Fraud is Everywhere. The IRS is looking for it and the Forensic Accountants are right behind them

June 2020

The Internal Revenue Manual defines fraud as a “deception by misrepresentation of material facts or silence when good faith requires expression, which results in material damage to one who relies on it and has the right to rely on it.

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IRS has a Commitment to Service US Taxpayers and Enforce Collections Compliance

June 2020

According to the Internal Revenue Code, Taxpayers have three obligations: (1) to file timely returns; (2) to file accurate returns; and (3) to pay the required tax voluntarily and timely.  Voluntary compliance, in which Taxpayers determine the correct amount of

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PPP Safe Harbor is meant to promote economic certainty for PPP borrowers with limited resources

June 2020

On May 13, 2020, the U.S. Treasury published PAYCHECK PROTECTION PROGRAM LOANS Frequently Asked Question (FAQ 46). It addresses SBA review of a borrower’s required good-faith certification concerning the necessity of a loan request. According to FAQ 46, the SBA

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This is the Time to Update Important Documents

June 2020

By unexpectedly raising apprehensions regarding mortality and quality of life issues that many Individuals were not addressing prior to the pandemic, the Covid-19 pandemic is provoking  individuals to think about their personal financial planning. Individuals may be considering estate planning

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So much of Virtual Currency is still subject to Interpretation

June 2020

On February 12,2020, the U.S. Government Accountability Office (GAO) published a Report  on Virtual Currencies which discusses whether Taxpayers  who use Virtual Currency (VC) are fully meeting their tax obligations.   The purpose of the GAO report is to address IRS’

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Were you Engaged in Virtual Currency transactions in 2019?

June 2020

In 2019, taxpayers who engaged in a transaction involving virtual currency will need to file Schedule 1, Additional Income and Adjustments to Income.  Schedule 1 of the 2019 1040 Form presents the question to Taxpayers: “At any time during 2019,

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PPP Loan Borrowers will need Assistance when Applying for Forgiveness of their PPP Loans

May 2020

On 4/15/20, the SBA and the U.S. Department of the Treasury released an application form for Paycheck Protection Program (PPP) loan forgiveness along with instructions for completing the form. To apply for forgiveness of a Paycheck Protection Program (PPP) loan,

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¿Qué sucede si una FFI pierde su GIIN?

May 2020

Para estar registrado en FATCA y exento de retención por parte de los agentes de retención de los Estados Unidos, una institución financiera extranjera (“FFI”) debe de tener un número de identificación de intermediario global (“GIIN”). Una institución financiera extranjera

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OFAC is not part of the BSA, But Convergence is Occurring

On April 15, 2020, the members of the Federal Financial Institutions Examination Council (FFIEC)  released updated sections and related examination procedures to the Bank Secrecy Act/Anti-Money Laundering (BSA/AML) Examination Manual (Manual)  which provide instructions to examiners when assessing the adequacy

What happens if an FFI loses its GIIN?

May 2020

In order to be FATCA registered and exempt from withholding by U.S. withholding agents, a Foreign Financial Institution (FFI) must have a Global Intermediary Identification Number (GIIN).   A Foreign Financial Institution withoutaGIIN is treated as unregistered in FATCA and faces

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How are Financial Institutions identifying and managing their PEP relationships?

May 2020

With respect to customers, Financial Institutions are required to have processes in place for identifying Politically Exposed Persons – known as “PEPs”.  PEPs are individuals perceived as more vulnerable to corruption and bribery involvement due to a current or past

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Financial Institutions Ought to Remain Alert to Illicit Financial Activity During Covid-19

May 2020

On March 16, 2020, FinCEN advised Financial Institutions to be on the alert about fraudulent transactions and potential illicit behavior connected to Covid-19.  FinCEN encouraged Financial Institutions to contact their functional regulator if the financial Institution has concerns about delays

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