Small and Midsize Employers can begin taking advantage of Two New Refundable Payroll Tax Credits
Coronavirus tax relief for Employers is important. When employers pay their employees, they are required to withhold from their employees’ paychecks federal income taxes and the employees’ share of Social Security and Medicare taxes. The employers are then required to deposit these federal taxes, along with their share of Social Security and Medicare taxes, with […]
U.S. Small Business Administration (SBA) Disaster Loan Assistance
U.S. Small Business Administration (SBA) Disaster Loan Assistance SBA provides low-interest disaster loans to businesses of all sizes, private non-profit organizations, homeowners, and renters. SBA disaster loans can be used to repair or replace the following items damaged or destroyed in a declared disaster: real estate, personal property, machinery and equipment, and inventory and business […]
IRS wants to be part of the Solution under Covid-19
IRS wants to be part of the solution to improve the lives of all people in the US. On March 25, 2020, IRS released the “IRS People First Initiative” providing immediate relief to help people facing uncertainty over taxes. IRS People First Initiative includes: • Suspension of Existing Installment Agreements (for taxpayers under an existing […]
Loans for Allowable Uses under the PAYCHECK PROTECTION PROGRAM may be Forgiven
The enactment of the Coronavirus Aid, Relief, and Economic Security (CARES) Act includes the Paycheck Protection Program (PPP). The PAYCHECK PROTECTION PROGRAM authorizes up to $349 billion in forgivable loans to small businesses to pay their employees during the COVID-19 crisis. The Small Business Administration (SBA) has the authority to provide 100% federally backed loans […]
Understanding the Economic Impact Payments (Recovery Rebates)
The distribution of economic impact payments will begin in the next three weeks (weeks of April 6th, 13th and 20th of 2020). According to the IRS, the payments will be distributed automatically, with no action required for most people. The IRS will calculate and automatically send the economic impact payment to those eligible. Tax filers […]
Florida small businesses can “bridge the gap” between the time damage is incurred and when a business secures other financial resources
Florida currently has the Florida Small Business Emergency Bridge Loan Program available to small business owners located in all Florida counties statewide that experienced economic damage as a result of COVID-19. The loans are characterized as short-term, interest-free (12 months) working capital loans intended to “bridge the gap”. Meaning, between the time a major catastrophe […]
Compliance Officers and the Growing Risk of Personal Liability
On February 04, 2020, the NEW YORK CITY BAR ASSOCIATION COMPLIANCE COMMITTEE issued a REPORT ON CHIEF COMPLIANCE OFFICER LIABILITY IN THE FINANCIAL SECTOR. The Report discusses the governmental view that Compliance Officers are the “gatekeepers” that prevent, detect, and remediate violations of laws, regulations, and internal policies and rules. As a result, a number […]
The U.S.A Continues to be AML/BSA “Vulnerable”
The U.S. Department of the Treasury 2020 Strategy (National Strategy for Combating Terrorist and Other Illicit Financing released on February 6, 2020) describes ongoing significant AML/BSA and CFT threats. The vulnerabilities in the U.S.A. related to AML/BSA and CFT are centered around: Lack of a requirement to collect entity beneficial ownership information Law enforcement efforts […]
Did you know that OFAC and the IRS have an Understanding?
In November, 2019 the IRS and the Office of Foreign Assets Control (OFAC) signed a Memorandum of Understanding (MOU). The MOU outlines an understanding between the IRS and OFAC with respect to reviews conducted by the IRS for compliance with U.S. economic sanctions. The sharing of information under the MOU is intended to: Help the […]
What is Next after BSA turns 50?
On 2/6/2020, the U.S. Department of the Treasury issued the BSA 2020 National Strategy for Combating Terrorist and Other Illicit Financing (2020 Strategy). The purpose of the 2020 Strategy is to: • Modernize the U.S. anti-money laundering/countering the financing of terrorism (AML/CFT) regime and make it more effective and efficient. • Increase transparency and close […]
What can trigger an OFAC investigation and what can an OFAC Investigation lead to?
An OFAC investigation is often triggered as a result of: • Reports that are generated by U.S. Financial Institutions which have blocked or rejected a transaction based on a suspected sanctions violation • A self-disclosure of an OFAC apparent violation • Information OFAC receives from other U.S. agencies investigating other types of violations. • A […]
FBAR Penalties: Is it per Account or per Violation?
U.S. Taxpayers (includes a citizen, permanent resident, corporation, partnership, limited liability company, trust and estate) are required to file a Report of Foreign Bank and Financial Accounts (FBAR) if they have: a financial interest in or signature or other authority over at least one financial account located outside the United States, AND the aggregate value […]
