Get Started with Reducing your 2020 Tax bill now
Get Started with Reducing your 2020 Tax bill now. Article appeared at the Daily Business Review on 12/29/20
- Daily Business Review
Should Banks Continue To Do Business with Entities for Which a SAR is Filed?
Should Banks Continue To Do Business with Entities for Which a SAR is Filed? This article appeared at the Daily Business Review on 12/23/20
- Daily Business Review
The Anti-Money Laundering Act of 2020 may be a Game-Changer for Compliance Professionals
On December 2, 2020, the ‘‘William M. (Mac) Thornberry National Defense Authorization Act for Fiscal Year 2021’’ was passed by the U.S. House of Representatives. The Act includes DIVISION F (ANTI-MONEY LAUNDERING). This Division is cited as the ‘‘Anti-Money Laundering
- Foodman website and JD Supra
IRS Agents Use Methods of Proof
The IRS has tools inside of its Internal Revenue Manual (“IRM”) available to its agents for determining a Taxpayer’s taxable income as well as documenting its adjustments and corrections through what it calls “Methods of Proof”. The IRM describes seven
- Foodman website and JD Supra
Compliance Function Shall Not be “Underfunded”
Compliance Professionals continue protecting their Financial Institutions during these unprecedented times. They have become a source of regulatory information for Financial Institutions facing challenges that are changing from day to day. As the Pandemic continues, Compliance Departments and Compliance Officers
- Foodman website and JD Supra
“Reasonable Cause” When Dealing with the IRS
On November 5, 2020, the IRS removed the Delinquent Information Submission Procedure Program from its Offshore Compliance Options Menu. Before the removal of this program, a US Taxpayer could file a “delinquent” international information tax return with what is known
- Foodman website and JD Supra
What can I do if I made a willful mistake and willfully failed to comply with my tax obligations?
Voluntary compliance is the foundation of the US tax system. Although the majority of US Taxpayers voluntarily comply with their obligations, some fail to do so (willful mistake). Submitting a voluntary disclosure via the Voluntary Disclosure Practice may resolve a
- Foodman website and JD Supra
IRS Commissioner Hylton sends an important message to high income non-filers
On December 3, 2020, the IRS published “How the IRS prioritizes compliance work on high income non-filers through national and international efforts” in the Closer Look. It addresses how the IRS is in pursuit of high-income non-filers as an important
- Foodman website and JD Supra
¿Mantiene su Institución Financiera un Cumplimiento Continuo con FATCA?
La participación en FATCA no es una opción, llegó para quedarse y es parte de una iniciativa global. FATCA es complicado, y para los banqueros, ha implicado aprender nueva terminología y comprender en exceso de un mil de páginas de
- Foodman website and JD Supra
Is your Financial Institution Maintaining Continuous Compliance with FATCA?
Participation in FATCA is not an option, it is here to stay, and it is part of a global initiative. FATCA is complicated, and for the bankers, it has implied learning new terminology and understanding thousands of pages of a
- Foodman website and JD Supra
The BSA CASTS A WIDER NET
On September 15, 2020, FinCEN issued a Final Rule stating that Banks lacking a Federal Functional Regulator will be required to establish and implement AML programs including policies and procedures, a dedicated compliance officer, employee training, an independent audit function
- Foodman website and JD Supra
Did you know that FinCEN maintains Data Access Memoranda of Understanding (MOUs) that have over 12,700 authorized users?
FinCEN has more than 400 data-access MOUs with federal, state, and local law enforcement regulatory agencies relating to BSA data. It consolidates the information that it receives and shares the consolidated reports with regulatory agencies. All the supervisory agencies update
- Foodman website and JD Supra
Search
Services
Related Articles
-
El Fraude es el Delito Número Uno en el Lavado de Dinero
Blog | March 2024En febrero de 2024, el Tesoro de
-
Fraud is the Number One Crime in Money Laundering
Blog | March 2024On February 2024, the U.S. Treasury released
-
Cuidado con las Estafas de Activos Digitales
Blog | January 2023Las estafas de activos digitales pueden ocurrir
-
-
El Fraude Ocupacional es el Delito Financiero más Común
Blog | November 2022"El fraude ocupacional es muy probablemente la