Agencies Request Information to Assist with BSA/AML Laws and Regulations Compliance
On April 9, 2021, the federal banking regulatory agencies (the Federal Reserve, FDIC and OCC) together with FinCEN and the National Credit Union Administration issued a joint statement addressing how risk management principles described in the Supervisory Guidance on Model
- Foodman website and JD Supra
Many Taxpayers Realize That This is the Right Time to Think About Financial Planning
Professional service providers including CPAs, Attorneys, Life Insurance Agents, Bankers, Brokers, Investment Advisors and Certified Financial Planners often are viewed a Taxpayer’s financial planning “trusted advisors”. Effective Financial Planning ought to embrace all the “financial” aspects of an Individual’s life
- Foodman website and JD Supra
Did you Engage in Virtual Currency Transactions in 2020?
Taxpayers who engaged virtual currency transactions in 2020 must answer a Yes or No Question on page 1 of Form 1040 or Form 1040-SR. The question is: “At any time during 2020, did you receive, sell, send, exchange or otherwise
- Foodman website and JD Supra
Operation Hidden Treasure is NOT a Treasure for Crypto Holders
On March 6, 2021, Forbes reported that Damon Rowe, Director, Fraud Enforcement Office, Internal Revenue Service, Washington, DC, remarked that the IRS “added some crown jewels,” including a dedicated team of IRS Criminal Investigation professionals who are working on “Operation
- Foodman website and JD Supra
The Federal Reserve expects the Board of Directors of Financial Institutions to be Effective
On February 26, 2021, the Federal Reserve issued Supervisory Guidance (SG) for the Board of Directors (BOD) of Domestic Bank and Savings and Loan Holding Companies requiring effective BOD oversight. The Guidance maintains that the BOD serves a critical
- Foodman website and JD Supra
FinCEN is seeking Feedback on the Corporate Transparency Act (CTA)
The CTA is a recent reporting requirement that is expected to enhance U.S. national security through increasing the difficulty involved for harmful actors to exploit opaque legal structures for laundering money, financing terrorism, proliferating weapons of mass destruction, trafficking humans,
- Foodman website and JD Supra
IRS sends “Soft Letters”
An IRS “soft letter” is an IRS “tickler”. IRS will send a “soft letter” to provide an opportunity for the Taxpayer to address an issue that could avoid the need for further IRS contact or examination. If a Taxpayer does
- Foodman website and JD Supra
Extra Time Provided for Filing 2020 Taxes may offer Financial Planning Opportunity
The federal income tax filing due date for individuals for the 2020 taxes has been extended from April 15, 2021, to May 17, 2021. Individual taxpayers can also postpone federal income tax payments for the 2020 tax year due on
- Foodman website and JD Supra
Have you hired the right Tax Preparer to prepare your Taxes?
Tax Season is here. Tax Preparers have different levels of skills, education and expertise and Taxpayers ought to take a closer look at what constitutes a “Qualified” Tax Preparer. There are various types of regulated Tax Preparers, including Certified Public
- Foodman website and JD Supra
19 possible Questions that your Tax Preparer ought to Ask regarding Foreign Accounts and Assets
Many Taxpayers with international entanglements seek the assistance of tax return preparers without U.S. international tax reporting experience. Because US International tax reporting is complicated and often overwhelming for US Taxpayers, international tax specialist CPA is the appropriate choice for
- Foodman website and JD Supra
How does the IRS enforce the Nation’s Tax Laws for the benefit of all Taxpayers?
On December 17, 2020, the IRS published a document entitled “Closer Look”. It explains the IRS aspiration for balancing the Taxpayer burden with the potential benefit of its compliance effort when deciding which compliance tool to use. The goal of
- Foodman website and JD Supra
Forensic Accountants augment a Financial Institution’s Corporate Governance Program
A financial institution’s understanding and management of financial crimes and their genesis would enhance and strengthen its Corporate Governance programs and internal controls. Forensic Accountants with a law enforcement background and with an understanding of the provisions of the Bank
- Foodman website and JD Supra
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