Best Practices under the FCPA updated Resource Guide

July 2020

On July 3, 2020, the US Department of Justice (DOJ) released “A Resource Guide to the U.S. Foreign Corrupt Practices Act, Second Edition”.  This updated edition is a concerted effort of the DOJ, Securities Exchange Commission (SEC), the US Department

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Audit Time for High Income Individuals and their Companies has arrived

July 2020

On a webinar hosted by the New York University Tax Controversy Forum on June 18, 2020, Douglas O’Donnell (head of the IRS Large Business and International Division/IRS-LBI) stated that the IRS will  begin a new campaign to audit hundreds of

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Willfulness and IRS Foreign Account Reporting Requirements

July 2020

The IRS Mission Statement states that: “the taxpayer’s role is to understand and meet his or her tax obligations”.   Taxpayers fill out their own returns under a “self-assessment voluntary reporting system” because the Taxpayer is the one that possess all

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Are you Managing your Fraud Risk Proactively?

July 2020

Managing fraud risk proactively is imperative. It is not only about protecting against financial losses commonly associated with fraud.  It is also about surviving reputational risk.  There is a need for Organizations to create an environment and implement appropriate controls

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Did you know that IRS reinstated the “ASFR” program in 2019?

July 2020

Under Internal Revenue Code, Section 6620, if a Taxpayer does not timely file a U.S. tax return, the IRS is authorized to prepare and file a U.S. tax return for that Taxpayer based on the knowledge that it has on

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Does your Third-Party FATCA Consultant have the experience to interpret the complex US Tax Code?

July 2020

Foreign Financial Institutions (FFIs) have multiple FATCA reporting compliance responsibilities and face the possibility of penalties for not complying.  Understanding and interpreting more than 1,000 pages of FATCA regulations requires an underlying comprehension of their words (a new vocabulary) and

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FCInet is Connecting Data with different Worldwide Tax Organizations

July 2020

In 2018, the Organization for Economic Co-operation and Development (OECD) issued a “call to action” for countries to do more to tackle enablers of tax crimes. The result of this “call to action” was the establishment of an operational alliance

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¿Qué hay de nuevo en la Guía del “DOJ” de Evaluación del Programa de Cumplimiento Corporativo actualizada?

July 2020

El 1 de junio de 2020, la División Criminal del Departamento de Justicia (“DOJ”) publicó una actualización de la Evaluación de Programas de Cumplimiento Corporativo de la División Criminal del Departamento de Justicia de los Estados Unidos. La Guía de

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How does the “Accounting” for a Forgivable Loan received under the PPP work?

June 2020

The PPP (Paycheck Protection Program) was established by Congress to assist small businesses during the Covid-19 pandemic as part of the $2 trillion CARES Act.  Via the PPP, the U.S. Treasury requires the U.S. Small Business Administration (SBA) to fund

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No deje que el IRS llegue a Usted Primero

June 2020

Los Contribuyentes Estadounidenses con activos e ingresos financieros extranjeros no declarados corren el riesgo de que el Gobierno determine si su conducta fue intencional o no intencional.  La definición de conducta “intencional” o “no intencional” del Contribuyente hace una gran

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Las Instituciones Financieras ya no Pueden Permitirse Sub-Financiar la Contratación y la Capacitación del Cumplimiento

June 2020

La pandemia del Covid-19 y la reducción de la actividad económica que la acompaña ha sido una justificación para que las Instituciones Financieras (IF) vuelvan a analizar sus presupuestos para la capacitación y educación sobre el cumplimiento. Las IF, así

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OFAC no es parte de la BSA, pero la Convergencia está Ocurriendo

June 2020

El 15 de abril de 2020, los miembros del Consejo de Examen de Instituciones Financieras Federales (“FFIEC”) publicaron secciones actualizadas y procedimientos de examen relacionados con el Manual de Examen de la Ley de Secreto Bancario / Antilavado de Dinero

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