The FATCA Loophole will bring more Enforcement Action
After a yearlong investigation, the US Senate Finance Committee probed into a FATCA Loophole and delivered an investigative report titled “The Shell Bank Loophole” that exposes a tax evasion scheme under a FATCA loophole that allows banks offshore to accept funds from U.S. persons without reporting them to the IRS. Senate Finance Committee Chair Ron […]
Avoid IRS Scams – What IRS Will Do and Not Do
IRS scams are a big concern for the Agency and taxpayers. Scammers are impersonating the IRS either by phone, email or in person costing thousands of people millions of dollars. Scammers use the regular mail, telephone, or email to set up individuals, businesses, payroll and tax professionals. The IRS urges taxpayers to stay vigilant against […]
Identity Theft and the CPA
On 8/16/22As part of the IRS Security Summit, the IRS presented steps that tax professionals can recommend to help their clients battle identity theft risk. The IRS Security summit is comprised of tax professionals including the IRS, state tax agencies, representatives of the software industry, tax preparation firms, payroll, and tax financial product processors. Given […]
IRS Issues Another Crowdfunding Reminder
Due to the popularity of crowdfunding as a venue to raise money online, for the second time in 2022, the IRS has issued News regarding how money raised through crowdfunding may be taxable. The first notice was issued by the IRS as a Fact Sheet on March 2022 (FS-2022-20) and the second notice was issued […]
FDIC Crypto Protection? No way!
On 7/29/22, the FDIC published a Crypto Advisory: “Advisory to FDIC-Insured Institutions Regarding Deposit Insurance and Dealings with Crypto Companies” due to its concern regarding the confusion that consumers have regarding Crypto assets “offered by, through, or in connection with insured depository institutions (insured banks)”. Crypto assets are not legal tender (not fiat currency) and […]
Can the IRS Collect Assets Abroad?
The answer to the question “Can the IRS Collect Assets Abroad”” is yes, based on the Office of Chief Counsel Internal Revenue Service memorandum dated February 24, 2022. The memorandum discusses the IRS Collection Procedures for Assets outside of the U.S. The IRS has several collection tools and the use of various information sources available […]
CDD Friendly Reminder from the Agencies to the Banks
On 7/6/22, the Agencies (Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Financial Crimes Enforcement Network, the National Credit Union Administration, and the Office of the Comptroller of the Currency) issued a joint statement to remind the banks of the risk-based approach to assessing customer relationships and conducting customer […]
Dirty Dozen for 2022
According to the IRS, the Dirty Dozen represents the worst of the worst tax scams. The Dirty Dozen is a list that is compiled annually by the IRS in order to alert taxpayers, tax professionals and financial institutions of tax scams that occur at any time during the year. This list has been published by […]
Digital Asset Report from DOJ
A Digital Asset Report was issued on 6/6/22 by the DOJ – Report pursuant to Section 8(b)(iv) of President Biden’s March 9, 2022, Executive Order on Ensuring Responsible Development of Digital Assets. The Report is presented by Attorney General Merrick Garland and addresses how the increasing use of digital assets impacts investors, consumers, and businesses […]
FATF 2022 Strategic Initiatives
The Financial Action Task Force (FATF) is an independent inter-governmental entity that develops policies for protection of our global financial system from money laundering, terrorist financing and financing of weapons of mass destruction. It is considered to be the global money laundering and terrorist financing “watchdog” and more than 200 countries and jurisdictions are committed […]
IRS warns Taxpayers against Tax Avoidance Strategies
The IRS wrapped its 2022 Dirty Dozen scams list urging taxpayers to watch out for and avoid being misled by tax avoidance strategies. Making the 2022 List are Cryptocurrency, non-filing, abusive syndicated conservation easement and abusive micro-captive deals. Taxpayers ought to be aware that they can not hide income from the IRS: “These tax avoidance […]
FCPA and the CPA
FCPA (Foreign Corrupt Practices Act) compliance ought to be at the forefront of companies of all sizes in all industries. Due to the globalization of company operations, as well as bribes paid to foreign officials advancing a company’s business interest, exposure to bribery and corruption continues to increase. A qualified CPA practitioner with FCPA expertise […]
