Who are you partnering with for your Financial Institution’s BSA/AML Independent Testing?
Financial Institutions ought to design and evaluate compliance programs to meet BSA/AML requirements and to satisfy Bank Examiner expectations. A Financial Institution’s Compliance Programs must comply with the requirements under Title 31 and, at a minimum, must include the five
- JD Supra and Foodman Website
IRS issues FATCA Relief but not for All
On September 6, 2019, IRS announced Relief Procedures for Certain Former Citizens. These are procedures for certain persons who have relinquished, or intend to relinquish, their United States citizenship, who wish to come into compliance with their U.S. income tax
- JD Supra and Foodman Website
Instituciones Financieras y el FCPA
La Ley de Prácticas Corruptas en el Extranjero (“Foreign Corrupt Practices Act – FCPA”) prohíbe el pago de sobornos a funcionarios extranjeros para ayudar a obtener o retener negocios. Exige que las empresas cuyos valores se cotizan en los EE.
- JD Supra and Foodman Website
Financial Institutions and the FCPA
The Foreign Corrupt Practices Act (FCPA) prohibits payment of bribes to foreign officials to assist with obtaining or retaining business. It requires companies whose securities are listed in the US to maintain books and records that accurately and fairly reflect
- JD Supra and Foodman Website
Can you identify a Misappropriation Scheme?
Misappropriation is the use of property or funds of another person for an unauthorized purpose. In misappropriation, the perpetrator steals or misuses an organization’s belongings and resources; usually without force. The organization’s assets can be misappropriated by an employee, a
- Foodman website and JD Supra
Payers and Payees have Obligations to Comply with Backup Withholding
Backup Withholding requires a payer to “withhold tax” from payments that are not otherwise subject to withholding. A Taxpayer (payee) may be subject to Backup Withholding if it: • fails to provide a correct taxpayer identification number (TIN) when required,
- Foodman website and JD Supra
Wondering about the tax treatment of a Cryptocurrency Hard Fork and Airdrop?
On 10/9/19, IRS issued Rev. Rul. 2019-24 addressing the issues of a Taxpayer having gross income under § 61 of the Internal Revenue Code as a result of a hard fork of a cryptocurrency that the Taxpayer owns if the
- Foodman CPAs & Advisors and JD Supra
Can the “Corporate Transparency Act” jeopardize the USA as the preferred Tax Haven?
- Daily Business Review
¿Su institución financiera utiliza un “Matrix” de enfoque basado en el riesgo de la OFAC?
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?
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
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”
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
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Latest Articles
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Who are you partnering with for your Financial Institution’s BSA/AML Independent Testing?
Blog | January 2020Financial Institutions ought to design and evaluate
-
IRS issues FATCA Relief but not for All
Blog | January 2020On September 6, 2019, IRS announced Relief
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Financial Institutions and the FCPA
Blog | January 2020The Foreign Corrupt Practices Act (FCPA) prohibits
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Payers and Payees have Obligations to Comply with Backup Withholding
Blog | December 2019Backup Withholding requires a payer to “withhold
