Best Practices under the FCPA updated Resource Guide
On July 3, 2020, the US Department of Justice (DOJ) released “A Resource Guide to the U.S. Foreign Corrupt Practices Act (FCPA), Second Edition”. This updated edition is a concerted effort of the DOJ, Securities Exchange Commission (SEC), the US Department of Commerce and the US Department of State. The Resource Guide, intended for business […]
Audit Time for High Income Individuals and their Companies has arrived
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 high-net-worth individuals from July 15, 2020 to September 30, 2020. The audit campaign stems from […]
Willfulness and IRS Foreign Account Reporting Requirements
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 the information and not the IRS. A Taxpayer’s actions may create the difference between an […]
Are you Managing your Fraud Risk Proactively?
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 for detecting fraud ahead of time. An increasing “perception of detection” is widely believed to […]
Did you know that IRS reinstated the “ASFR” program in 2019?
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 hand. The return prepared by the IRS is called a Substitute for Return (SFR). The […]
Does your Third-Party FATCA Consultant have the experience to interpret the complex US Tax Code?
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 the spirit behind their wording to avoid being inadvertently victimized by FATCA sanctions and problems […]
FCInet is Connecting Data with different Worldwide Tax Organizations
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 known as the “Joint Chiefs of Global Tax Enforcement”, also known as the “J5”, as […]
How does the “Accounting” for a Forgivable Loan received under the PPP work?
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 loans up to $10 million for business borrowers to cover payroll, mortgage interest, rent, and […]
The FATF identifies Money Laundering Threats arising from the Covid-19 Crisis
On May, 2020, the FATF published new money laundering and terrorist financing threats and vulnerabilities arising from the COVID-19 crisis. The document highlights how fraud, cybercrime, misdirection of government funding and international financial assistance are opening the way for illicit actors to create new sources of funds/proceeds. This is challenging the ability of the private […]
FCPA Compliance Report-Episode 482 – Stanley Foodman on the Travel Act and FCPA
Thomas Fox has practiced law in Houston for 30 years. He is an Independent Consultant, assisting companies with anti-corruption and anti-bribery compliance and international transaction issues. He specializes in bring business solutions to compliance problems. In the Episode, I am joined by Stanley Foodman, President and CEO of Foodman CPAs & Advisors. He is a bilingual […]
The “Affidavit” in the IRS Streamlined Filing Compliance Procedures is a Key Component
Streamlined Filing Compliance Procedures (Streamlined) is one of the options available for US Taxpayers with unreported foreign financial assets and income. The intention of the program is to provide non-willful uncompliant Taxpayers with a less stressful path toward recovering compliant status. The Streamlined process is available to US individual Taxpayers and Estates that fail to […]
The OVDP is now the VDP
There was and IRS termination of the Offshore Voluntary Disclosure Program (OVDP) on September 28, 2018. On November 20, 2018, following the OVDP notice of termination, there was a release of a Memorandum announcing the Voluntary Disclosure Practice (VDP). On May 29, 2020 there was the release by IRS of a new Voluntary Disclosure Practice […]
