The FATF identifies Money Laundering Threats arising from the Covid-19 Crisis

June 2020

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

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The “Affidavit” in the IRS Streamlined Filing Compliance Procedures is a Key Component

June 2020

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

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The OVDP is now the VDP

June 2020

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. On May

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What is new in the DOJ Updated Corporate Compliance Program Evaluation Guidance?

June 2020

On June 1, 2020, the Department of Justice (DOJ) Criminal Division published an update to the U.S. Department of Justice Criminal Division Evaluation of Corporate Compliance Programs. The Corporate Compliance Evaluation Guideline assists  prosecutors with making decisions regarding a corporation’s

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Forensic Accountants Should Be an Integral Component of PPP Loan Audits

June 2020

The published goal of the Paycheck Protection Program (PPP) loan program is to assist small businesses to remain open during the Covid-19 crisis and to reduce the rate of unemployment.  The loans   provide a direct incentive for small businesses to

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Financial Institutions Can No Longer Afford to Underfund Compliance Hiring and Training

June 2020

The Covid-19 Pandemic and the accompanying reduction in economic activity has been a rationale for Financial Institutions (FI) to re-analyze their budgets for compliance training and education.  FIs, as well as  businesses in other industries, are seeking to preserve liquidity

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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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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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