What can trigger an OFAC investigation and what can an OFAC Investigation lead to?
OFAC investigations are often triggered as a result of: • Reports that are generated by U.S. Financial Institutions which have blocked or rejected a transaction based on a suspected sanctions violation • A self-disclosure of an OFAC apparent violation •
- JD Supra and Foodman Website
FBAR Penalties: Is it per Account or per Violation?
U.S. Taxpayers (includes a citizen, permanent resident, corporation, partnership, limited liability company, trust and estate) are required to file a Report of Foreign Bank and Financial Accounts (FBAR) if they have: a financial interest in or signature or other authority
- JD Supra and Foodman Website
Are there conflicting signals from IRS as it relates to Section 965?
IRC Section 965 (Treatment of Deferred Foreign Income Upon Transition to Participation Exemption System of Taxation) was part of the TCJA enacted on December 22, 2017. The sections requires a United States shareholder to pay a transition tax on the
- JD Supra and Foodman Website
Payers and Payees have Obligations to Comply with Backup Withholding
Backup Withholding requires a payer to “withhold tax” from payments that are not otherwise subject to withholding. A Taxpayer (payee) may be subject to Backup Withholding if it: • fails to provide a correct taxpayer identification number (TIN) when required,
- Foodman website and JD Supra
IRS “BEEFS UP” Section 965 COMPLIANCE for 2017 and 2018 Returns
On July 2, 2018, the IRS introduced a Compliance Campaign directed at Section 965 (Transition Tax) of the Internal Revenue Code (IRC). In its original launch, the Section 965 Campaign stated that U.S. shareholder are required to pay a “transition
- Foodman CPAs & Advisors and JD Supra
Indirect linkages to Tax Havens
The U.S. income tax system is based on the idea of voluntary taxpayer compliance. It is the taxpayer’s responsibility to report all reportable worldwide income. Some people attempt to evade paying taxes by failing to report all or some of
- Foodman CPAs & Advisors
Taxpayers, have you sold, received, exchanged or acquired Virtual Currency?
During the month of October 2019, IRS issued Revenue Ruling 2019-24, FAQ’s on Virtual Currency Transactions and a DRAFT Form of Schedule 1, which, for the first time presents the question: “At any time during 2019, did you receive, sell,
- Foodman CPAs & Advisors website
Why is it important to choose the right Power of Attorney for your IRS representation?
Circular 230 (Regulations Governing Practice before the Internal Revenue Service) governs those that are authorized to practice in front of the IRS: Attorneys, CPAs and Enrolled Agents. Practicing in front of the IRS means that those authorized may: Communicate with
- Foodman CPAs & Advisors Website
Did you know that the IRS has 59 Compliance Campaigns? Have your Audit Plan Ready!
IRS Large Business and International (IRS LBI) currently has 59 Active Compliance Campaigns. The purpose of the IRS compliance campaign strategy is to redefine large business compliance work and build a supportive infrastructure inside the LBI. The campaigns require strategic
- Foodman CPAs & Advisors
Your Tax Home and Travel Expense Deductions
The Internal Revenue Code (IRC) permits a U.S. Taxpayer to deduct “certain travel expenses” when traveling away from home on business. Taxpayers ought to keep close attention to a travel expense deduction and ensure that it accurately correlates with a
- Foodman CPAs & Advisors
IRS using Data Analytics to Uncover Criminal Arrangements
IRS-Criminal Investigation (IRS-CI) is a federal agency department specifically authorized to investigate and https://www.jdsupra.com/legalnews/irs-using-data-analytics-to-uncover-67780/
- JD Supra
When do you need an IRS Certifying Acceptance Agent?
There are foreign national Individuals and other foreign Persons that do not have or do not qualify for a Social Security Number (SSN) but need a https://www.jdsupra.com/legalnews/when-do-you-need-an-irs-certifying-16624/
- JD Supra
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Latest Articles
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What can trigger an OFAC investigation and what can an OFAC Investigation lead to?
Blog | February 2020OFAC investigations are often triggered as a
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FBAR Penalties: Is it per Account or per Violation?
Blog | February 2020U.S. Taxpayers (includes a citizen, permanent resident,
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Are there conflicting signals from IRS as it relates to Section 965?
Blog | February 2020IRC Section 965 (Treatment of Deferred Foreign
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Deficiencies or Weaknesses in an OFAC Sanctions Compliance Program can lead to OFAC Administrative Actions
Blog | January 2020On May 2, 2019, OFAC (Office of
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Who are you partnering with for your Financial Institution’s BSA/AML Independent Testing?
Blog | January 2020Financial Institutions ought to design and evaluate
