real property

Are you purchasing Real Property from a Foreign Person?

November 2020

On 9/14/20, the IRS announced 4 New Compliance Campaigns . One Campaign addresses FIRPTA (Foreign Investment in Real Property Tax Act of 1980) Reporting Compliance for Non-Resident Aliens (NRAs).  FIRPTA authorized the United States to tax foreign persons on dispositions

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FATF key actions GAFI Acciones Claves

GAFILAT Identifies Money Laundering/Terrorist Financing Emerging Threats

October 2020

GAFILAT (Financial Action Task Force of Latin America) published a Second Update to the Money Laundering Regional Threat Report (2017-2018) that includes:  ANNEX VI: THREATS RELATED TO THE COVID-19 PANDEMIC.   Considered to be a regional money laundering threat analysis, the

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witholding tax

Erroneous FACTA Withholding?

October 2020

What if a U.S. Withholding Agent  of a Foreign financial Institution (FFI) erroneously applies a 30% Internal Revenue Code (IRC) Chapter 4 FATCA Withholding to a payment to the FFI? What can be done to recover the funds?      Who

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bribery soborno

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

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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bribery soborno

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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irs

¿Sabías que el IRS y la OFAC 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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regulatory compliance

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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FCPA

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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fatca

U.S. Financial Institutions and FATCA

August 2020

Little is written regarding FATCA and U.S. Financial Institutions (FI).  That said, U.S. Financial Institutions 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

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audit image

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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not my fault

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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irs audit

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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