Streamlined Filing Compliance Procedures (Streamlined) is one of the options available for US Taxpayers with unreported foreign financial assets and income. ...more
On June 1, 2020, the Department of Justice (DOJ) Criminal Division published an update to the U.S. Department of Justice Criminal Division Evaluation of Corporate Compliance Programs. ...more
The published goal of the Paycheck Protection Program (PPP) loan program is to assist small businesses to remain open during the Covid-19 crisis and to reduce the rate of unemployment. The loans provide a direct incentive...more
According to the Internal Revenue Code, Taxpayers have three obligations: (1) to file timely returns; (2) to file accurate returns; and (3) to pay the required tax voluntarily and timely. ...more
6/17/2020
/ 1099s ,
Failure-to-File ,
FATCA ,
Income Taxes ,
Internal Revenue Code (IRC) ,
IRS ,
K-1 ,
Tax Liability ,
Tax Planning ,
Tax Returns ,
W-2
On 4/15/20, the SBA and the U.S. Department of the Treasury released an application form for Paycheck Protection Program (PPP) loan forgiveness along with instructions for completing the form. ...more
6/11/2020
/ CARES Act ,
Eligibility Determination ,
Federal Loans ,
Loan Forgiveness ,
Paycheck Protection Program (PPP) ,
Paycheck Protection Program Flexibility Act of 2020 (PPPFA) ,
Payroll Taxes ,
Safe Harbors ,
SBA ,
SBA Lending Programs ,
Tax Planning
On February 12,2020, the U.S. Government Accountability Office (GAO) published a Report on Virtual Currencies which discusses whether Taxpayers who use Virtual Currency (VC) are fully meeting their tax obligations. ...more
6/9/2020
/ Bitcoin ,
Cryptocurrency ,
Digital Currency ,
FATCA ,
FBAR ,
Filing Requirements ,
Financial Transactions ,
IRS ,
Tax Liability ,
Tax Planning ,
Tax Returns ,
Virtual Currency
In 2019, taxpayers who engaged in a transaction involving virtual currency will need to file Schedule 1, Additional Income and Adjustments to Income. Schedule 1 of the 2019 1040 Form presents the question to Taxpayers...more
With respect to customers, Financial Institutions are required to have processes in place for identifying Politically Exposed Persons – known as “PEPs”. ...more
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...more
Treasury Secretary Steven Mnuchin has stated that Businesses that borrow money through the PPP may expect compliance audits before their loans are forgiven. Many banks, with the encouragement of the U.S. Treasury, “skipped”...more
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...more
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....more
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”...more
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...more
4/13/2020
/ CARES Act ,
Coronavirus/COVID-19 ,
Employee Retention ,
Federal Loans ,
Financial Stimulus ,
Paycheck Protection Program (PPP) ,
Relief Measures ,
SBA ,
SBA Lending Programs ,
Small Business ,
Tax Planning ,
Tax Relief
Coronavirus tax relief for Employers is important. When employers pay their employees, they are required to withhold from their employees’ paychecks federal income taxes and the employees’ share of Social Security and...more
U.S. Small Business Administration (SBA) Disaster Loan Assistance SBA provides low-interest disaster loans to businesses of all sizes, private non-profit organizations, homeowners, and renters. SBA disaster loans can be used...more
4/10/2020
/ Business Interruption ,
CARES Act ,
Coronavirus/COVID-19 ,
Economic Injury Disaster Loans ,
Federal Loans ,
Financial Stimulus ,
Relief Measures ,
SBA ,
SBA Lending Programs ,
Small Business ,
Tax Planning ,
Tax Relief
El 4 De Febrero De 2020, El Comité De Cumplimiento De El Colegio De Abogados De La Ciudad De Nueva York Emitió Un Informe Sobre La Responsabilidad De Los Oficiales De Cumplimiento En El Sector Financiero. ...more
On February 04, 2020, The New York City Bar Association Compliance Committee Issued A Report On Chief Compliance Officer Liability In The Financial Sector. ...more
Las investigaciones OFAC a menudo se provocan como resultado de: • Informes generados por instituciones financieras de los EE. UU. que han bloqueado o rechazado una transacción en base a una presunta violación de sanciones...more
In November, 2019 the IRS and the Office of Foreign Assets Control (OFAC) signed a Memorandum of Understanding (MOU). The MOU outlines an understanding between the IRS and OFAC with respect to reviews conducted by the IRS...more
El 30 de abril del 2018, la División Criminal del Departamento de Justicia de los Estados Unidos (“Department of Justice – DOJ”) publicó un documento de orientación sobre los programas de cumplimiento corporativo. ...more
El 2 de mayo de 2019, la “OFAC” (Oficina de Control de Activos Extranjeros) publicó una guía titulada “Un Marco de Referencia para los Compromisos de Cumplimiento de la OFAC”. ...more
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. ...more
2/7/2020
/ Double Taxation ,
Foreign Corporations ,
Foreign Earned Income ,
Internal Revenue Code (IRC) ,
International Tax Issues ,
IRS ,
Reporting Requirements ,
Tax Cuts and Jobs Act ,
Tax Liability ,
Tax Planning ,
Tax Returns ,
Transition Tax
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...more
2/7/2020
/ FBAR ,
FinCEN ,
Foreign Bank Accounts ,
Income Taxes ,
IRS ,
Offshore Banks ,
Offshore Funds ,
Reporting Requirements ,
Tax Court ,
Tax Evasion ,
Tax Liability ,
Tax Penalties ,
Tax Planning ,
Tax Returns
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...more
1/31/2020
/ Administrative Proceedings ,
Cooperative Compliance Regime ,
Customer Due Diligence (CDD) ,
Economic Sanctions ,
Foreign Affiliates ,
Foreign Entities ,
Foreign Subsidiaries ,
Liability ,
Office of Foreign Assets Control (OFAC) ,
Payment Processors ,
Regulatory Requirements ,
Regulatory Violations ,
Risk-Based Approaches ,
Tax Liability ,
Tax Planning ,
Virtual Currency