CPAss & Advisors

Did you know that the IRS has 59 Compliance Campaigns? Have your Audit Plan Ready!

October 2019

IRS Large Business and International (IRS LBI) currently has 59 Active Compliance Campaigns.  The purpose of the IRS compliance campaign strategy is to redefine large business compliance work and build a supportive infrastructure inside the LBI.  The campaigns require strategic

  • Foodman CPAs & Advisors