Law Enforcement can Follow the Money thanks to the Fifth Pillar of the Final CDD Rule

July 2017

Law Enforcement can Follow the Money thanks to the Fifth Pillar of the Final CDD Rule Under the Bank Secrecy Act (BSA), the Financial Crimes Enforcement Network (FinCEN) issued a “Fifth Pillar” of the Final Customer Due Diligence (CDD) Rule

  • Foodman CPAs & Advisors

Do you know about FATCA international payments?

July 10, 2017

  • South Florida Legal Guide/Miami Herald Business Monday

Why you need EXPERT ADVICE if you have a PFIC and you are out of Compliance!

July 2017

Taxpayers need to rely on the expert professional advice of a tax specialist for the treatment of Passive Foreign Investment Companies (PFICs) during Offshore Voluntary Disclosure Program (OVDP) reporting.  PFIC computations are challenging for a Taxpayer in an amnesty program

  • JD Supra

Is your Bookkeeper the Right One?

July 2017

Bookkeepers are by practical definition business multi-taskers.  They keep financial records, post debits and credits, prepare reports, execute banking transactions,  act as collectors for overdue accounts, work with clients and vendors  and handle payroll – just to name a few.  

  • JD Supra

IRS is Looking more like a “Self-Serve” Financial Provider while still Targeting Collections

June 2017

Since 2011, IRS has undergone $900 million in budget cuts and has reduced its number of auditors by approximately 25%.  Nonetheless, IRS has its eye on the “collections” ball.  The Agency has recently benefited from Congressional approval of more efficient

  • JD Supra

FBAR Penalty Amounts are in the “Best Judgement” of an IRS Examiner

June 2017

The Report of Foreign Bank and Financial Accounts (FBAR) is not a tax form.  Its filing is not required by the Internal Revenue Code. It is required by Title 31 of the Code of Federal Regulations. Title 31 is the

  • JD Supra

International Noncompliance

June 5, 2017

  • South Florida Business Journal Supplement to the Miami Herald Business Monday

Do You know that the US might have a Tax Sharing Information Agreement with your Country?

May 2017

The US has Tax treaties and Tax Information Exchange Agreements (TIEAs) with certain countries that provide, upon request, for the exchange of U.S. income information regarding their citizens or residents.  There are currently 43 countries on the list.  Exchange of

  • JD Supra

Is IRS really knocking at your door?

May 2017

Generally, IRS sends a letter or a notice via regular mail notifying a Taxpayer of a potential visit.  Nonetheless, IRS may also show up unannounced at the Taxpayer’s home or place of business.    IRS wants Taxpayers to understand the reasons

  • JD Supra

Traps for the Unwary: Are Financial Institution receiving adequate FATCA consulting and training?

May 2017

FATCA is Chapter 4 of the Internal Revenue Code (IRC).   It conscripts Foreign Financial Institutions (FFIs) to act as reporting and withholding agents for the U.S. Government.  To enforce its conscription, it contains a mechanism for financially penalizing FFIs that

  • JD Supra

US Banks wanting to be ahead of the FATCA game must master international tax compliance

May 2017

The terms FDAP (Fixed, Determinable Annual and Periodical Income) and ECI (Effectively Connected Income) are expansive terms. They are the backbone behind the tax withholding, and reporting requirements imposed on US Banks with respect to outbound payments. Many of the

  • JD Supra

Employee Business Expenses must be Ordinary and Necessary

April 2017

Employees may be able to deduct their work related expenses as an itemized deduction.  These expenses must be unreimbursed expenses that are ordinary and necessary to their work as an employee.  According to IRS, an ordinary expense is one that

  • JD Supra

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