fatca

¿Tiene su Consultor Externo de FATCA la Experiencia para Interpretar el Complejo Código Fiscal de los EE.UU.?

August 2020

Las Instituciones Financieras Extranjeras (FFI) tienen múltiples responsabilidades de cumplimiento de reportaje de FATCA y enfrentan la posibilidad de sanciones por no cumplir. Comprender e interpretar más de 1,000 páginas de regulaciones de FATCA requiere una comprensión subyacente de sus

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FCPA

Mejores prácticas bajo la Guía de Recursos Actualizada de la FCPA

August 2020

El 3 de Julio del 2020, el Departamento de Justicia de los Estados Unidos (“DOJ”) lanzó “Una guía de Recursos para la Ley de Prácticas Corruptas en el Extranjero de los Estados Unidos, segunda edición“. La edición actualizada (lanzada originalmente

  • Foodman website and JD Supra
international tax compliance

Treasury and IRS are Aiming to Provide Greater Clarity on International Tax Reporting

August 2020

On July 14, 2020, the US Treasury Department and the IRS released a proposed redesigned partnership form for tax year 2021 (filing season 2022). The two proposed forms SCHEDULE K-2 (Form 1065) and Schedule K-3 (Form 1065) are designed to

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fatca

U.S. Financial Institutions and FATCA

August 2020

Little is written regarding FATCA and U.S. Financial Institutions (FI).  That said, U.S. Financial Institutions have FATCA responsibilities.  In the absence of permitted exceptions, FATCA requires U.S. FIs that make payments of most types of U.S. source withholdable income to

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audit image

How does IRS Identify Cases with Audit Potential?

August 2020

Understanding how the IRS identifies cases that have audit potential can be learned from the CONGRESS OF THE UNITED STATES (CONGRESSIONAL BUDGET OFFICE) Report released on July, 2020: Trends in the Internal Revenue Service’s Funding and Enforcement.  This report addresses

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not my fault

What happens when Taxpayers try to tell the IRS that it is not “Mea Culpa”?

August 2020

According to the IRS Manual, reasonable cause for abating penalties is based on all the facts and circumstances of a Taxpayer’s situation.  IRS will consider reasons which establish that a Taxpayer used all ordinary care and prudence to meet required

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FCPA

Best Practices under the FCPA updated Resource Guide

July 2020

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

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irs audit

Audit Time for High Income Individuals and their Companies has arrived

July 2020

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

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foreign account

Willfulness and IRS Foreign Account Reporting Requirements

July 2020

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

  • Foodman website and JD Supra
fraude and occupational fraud

Are you Managing your Fraud Risk Proactively?

July 2020

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

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IRS

Did you know that IRS reinstated the “ASFR” program in 2019?

July 2020

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

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fatca

Does your Third-Party FATCA Consultant have the experience to interpret the complex US Tax Code?

July 2020

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

  • Foodman website and JD Supra

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