Who are you partnering with for your Financial Institution’s BSA/AML Independent Testing?

January 2020

Financial Institutions ought to design and evaluate compliance programs to meet BSA/AML requirements and to satisfy Bank Examiner expectations. A Financial Institution’s Compliance Programs must comply with the requirements under Title 31 and, at a minimum, must include the five

  • JD Supra and Foodman Website

IRS issues FATCA Relief but not for All

January 2020

On September 6, 2019, IRS announced Relief Procedures for Certain Former Citizens.  These are procedures for certain persons who have relinquished, or intend to relinquish, their United States  citizenship, who wish to come into compliance with their U.S. income tax

  • JD Supra and Foodman Website

Instituciones Financieras y el FCPA

January 2020

La Ley de Prácticas Corruptas en el Extranjero (“Foreign Corrupt Practices Act – FCPA”) prohíbe el pago de sobornos a funcionarios extranjeros para ayudar a obtener o retener negocios.  Exige que las empresas cuyos valores se cotizan en los EE.

  • JD Supra and Foodman Website

Financial Institutions and the FCPA

January 2020

The Foreign Corrupt Practices Act (FCPA) prohibits payment of bribes to foreign officials to assist with obtaining or retaining business.  It requires companies whose securities are listed in the US to maintain books and records that accurately and fairly reflect

  • JD Supra and Foodman Website

Payers and Payees have Obligations to Comply with Backup Withholding

December 2019

Backup Withholding requires a payer to “withhold tax” from payments that are not otherwise subject to withholding.  A Taxpayer (payee) may be subject to Backup Withholding if it: • fails to provide a correct taxpayer identification number (TIN) when required,

  • Foodman website and JD Supra

Wondering about the tax treatment of a Cryptocurrency Hard Fork and Airdrop?

December 2019

On 10/9/19, IRS issued Rev. Rul. 2019-24 addressing the issues of a Taxpayer having gross income under § 61 of the Internal Revenue Code as a result of a hard fork of a cryptocurrency that the Taxpayer owns if the

  • Foodman CPAs & Advisors and JD Supra

¿Su institución financiera utiliza un “Matrix” de enfoque basado en el riesgo de la OFAC?

December 2019

El perfil de riesgo de la OFAC de una Institución Financiera se determina basado sus productos, servicios, clientes y ubicaciones geográficas.  Se requiere que un programa de cumplimiento OFAC de una Institución Financiera: Identifique las áreas de mayor riesgo Proporcione

  • Foodman CPAs & Advisors CPAs & JD Supra

Does your Financial Institution utilize OFAC’s Risk Based Approach Matrix?

December 2019

A Financial Institution’s OFAC risk profile is determined based on its products, services, customers and geographic locations.  A Financial Institution’s OFAC compliance program is required to: Identify higher-risk areas Provide internal controls for screening and reporting Establish independent testing for

  • Foodman CPAs & Advisors and JD Supra

IRS “BEEFS UP” Section 965 COMPLIANCE for 2017 and 2018 Returns

November 2019

On July 2, 2018, the IRS introduced a Compliance Campaign directed at Section 965 (Transition Tax) of the Internal Revenue Code (IRC).  In its original launch, the Section 965 Campaign stated that U.S. shareholder are required to pay a “transition

  • Foodman CPAs & Advisors and JD Supra

Forensic Accountants are “Private Detectives”

November 2019

The current environment of increasing change, economic pressures, globalization, technology, corporate governance, compliance and the complexity of financial transactions are driving forces behind fraud initiation.   In addition, economic despair, a single unfavorable event, illness, negative cash flows or deteriorating creditworthiness

  • Foodman CPAs & Advisors Website and JD Supra

Indirect linkages to Tax Havens

November 2019

The U.S. income tax system is based on the idea of voluntary taxpayer compliance. It is the taxpayer’s responsibility to report all reportable worldwide income. Some people attempt to evade paying taxes by failing to report all or some of

  • Foodman CPAs & Advisors