Received a Bill from the IRS?

If you receive a Bill from the IRS and you ignore it, the amount you owe will continue to grow. IRS may take action to collect the amount due like attaching your bank account or garnishing your wages. The IRS

Filed your Tax Return but Didn’t PAY?

You are a Taxpayer that filed Tax Returns, but did not pay your tax owed. Now you have received a bill for unpaid taxes. Perhaps you didn’t make federal tax deposits, or sufficient estimated tax payments, nor had enough taxes

Are you Eligible for an IRS Offer in Compromise?

August 2016

IRS has a program called Offer in Compromise (OIC) which allows eligible Taxpayers to settle a tax debt with IRS for less than the full amount owed.  Not all Taxpayers are eligible.    The OIC is not available to partnerships, corporations,

  • JD Supra

Should Professional Service Providers Assume Greater AML Vigilance Responsibilities?

August 2016

Because they are known as “gatekeepers” in the financial industry, Professional Service Providers (PSPs), Bankers, Brokers, Realtors, Casino Managers, Trust Fund Managers, Money Managers, etc., carry a level of responsibility and share financial intelligence according to the Financial Action Task

  • JD Supra

On-boarding and Off-boarding Bank Clients

July 2016

Why is On-boarding and Off-boarding Bank Clients Important After the Panama Papers, and with the recent FinCEN final Customer Due Diligence (CDD) rule, U.S. financial institutions are further focused on tightening internal controls against money laundering, terrorist financing, sanctions prevention,

  • JD Supra

Are Compliance Officers at Financial Institutions Now in the Hot Seat for Fines?

July 2016

Are Compliance Officers at Financial Institutions Now in the Hot Seat for Fines Otherwise reputable Financial Institutions continue being sanctioned for regulatory non-compliance.  Well known “household” names continue receiving fines for failing to establish and implement adequate Anti-Money Laundering (AML)

  • JD Supra

FinCEN Form 114 (FBAR) and IRS Form 8938 – Clearing the Air

June 2016

There seems to be some confusion regarding who must file a Report of Foreign Bank and Financial Accounts (FBAR) and who must file form 8938 Statement of Specified Foreign Financial Assets. This is not a surprise. While both forms are

  • Foodman CPAs & Advisors

Forensic Accounting – An Art or Science

JUNE 2012

To answer this question one must go back in time and track how Forensic Accounting has evolved over the years. If we go back let’s say to 1990, one must accept the fact that Forensic Accounting was a misunderstood “Art”

  • Compliance Matters

“To Be or Not To Be” – A U.S. Taxpayer

MAY 2012

If general understanding of what constitutes a “U.S. Taxpayer” under the Internal Revenue Code existed, millions of individuals would not currently be unaware that they may be facing heavy penalties and fines and possible prosecution for not complying with their

  • Compliance Matters

Believe It : U.S. War on Overseas Tax Evasion is Real

APRIL 2012

If American taxpayers abroad had any doubts about the seriousness of the U.S. government’s war on overseas tax evasion, recent high profile arrests provided indisputable proof. Gone are the days when hiding assets in tax havens like Panama can go

  • Compliance Matters

IRS Offers Relief to Strapped Taxpayers

MARCH 2012

Some struggling taxpayers looking for help were given a life preserver from the Internal Revenue Service this month. Just weeks before tax day, the agency announced a significant expansion of “Fresh Start”, its program designed to offer help to strapped

  • Compliance Matters