¿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

  • Foodman website and JD Supra

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

  • Foodman website and JD Supra

¿Qué se está haciendo para mejorar la comunicación con los Usuarios de los Sistemas de FATCA y QI que NO Son Estadounidenses?

September 2020

En noviembre de 2019, el Consejo Asesor del Servicio de Impuestos Internos (“IRSAC”) publicó su Informe Público. El propósito de IRSAC es servir como un cuerpo asesor del Comisionado del IRS y organizar un foro público entre los funcionarios del

  • Foodman website and JD Supra

What is being done to improve the Communication with Non-U.S. Users of FATCA and QI Systems?

September 2020

On November, 2019, the Internal Revenue Service Advisory Council (IRSAC) published its Public Report.  The purpose of IRSAC is to serve as an advisory body to the Commissioner of the IRS and to organize a public forum between IRS officials

  • Foodman website and JD Supra

¿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

  • Foodman website and JD Supra

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

  • Foodman website and JD Supra

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

  • Foodman website and JD Supra

Treasury and IRS are Aiming to Provide Greater Clarity on International Tax Reporting

August 2020

On July 14, 2020, the US Treasury Department and the IRS released a proposed redesigned partnership form for tax year 2021 (filing season 2022). The two proposed forms SCHEDULE K-2 (Form 1065) and Schedule K-3 (Form 1065) are designed to

  • Foodman website and JD Supra

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

  • Foodman website and JD Supra

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

  • Foodman website and JD Supra

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

  • Foodman website and JD Supra

Does your Third-Party FATCA Consultant have the experience to interpret the complex US Tax Code?

July 2020

Foreign Financial Institutions (FFIs) have multiple FATCA reporting compliance responsibilities and face the possibility of penalties for not complying.  Understanding and interpreting more than 1,000 pages of FATCA regulations requires an underlying comprehension of their words (a new vocabulary) and

  • Foodman website and JD Supra