Audit Time for High Income Individuals and their Companies has arrived

July 2020

On a webinar hosted by the New York University Tax Controversy Forum on June 18, 2020, Douglas O’Donnell (head of the IRS Large Business and International Division/IRS-LBI) stated that the IRS will  begin a new campaign to audit hundreds of

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Willfulness and IRS Foreign Account Reporting Requirements

July 2020

The IRS Mission Statement states that: “the taxpayer’s role is to understand and meet his or her tax obligations”.   Taxpayers fill out their own returns under a “self-assessment voluntary reporting system” because the Taxpayer is the one that possess all

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Did you know that IRS reinstated the “ASFR” program in 2019?

July 2020

Under Internal Revenue Code, Section 6620, if a Taxpayer does not timely file a U.S. tax return, the IRS is authorized to prepare and file a U.S. tax return for that Taxpayer based on the knowledge that it has on

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How does the “Accounting” for a Forgivable Loan received under the PPP work?

June 2020

The PPP (Paycheck Protection Program) was established by Congress to assist small businesses during the Covid-19 pandemic as part of the $2 trillion CARES Act.  Via the PPP, the U.S. Treasury requires the U.S. Small Business Administration (SBA) to fund

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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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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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How are Financial Institutions identifying and managing their PEP relationships?

May 2020

With respect to customers, Financial Institutions are required to have processes in place for identifying Politically Exposed Persons – known as “PEPs”.  PEPs are individuals perceived as more vulnerable to corruption and bribery involvement due to a current or past

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Covid-19 and Non-Resident Aliens’ Emergency Time Period in the U.S.

May 2020

Nonresident alien individuals (NRA) who perform services or other activities while in the United States, and foreign corporations who employ individuals or engage individuals as agents to perform services or other activities in the United States may be considered engaged

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What can Borrowers do to prepare for PPP Loan Program Audits?

May 2020

Treasury Secretary Steven Mnuchin has stated that Businesses that borrow money through the PPP may expect compliance audits before their loans are forgiven.  Many banks, with the encouragement of the U.S. Treasury, “skipped” standard Know your Customer and Loan Due

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Financial Institution OFAC Compliance and Bank Regulatory Agencies

May 2020

While OFAC is responsible for promulgating, developing, and administering sanctions for the U.S. Secretary of the Treasury, bank regulatory agencies cooperate in ensuring OFAC financial institution compliance.  Although OFAC is not by itself a bank regulator; its basic requirement is

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Cumplimiento OFAC de las Instituciones Financieras y las Agencias Reguladoras Bancarias

May 2020

Mientras que la OFAC es responsable de promulgar, desarrollar y administrar sanciones para el Secretario del Tesoro de EE. UU., las agencias reguladoras bancarias cooperan para asegurar el cumplimiento de las instituciones financieras con la OFAC. Aunque OFAC no es

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