Covid-19 and Non-Resident Aliens’ Emergency Time Period in the U.S.
Nonresident alien individuals (NRA) who perform services or other activities while in the United States, and foreign corporations who employ individuals or engage individuals as agents to perform services or other activities in the United States may be considered engaged
- Foodman website and JD Supra
What can Borrowers do to prepare for PPP Loan Program Audits?
Treasury Secretary Steven Mnuchin has stated that Businesses that borrow money through the PPP Loan Program may expect compliance audits before their loans are forgiven. Many banks, with the encouragement of the U.S. Treasury, “skipped” standard Know your Customer and
- Foodman website and JD Supra
Financial Institution OFAC Compliance and Bank Regulatory Agencies
While OFAC is responsible for promulgating, developing, and administering sanctions for the U.S. Secretary of the Treasury, bank regulatory agencies cooperate in ensuring OFAC financial institution compliance. Although OFAC is not by itself a bank regulator; its basic requirement is
- Foodman website and JD Supra
Cumplimiento OFAC de las Instituciones Financieras y las Agencias Reguladoras Bancarias
Mientras que la OFAC es responsable de promulgar, desarrollar y administrar sanciones para el Secretario del Tesoro de EE. UU., las agencias reguladoras bancarias cooperan para asegurar el cumplimiento OFAC de las instituciones financieras. Aunque OFAC no es sí mismo
- Foodman website and JD Supra
¿Qué pasa si fondos han sido bloqueados o congelados debido a OFAC?
Si sus fondos han sido bloqueados o “congelados” por una institución financiera u otra parte debido a un posible enlace a sanciones administradas por la OFAC, puede calificar para solicitar una licencia OFAC específica para liberar fondos bloqueados. ¿Qué es
- Foodman website and JD Supra
What if Funds have been blocked or frozen due to OFAC?
If your funds have been blocked or “frozen” by a financial institution or other party due to a possible link to OFAC-administered sanctions, you may qualify to apply for a specific OFAC license to release blocked funds. What is an
- Foodman website and JD Supra
Connecting the FCPA with the “Travel Act” in 2020
The Travel Act ( 18 U.S.C. § 1952 -one of the older members of the family of money laundering criminal statutes) is close to celebrating its 60th year. The Travel Act is still relevant today because of its “broad spectrum”
- Foodman website and JD Supra
FinCEN re-clarifies FAQ’s on how Lenders can meet BSA requirements when issuing PPP loans
On April 13, 2020, FinCEN, as the administrator of the BSA, re-published FAQs on how borrowers and lenders may rely on the guidance provided for the SBA’s interpretation of the CARES Act and of the PPP (Paycheck Protection Program) Interim
- Foodman website and JD Supra
IRS extends more Covid-19 Relief for many including Americans who live and work abroad
The IRS continues to process electronic tax returns, issue direct deposit refunds and accept electronic payments while simultaneously granting additional, broad tax filing and payment deadline Covid-19 relief to all Taxpayers that have a filing or payment deadline falling on
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The Paycheck Protection Program and the Affiliation Rules
Under the Paycheck Protection Program (PPP), there are four tests that apply for affiliation based on control. The Applicant, under the PPP, will be considered together with its affiliates for the purpose of determining the number of employees of an
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Taxpayers and Tax Professionals can use digital and imaged signatures for tax documents during Covid-19
When a Tax Professional files an electronic Return on behalf of a Taxpayer, the Tax Professional obtains Forms 8878 and 8879 as declaration documents required by the IRS on behalf of a Taxpayer. Forms 8878 and 8879 are declaration documents
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An Eligible Employer that receives a Paycheck Protection Loan should not claim Employee Retention Credits
The Economic Security Act (CARES Act), enacted on March 27, 2020, provides for the use of and Employee Retention Credit (ERT). It is designed to encourage ELIGIBLE EMPLOYERS to maintainemployees on their payroll despite experiencing economic hardship related to COVID-19.
- Foodman website and JD Supra