What can trigger an OFAC investigation and what can an OFAC Investigation lead to?
OFAC investigations are often triggered as a result of: • Reports that are generated by U.S. Financial Institutions which have blocked or rejected a transaction based on a suspected sanctions violation • A self-disclosure of an OFAC apparent violation •
- JD Supra and Foodman Website
FBAR Penalties: Is it per Account or per Violation?
U.S. Taxpayers (includes a citizen, permanent resident, corporation, partnership, limited liability company, trust and estate) are required to file a Report of Foreign Bank and Financial Accounts (FBAR) if they have: a financial interest in or signature or other authority
- JD Supra and Foodman Website
Are there conflicting signals from IRS as it relates to Section 965?
IRC Section 965 (Treatment of Deferred Foreign Income Upon Transition to Participation Exemption System of Taxation) was part of the TCJA enacted on December 22, 2017. The sections requires a United States shareholder to pay a transition tax on the
- JD Supra and Foodman Website
Deficiencies or Weaknesses in an OFAC Sanctions Compliance Program can lead to OFAC Administrative Actions
On May 2, 2019, OFAC (Office of Foreign assets Control) published guidance titled “A Framework for OFAC Compliance Commitments”. The purpose of the OFAC Framework guidance is to encourage a “risk-based” approach to “Sanctions Compliance” through developing, implementing, and routinely
- JD Supra and Foodman Website
Who are you partnering with for your Financial Institution’s BSA/AML Independent Testing?
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
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
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
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
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?
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
Can the “Corporate Transparency Act” jeopardize the USA as the preferred Tax Haven?
- Daily Business Review
¿Su institución financiera utiliza un “Matrix” de enfoque basado en el riesgo de la OFAC?
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
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Latest Articles
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What can trigger an OFAC investigation and what can an OFAC Investigation lead to?
Blog | February 2020OFAC investigations are often triggered as a
-
FBAR Penalties: Is it per Account or per Violation?
Blog | February 2020U.S. Taxpayers (includes a citizen, permanent resident,
-
Are there conflicting signals from IRS as it relates to Section 965?
Blog | February 2020IRC Section 965 (Treatment of Deferred Foreign
-
Deficiencies or Weaknesses in an OFAC Sanctions Compliance Program can lead to OFAC Administrative Actions
Blog | January 2020On May 2, 2019, OFAC (Office of
-
Who are you partnering with for your Financial Institution’s BSA/AML Independent Testing?
Blog | January 2020Financial Institutions ought to design and evaluate
