Compliance Is Not a Cost Center: It’s a Strategic Advantage
By Stanley Foodman, CEO of Foodman CPAs & Advisors In a global environment where regulations are rapidly evolving and oversight agencies are increasing scrutiny, many organizations are asking the wrong question: “How much does compliance cost us?” The better question is: “What does it enable us to achieve?” For too long, regulatory compliance has been […]
CRS 3.0: What LATAM Compliance Teams Need to Know Now
In 2024, the OECD introduced a major update to the Common Reporting Standard (CRS), known as CRS 3.0. While formally adopted in 2024, 2025 is a critical transition year for financial institutions and jurisdictions preparing for mandatory compliance beginning January 1, 2026, with the first reports due in 2027. For compliance officers, family offices, and […]
Navigating the Sixth Pillar: A Pragmatic Approach to AML Risk Assessment
Learn how to implement FinCEN’s sixth AML pillar with a strategic, tailored risk assessment approach. Expert insights from Stanley Foodman.
FATCA Responsible Officer Certifications due 7/1/25
On 1/21/25, the IRS issued Bulletin Issue Number: 2025-02 to remind the FATCA Responsible Officer that Certifications are due 7/1/25 for the Certification period ending December 31, 2024. The Bulletin also provided a reminder to users of the new FATCA Registration System sign-in options. Entities that are required to certify ought to keep in mind […]
IRS Pilot Mediation Programs
On 1/15/25, the IRS announced three pilot programs to test changes to existing Alternative Dispute Resolution (ADR) programs. The new IRS Pilot Mediation Programs are designed to help taxpayers resolve tax disputes earlier and more efficiently. The IRS Pilot Mediation Programs announcements pertain to the implementation of pilot programs centered on Fast Track Settlement (FTS) […]
Tax Preparation 2025 Useful Pointers
On 12/19/24, anticipating the 2025 filing season, the IRS published Tax Preparation 2025 Useful Pointers in IR-2024-311: Prepare to file in 2025: Get Ready for tax season with key updates, essential tips. As the 2025 filing season draws near, the Internal Revenue Service (IRS) has urged taxpayers to undertake essential preparations for submitting their 2024 […]
NTA Addresses Overlap Reporting
On 1/8/25, the National Taxpayer Advocate (NTA) published its 2024 Annual Report to Congress and identified taxpayers’ problems and provided suggestions to further protect taxpayer rights and ease taxpayer burden. “By law, the National Taxpayer Advocate’s report must identify the ten most serious problems taxpayers face in their dealings with the IRS and make administrative […]
Charitable LLCs Warning from IRS
On 11/4/24, the Internal Revenue Service issued a warning to taxpayers regarding the dangers of engaging with promoters of fraudulent tax schemes that involve donating ownership interests in closely held businesses, often referred to as “Charitable LLCs.” These schemes frequently target individuals with higher incomes and are classified as abusive transactions by the IRS. Typically, […]
Forms 3520 and 3520-A Late Filing get IRS Relief
On 10/24/24, the National Taxpayer Advocate shared on its NTA Blog that the IRS has discontinued its policy of automatically imposing penalties for late submissions of Form 3520, which pertains to foreign gifts and inheritances reported in Part IV of the form. By the end of the year, the IRS plans to start evaluating “reasonable […]
BOI Reporting Relief for Hurricane Victims
On 10/29/24, FinCEN announced Beneficial Ownership Information (BOI) Reporting Relief to specific victims of Hurricane Milton, Hurricane Helene, Hurricane Debby, Hurricane Beryl, and Hurricane Francine. BOI Reporting Relief consists of an extension of six months to submit beneficial ownership information reports, which may include updates and corrections to previously submitted reports. “FinCEN has issued five […]
IRS Whistleblower Program Scores Big Win
The IRS Whistleblower Program helps boost the “fair and effective enforcement of our nation’s tax laws and the success of our voluntary tax system.” The IRS Whistleblower Program is dependent on people who become aware of tax fraud and tax non-compliance and report that information to the IRS. As per the IRS: “people with firsthand […]
Model 1 FFI’s Obtain Extension of Relief
IRS issued Notice 2024-78 on 10/28/24 providing the extension of temporary relief for FATCA Model 1 Financial Institutions (FFI’s) regarding the reporting of U.S. Taxpayer Identification Numbers. This means that the temporary relief outlined in Notice 2023-11 is extended, in accordance with the procedures and requirements specified in this Notice 2024-78, for certain FFI’s that […]
