¿Sabías que el IRS está Involucrado en la Investigación y el Enjuiciamiento del Soborno?

September 2020

En 1977, los Estados Unidos promulgó la Ley de Prácticas Corruptas en el Extranjero (FCPA).  El FCPA prohíbe una oferta, pago, promesa o la autorización de un pago de dinero o cualquier cosa de valor (también conocido como soborno) a

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Did you know that the IRS is Involved with Investigating and Prosecuting Bribery?

September 2020

In 1977, the United States enacted the Foreign Corrupt Practices Act (FCPA).  The FCPA prohibits an offer, payment, promise or the authorization of a payment of money or anything of value (a/k/a bribery) to a foreign official for the purpose

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¿Sabías que la OFAC y el IRS tienen un Entendimiento?

September 2020

En Noviembre del 2019, el IRS y la Oficina de Control de Activos Extranjeros (“OFAC”) firmaron un Memorando de Entendimiento (“MOU”).  El MOU describe un entendimiento entre el IRS y la OFAC con respecto a las revisiones realizadas por el

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An Interagency Statement from Regulators and a FinCEN Statement provide clarity Regarding Enforcement Actions

September 2020

On August 13, 2020, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the National Credit Union Administration and the Office of the Comptroller of the Currency issued a  JOINT STATEMENT ON ENFORCEMENT OF BANK

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Violating the FCPA may Trigger other U.S. Laws such as the Travel Act

September 2020

There are other U.S laws that intersect with the FCPA.   A violation of the FCPA may also constitute a violation of the characteristics of another U.S. Law – in this case the Travel Act.  If the conduct of an Entity

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U.S. Financial Institutions and FATCA

August 2020

Little is written regarding FATCA and U.S. Financial Institutions (FI).  That said, U.S. FIs have FATCA responsibilities.  In the absence of permitted exceptions, FATCA requires U.S. FIs that make payments of most types of U.S. source withholdable income to non-U.S.

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How does IRS Identify Cases with Audit Potential?

August 2020

Understanding how the IRS identifies cases that have audit potential can be learned from the CONGRESS OF THE UNITED STATES (CONGRESSIONAL BUDGET OFFICE) Report released on July, 2020: Trends in the Internal Revenue Service’s Funding and Enforcement.  This report addresses

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What happens when Taxpayers try to tell the IRS that it is not “Mea Culpa”?

August 2020

According to the IRS Manual, reasonable cause for abating penalties is based on all the facts and circumstances of a Taxpayer’s situation.  IRS will consider reasons which establish that a Taxpayer used all ordinary care and prudence to meet required

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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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