Why is it important to choose the right Power of Attorney for your IRS representation?
Circular 230 (Regulations Governing Practice before the Internal Revenue Service) governs those that are authorized to practice in front of the IRS: Attorneys, CPAs and Enrolled Agents. Practicing in front of the IRS means that those authorized may: Communicate with the IRS on behalf of a Taxpayer regarding the Taxpayer’s rights, privileges, or liabilities under […]
Did you know that there is FCPA Individual Compliance Responsibility?
The Foreign Corrupt Practices Act (FCPA) prohibits payment of bribes to foreign officials to assist with obtaining or retaining business. It also requires companies whose securities are listed in the US to make and keep books and records that accurately and fairly reflect their transactions as well as to devise and maintain an adequate system […]
Did you know that the IRS has 59 Compliance Campaigns? Have your Audit Plan Ready!
IRS Large Business and International (IRS LBI) currently has 59 Active Compliance Campaigns. The purpose of the IRS compliance campaign strategy is to redefine large business compliance work and build a supportive infrastructure inside the LBI. The campaigns require strategic planning and deployment of IRS knowledge resources in order to address non-compliance issues. The campaigns […]
Automatic Exchange of Information leads to Deposit Drops at International Financial Centers
On June 7, 2019, the Organisation for Economic Co-operation and Development (OECD) released a Memo which is a “summary of ongoing work to assess the impact of increasing tax transparency and exchange of information (EOI) on cross-border financial activity using international investment data”. The publication’s headline conclusion is that deposits in International Financial Centres (IFCs) […]
Could your Organization be holding Virtual Currency that is “blockable” pursuant to OFAC’s regulations?
OFAC (Office of Foreign Asset Control) compliance applies to all US persons; including, all US citizens and permanent resident aliens regardless of their location, all persons and entities within the US, all US incorporated entities and their foreign branches, all organizations subject to US jurisdiction, foreign entities that conduct business in or with the US […]
IRS Initiates a Compliance Campaign for U.S. Persons with respect to Certain Foreign Corporations (Form 5471)
IRS Form 5471 is used by certain U.S. persons who are officers, directors, or shareholders in certain foreign corporations and must be attached to a covered Taxpayer’s Tax Return. On April 16, 2019, IRS announced the approval of three additional Compliance Campaigns bringing the total of IRS Compliance Campaigns to fifty three (53). IRS Compliance […]
Your Tax Home and Travel Expense Deductions
The Internal Revenue Code (IRC) permits a U.S. Taxpayer to deduct “certain travel expenses” when traveling away from home on business. Taxpayers ought to keep close attention to a travel expense deduction and ensure that it accurately correlates with a Taxpayer’s tax home; as a travel expense deduction may attract the attention of the IRS. […]
Foodman CPAs and Advisors Adds Isabelle Wheeler as Director of Anti-Money Laundering Compliance
Isabelle Wheeler, CFA, AMLCA brings over three decades of experience in international private banking and wealth management to Foodman CPAs and Advisors Foodman CPAs and Advisors, a full-service accounting firm specializing in forensic accounting, banking compliance and tax consulting services, announces Isabelle Wheeler, CFA, AMLCA as Director of Anti-Money Laundering (AML) Compliance. Wheeler has a […]
IRS using Data Analytics to Uncover Criminal Arrangements
IRS using Data Analytics to Uncover Criminal Arrangements article appeared on JD Supra on 8/20/19. IRS-Criminal Investigation (IRS-CI) is a federal agency department specifically authorized to investigate and prosecute federal income tax crimes. IRS-CI uses data analytics such as models, algorithms, and the millions of records and evidence that IRS-CI has at hand to help […]
When do you need an IRS Certifying Acceptance Agent?
When do you need an IRS Certifying Acceptance Agent? Article appeared at JD Supra on 8/15/19. There are foreign national Individuals and other foreign Persons that do not have or do not qualify for a Social Security Number (SSN) but need a Taxpayer Identification Number (TIN) to file certain tax forms and schedules including IRS […]
Does it make sense to go from an S-Corp to a C-Corp?
Does it make sense to go from an S-Corp to a C-Corp? Article appeared at JD Supra on 8/9/19. IRS defines an S-Corp as a corporation whose shareholders make the election to pass corporate income, losses, deductions, and credits through to their shareholders for federal tax purposes. The owners of an S-Corp report the “flow-through” […]
What is an Abusive Tax Trust?
What is an Abusive Tax Trust? Article appeared at JD Supra on 8/9/19. In a “legitimate” Trust, the ownership and control of the Trust assets and income is “separate” from a Settlor’s control and benefit. IRS has been reporting that Trusts are used for abusive tax schemes to hide true ownership of assets and income, […]
