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

More Innocent Spouses Now Qualify for Relief


Convincing the Internal Revenue Service to grant a request for innocent spouse relief has traditionally been an uphill battle for thousands of people, primarily women, who claimed they lacked control over family finances, and should not be punished for the

  • Compliance Matters

IRS Re-Opens Offshore Voluntary Disclosure Program


The Internal Revenue Service announced Jan. 9th, the reopening of its successful Offshore Voluntary Disclosure Program (OVDP), designed to encourage people hiding offshore accounts to pay what they owe and avoid potentially ruinous penalties and possible criminal prosecution. While similar

  • Compliance Matters

Payroll Tax Compliance – IRS Offers Non-Compliant Employers Pre-Holiday Gift


Just in time for the holiday season, the IRS recently gave employers the perfect gift. It launched a new voluntary compliance program to give businesses that misclassified workers as independent contractors the opportunity to come into compliance for just short

  • Compliance Matters

The Tax Man Cometh – The IRS Steps Up Enforcement Here and Abroad


The Internal Revenue Service is making headway on closing the estimated $345 billion tax gap, and doing so in dramatic fashion both at home and abroad. In the U.S., marked increases in seizures, liens and levies have come at a

  • Compliance Matters

FATCA – With the FATCA in the Fire, IRS Makes the Right Move


The recent IRS announcement that it would phase in requirements of the Foreign Account Tax Compliance Act (FATCA) is a bow to sanity. It’s also good policy for taxpayers and the government, not just banks. Requirements for this sweeping law,

  • Compliance Matters