Forensic Accountants are “Private Detectives”
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
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
Taxpayers, have you sold, received, exchanged or acquired Virtual Currency?
During the month of October 2019, IRS issued Revenue Ruling 2019-24, FAQ’s on Virtual Currency Transactions and a DRAFT Form of Schedule 1, which, for the first time presents the question: “At any time during 2019, did you receive, sell,
- Foodman CPAs & Advisors website
An IRS “John Doe” Summons is a Powerful Weapon that can Puncture Attorney-Client Privilege
An individual that provides information to an attorney may normally assume that the information provided to the attorney will be kept confidential under the attorney-client privilege. That said, according to the Internal Revenue Manual (IRM), circumstances exist when attorney client
- Foodman CPAs & Advisors website
The OFAC Sanctions Compliance Program applies to all
OFAC (Office of Foreign Assets Control) is a department of the US Treasury that administers and enforces economic and trade sanctions based on US foreign policy and national security goals. On May 2, 2019, OFAC published guidance titled “A
- Foodman CPAs & Advisors website
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
- Foodman CPAs & Advisors Website
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
- Foodman CPAss & Advisors
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
- Foodman CPAs & Advisors
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
- Foodman CPAs & Advisors
Guilty from the Get-go in the IRS Updated Voluntary Disclosure Program?
On June 20, 2019, the National Taxpayer Advocate (TA), an independent organization within the IRS that helps taxpayers and protects taxpayer rights, issued a final Report to Congress. A section of the report focused on the TA’s request for the
- Foodman CPAs & Advisors
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
- Foodman CPAs & Advisors
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
- Foodman CPAs & Advisors
Search
Services
Related Articles
-
El Fraude es el Delito Número Uno en el Lavado de Dinero
Blog | March 2024En febrero de 2024, el Tesoro de
-
Fraud is the Number One Crime in Money Laundering
Blog | March 2024On February 2024, the U.S. Treasury released
-
Cuidado con las Estafas de Activos Digitales
Blog | January 2023Las estafas de activos digitales pueden ocurrir
-
-
El Fraude Ocupacional es el Delito Financiero más Común
Blog | November 2022"El fraude ocupacional es muy probablemente la