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...more
1/24/2020
/ Anti-Money Laundering ,
Banking Examinations ,
BSA/AML ,
Compliance Management Systems ,
Due Diligence ,
Financial Institutions ,
Internal Controls ,
Money Laundering ,
Office of Foreign Assets Control (OFAC) ,
Policies and Procedures ,
Risk Assessment ,
Risk Management ,
Risk-Based Approaches ,
Tax Planning ,
Third-Party Service Provider
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...more
1/17/2020
/ Citizenship ,
Expatriates ,
FATCA ,
FFI ,
Filing Requirements ,
Income Taxes ,
IRS ,
Popular ,
Reporting Requirements ,
Tax Code ,
Tax Liability ,
Tax Planning ,
Tax Relief
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...more
1/10/2020
/ Anti-Bribery ,
Anti-Money Laundering ,
Bank of New York (BNY) Mellon ,
Bank Secrecy Act ,
Books & Records ,
Bribery ,
BSA/AML ,
Compliance Management Systems ,
Corruption ,
Credit Suisse ,
Criminal Investigations ,
Criminal Prosecution ,
Enforcement Actions ,
FCPA Guidance ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Institutions ,
Foreign Corrupt Practices Act (FCPA) ,
Foreign Official ,
Hiring & Firing ,
Internal Controls ,
Internships ,
Middle East ,
Money Laundering ,
Policies and Procedures ,
Politically Exposed Person (PEPs) ,
Publicly-Traded Companies ,
SAFE Act ,
Securities and Exchange Commission (SEC) ,
Sons And Daughters ,
Sovereign Wealth Funds ,
Statutory Violations ,
Strict Compliance ,
Tax Planning ,
Third-Party Relationships ,
Third-Party Risk ,
Truth in Lending Act (TILA) ,
Vendor Contacts ,
White Collar Crimes
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...more
1/10/2020
/ Anti-Bribery ,
Anti-Money Laundering ,
Bank of New York (BNY) Mellon ,
Bank Secrecy Act ,
Banking Sector ,
Books & Records ,
Bribery ,
BSA/AML ,
Compliance Management Systems ,
Corruption ,
Credit Suisse ,
Criminal Investigations ,
Criminal Prosecution ,
Enforcement Actions ,
FCPA Guidance ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Institutions ,
Foreign Corrupt Practices Act (FCPA) ,
Foreign Official ,
Hiring & Firing ,
Internal Controls ,
Internships ,
Middle East ,
Money Laundering ,
Policies and Procedures ,
Politically Exposed Person (PEPs) ,
Publicly-Traded Companies ,
SAFE Act ,
Securities and Exchange Commission (SEC) ,
Sons And Daughters ,
Sovereign Wealth Funds ,
Statutory Violations ,
Strict Compliance ,
Tax Planning ,
Third-Party Relationships ,
Third-Party Risk ,
Truth in Lending Act (TILA) ,
Vendor Contacts ,
White Collar Crimes
Misappropriation is the use of property or funds of another person for an unauthorized purpose. In misappropriation, the perpetrator steals or misuses an organization’s belongings and resources; usually without force. The...more
12/20/2019
/ Business Expenses ,
Construction Loans ,
Corruption ,
Counterfeiting ,
Disbursement Issues ,
Espionage ,
Fraud ,
Intangible Property ,
Intellectual Property Protection ,
Misappropriation ,
Reimbursements ,
Tax Planning ,
Theft ,
Third-Party Service Provider
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...more
12/20/2019
/ 1099s ,
Employer Identification Number (EIN) ,
Gambling ,
Income Taxes ,
Interest Payments ,
Profits ,
Rent ,
Royalties ,
Strict Compliance ,
Tax Planning ,
Tax Rates ,
Withholding Requirements ,
Withholding Tax
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 Taxpayer...more
12/13/2019
/ Bitcoin ,
Blockchain ,
Cryptocurrency ,
Distributed Ledger Technology (DLT) ,
Financial Transactions ,
Gross Proceeds ,
Income Taxes ,
Internal Revenue Code (IRC) ,
IRS ,
Popular ,
Tax Liability ,
Tax Planning ,
Virtual Currency
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...more
12/9/2019
/ Anti-Corruption ,
Anti-Money Laundering ,
BSA/AML ,
Consumer Financial Products ,
Corruption ,
Financial Crimes ,
Financial Institutions ,
Financial Services Industry ,
High Risk Financial Products ,
Industry Examinations ,
Money Laundering ,
Office of Foreign Assets Control (OFAC) ,
Risk Management ,
Risk-Based Approaches ,
Tax Planning ,
White Collar Crimes
A Financial Institution’s OFAC risk profile is determined based on its products, services, customers and geographic locations. A Financial Institution’s OFAC compliance program is required to...more
12/9/2019
/ Anti-Corruption ,
Anti-Money Laundering ,
BSA/AML ,
Consumer Financial Products ,
Corruption ,
Financial Crimes ,
Financial Institutions ,
Financial Services Industry ,
High Risk Financial Products ,
Industry Examinations ,
Money Laundering ,
Office of Foreign Assets Control (OFAC) ,
Risk Management ,
Risk-Based Approaches ,
Tax Planning ,
White Collar Crimes
El entorno actual de cambio creciente, las presiones económicas, la globalización, la tecnología, el gobierno corporativo, el cumplimiento y la complejidad de las transacciones financieras son las fuerzas impulsoras del...more
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...more
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...more
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...more
11/15/2019
/ Bitcoin ,
Capital Gains ,
Cryptocurrency ,
Digital Currency ,
Filing Requirements ,
Financial Transactions ,
Income Taxes ,
Investment ,
IRS ,
Popular ,
Reporting Requirements ,
Tax Liability ,
Tax Planning ,
Tax Returns ,
Virtual Currency
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...more
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...more
10/11/2019
/ Cooperative Compliance Regime ,
Expatriates ,
FATCA ,
Foreign Earned Income ,
Foreign Tax Credits ,
Income Taxes ,
IRS ,
Life Insurance ,
MVPD ,
Noncompliance ,
Offshore Banks ,
OVDP ,
S-Corporation ,
Swiss Banks ,
Tax Audits ,
Tax Credits ,
Tax Planning ,
Tax Treaty ,
TEFRA ,
Variable Annuities ,
Virtual Currency
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...more
9/6/2019
/ Controlled Foreign Corporations ,
Cooperative Compliance Regime ,
Corporate Officers ,
Directors ,
Filing Requirements ,
Foreign Corporations ,
Income Taxes ,
IRS ,
Shareholders ,
Stock Ownership ,
Tax Planning ,
Tax Returns
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...more
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...more
8/19/2019
/ Analytics ,
Anti-Money Laundering ,
Criminal Investigations ,
FATCA ,
Financial Crimes ,
Foreign Financial Institutions (FFI) ,
IRS ,
John Doe Investigation ,
Tax Crimes ,
Tax Fraud ,
Tax Planning
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...more
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...more
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...more
On April 30, 2018, the Criminal Division of the US Department of Justice (DOJ) released a guidance document regarding corporate compliance programs. The guidance looks at the adequacy and effectiveness of compliance programs...more
FinCEN defines a Money Service Business (MSB) as any person DOING BUSINESS, whether or not on a regular basis or as an organized business concern, in one or more of the following capacities...more
7/22/2019
/ Anti-Money Laundering ,
Bank Secrecy Act ,
Bitcoin ,
Civil Monetary Penalty ,
Enforcement Actions ,
Financial Transactions ,
FinCEN ,
Money Laundering ,
Money Services Business ,
Money Transmitter ,
Peer-to-Peer ,
Risk Management ,
Suspicious Activity Reports (SARs) ,
Tax Planning ,
Virtual Currency
IRS has an Office of Appeals (OOA) that operates as an “independent” organization within the IRS. The goal of the OOA is to help Taxpayers resolve their tax disputes through an informal, administrative process, and through...more
Form 5472 is an Information Return of a 25% Foreign-Owned U.S. Corporation or a Foreign Corporation Engaged in a U.S. Trade or Business. The purpose of Form 5472 is to provide information when “reportable transactions” occur...more
7/1/2019
/ Beneficial Owner ,
Disregarded Entities ,
Financial Transactions ,
Foreign Corporations ,
Foreign Persons ,
Foreign-Owned Corporations ,
IRS ,
Reportable Events ,
Required Forms ,
Tax Cuts and Jobs Act ,
Tax Penalties ,
Tax Planning ,
Tax Reform