IRS Examination Functions Have Shifted
The commentary in A Closer Look: Impacting the Tax Gap by IRS Commissioner Chuck Rettig discusses how the IRS has shifted its examination focus to tax returns that include high income taxpayers, pass-through entities, multinational taxpayers involving international tax issues,
- Foodman website and JD Supra
IRS is on a Mission is to Reduce the Tax Gap
The difference between the amount of tax owed by Taxpayers for a given year and the amount that is actually paid timely for that same year is known as the “Gross Tax Gap”. The IRS looks at this number as
- Foodman website and JD Supra
Out of Compliance Taxpayers Beware of The J5
In 2017, following the Panama Papers and Paradise Papers data leaks, the Organization for Economic Co-operation and Development (OECD) issued a “call to action” for countries to do more to tackle enablers of tax crimes. The result of this “call
- Foodman website and JD Supra
FinCEN is seeking Feedback on the Corporate Transparency Act (CTA)
The CTA is a recent reporting requirement that is expected to enhance U.S. national security through increasing the difficulty involved for harmful actors to exploit opaque legal structures for laundering money, financing terrorism, proliferating weapons of mass destruction, trafficking humans,
- Foodman website and JD Supra
Closing a Foreign Bank Account will not solve a Taxpayer’s Disclosure Problem
IRS is interested in U.S. Taxpayer financial accounts everywhere in the world. If the IRS learns that a Taxpayer has undisclosed reportable accounts or income before a US Taxpayer reports them, the Taxpayer can face serious consequences including criminal prosecution.
- Foodman website and JD Supra
Have you hired the right Tax Preparer to prepare your Taxes?
Tax Season is here. Tax Preparers have different levels of skills, education and expertise and Taxpayers ought to take a closer look at what constitutes a “Qualified” Tax Preparer. There are various types of regulated Tax Preparers, including Certified Public
- Foodman website and JD Supra
19 possible Questions that your Tax Preparer ought to Ask regarding Foreign Accounts and Assets
Many Taxpayers with international entanglements seek the assistance of tax return preparers without U.S. international tax reporting experience. Because US International tax reporting is complicated and often overwhelming for US Taxpayers, international tax specialist CPA is the appropriate choice for
- Foodman website and JD Supra
Will the Perception of the USA as a Preferred Tax Haven be Jeopardized Going Forward?
Changes to the Bank Secrecy Act incorporated into the National Defense Authorization Act (NDAA) contain requirements for beneficial ownership disclosure by covered legal entities at the time of their creation for inclusion in a database that will be accessible by
- Foodman website and JD Supra
¿Se verá comprometido los Estados Unidos en el Futuro Como un Paraíso Fiscal Preferido?
Los cambios a la Ley de Secreto Bancario bajo la Ley de Autorización de Defensa Nacional (“NDAA – “National Defense Authorization Act”) contienen requisitos para que las entidades legales cubiertas informen sobre sus beneficiarios finales en el momento de su
- Foodman website and JD Supra
New Criminal Offenses related to Foreign Political Figures and Money Laundering Entities
Regarding assets belonging to Senior Foreign Officials, Section 6313 of the AML Act of 2020 prohibits the concealment of the source of those assets in monetary transactions or involving Institutions of primary Money Laundering concern as two new criminal offenses.
- Foodman website and JD Supra
Nuevas Ofensas Penales Relacionadas con Figuras Políticas Extranjeras y Entidades de Lavado de Dinero
Con respecto a los activos que pertenecen a Altos Funcionarios Extranjeros (Figuras Políticas Extranjeras), la Sección 6313 de la Ley ALD del 2020 prohíbe el ocultamiento de la fuente de esos activos en transacciones monetarias o que involucren Instituciones de
- Foodman website and JD Supra
Treasury Attachés, Foreign Financial Intelligence Unit Liaisons and Foreign Financial Institutions
The AML Act of 2020 includes the creation of “Treasury Attachés” (SEC. 6106, appointed by the US Treasury Department) and the “Foreign Financial Intelligence Unit Liaisons” (SEC. 6108, appointed by FinCEN) to be stationed abroad. The Treasury Attachés will: Assist
- Foodman website and JD Supra
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