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FinCEN Warns U.S. Financial Institutions Of Venezuelan Money Laundering Threat

The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) has issued an advisory to alert financial institutions of widespread public corruption in Venezuela and the methods Venezuelan senior political figures...more

BNA Reports That Tax-Zapping Software Costs States $21 Billion In Taxes Annually

BNA’s Michael J. Bologna and Paul Shukovsky have written a comprehensive article about a pervasive problem facing state tax auditors: the use by restaurants and other cash-intensive businesses of electronic revenue...more

IRS Urges Foreign Financial Institutions To Renew Their FATCA Registrations

The Internal Revenue Service has issued a reminder to foreign financial institutions to renew their Foreign Financial Institution (FFI) agreement if required. These FFIs have until October 24, 2017 to complete their renewal....more

Bill Introduced In Congress To Exempt Small Bitcoin Transactions From Income Tax

Two members of Congress have introduced a bill that would exempt from income tax transactions under $600 conducted using Bitcoin or other digital currencies. Currently, the Internal Revenue Service treats digital currencies...more

FinCEN Extends FBAR Relief To Victims Of Hurricane Irma

We previously reported that the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) had granted FBAR filing relief to the victims of Hurricane Harvey. FinCEN announced today that Hurricane Irma victims in...more

Complying With FinCEN’s Revised GTOs: What Real Estate Professionals Need To Know About Anti-Money Laundering

This article is Part II of a series in which we address the U.S. government’s attempts to combat money laundering in real estate transactions....more

FinCEN’s Revised GTOs Expand Real Estate Money Laundering Crackdown To Hawaii, Close “Wire Transfer” Loophole

This article is Part I of a series in which we address the U.S. government’s attempts to combat money laundering in real estate transactions. This week the Treasury Department’s Financial Crimes Enforcement Network...more

FinCEN Issues Revised Geographic Targeting Orders Focusing On Shell Companies Purchasing Luxury Properties In 7 Major Metropolitan...

Yesterday the Financial Crimes Enforcement Network (FinCEN) announced the issuance of revised Geographic Targeting Orders (GTOs) that require U.S. title insurance companies to identify the natural persons behind shell...more

IRS Warns Of Resurgence Of W-2 Email Scams

The Internal Revenue Service has issued a renewed warning for tax professionals and businesses to beware of a recent increase in email scams targeting employee Forms W-2. According to the IRS, the W-2 scam – called business...more

Justice Department’s Latest Offshore Bank Resolution Confirms Value Of Self-Disclosure And Voluntary Remediation By At-Risk...

The Justice Department revealed its latest offshore bank resolution by announcing that it had entered into a non-prosecution agreement with a Swiss asset management firm called Prime Partners. This means that Prime Partners...more

FATCA Update: FFI Agreement Renewal Deadline Extended To October 24, 2017

The Internal Revenue Service has extended the deadline for foreign financial institutions (FFIs) to renew their FFI Agreements to October 24, 2017. We previously wrote about the IRS’ publication in late 2016 of an updated...more

Connecticut Announces Arrest Of Restaurant Owner For Using “Zapper” Tax Suppression Software

Connecticut’s Department of Revenue Services (DRS) has arrested and charged a New Haven restauranteur with various offenses for using sales tax suppression software. According to a press release announcing the charges, this...more

No Rest For The Weary: Offshore Tax Evasion Crackdown Continues With Flurry Of Mid-Summer Activity

Dashing any thought that they were taking a hiatus from investigating and prosecuting taxpayers with secret offshore bank accounts and the bankers that helped them, the Justice Department and Internal Revenue Service have...more

IRS Appeals Will Now Offer “Virtual” Taxpayer Conferences

The Internal Revenue Service’s Office of Appeals has announced that it will soon unveil a pilot project affording taxpayers and their representatives the opportunity to have a “virtual” face-to-face option for taxpayer...more

7/27/2017  /  IRS , Tax Appeals , Videoconference

DOJ’s Prosecution Of Health Care Exec Illustrates Unique Intersection Of Securities & Employment Tax Fraud Schemes

In a recent criminal prosecution of a medical doctor/entrepreneur for defrauding his company’s shareholders, the government employed a novel theory of securities fraud premised, in part, upon the defendant’s failure to pay...more

FATCA Update: IRS Publishes FAQs As July 31 FFI Agreement Renewal Deadline Looms

We have previously written about the Internal Revenue Service’s publication in late 2016 of an updated “FFI Agreement” to be entered into by foreign financial institutions that wish to remain compliant with the Foreign...more

IRS Warns Consumers Of New Phone Scam Just As Private Collectors Get To Work

Earlier this year we wrote that the Internal Revenue Service is moving forward with its controversial “Private Debt Collection” program amid a sharp uptick in instances of fraud by scammers posing as legitimate IRS debt...more

FATCA Update: IRS Releases Updated FATCA Online Registration User Guide

The Internal Revenue Service has released an updated version of its “FATCA Online Registration User Guide.” The updates primarily address the newly-released FFI agreement renewal function, which is now available on the IRS...more

6/12/2017  /  FATCA , FFI , Financial Institutions , IRS

Taxpayer Advocate Takes Aim At IRS Passport Revocation Program

On June 8, 2017, the Taxpayer Advocate published a blog post entitled “The IRS’s New Passport Program: Why Notice to Taxpayers Matters (Part 1 of 2)” which criticizes the Internal Revenue Service’s planned initiative to...more

FATCA Update: FFI Agreement Renewal Function Now Available

The Internal Revenue Service announced today that its FATCA FFI Registration system has been updated to allow foreign financial institutions to renew their FFI agreement with the IRS. Those financial institutions that are...more

6/7/2017  /  FATCA , FFI , Foreign Banks , IRS

In Securities Fraud Case, Prosecutors Allege Novel Money Laundering Scheme To Circumvent FATCA Reporting Obligations

The U.S. Attorney’s Office for the Eastern District of New York has charged four individuals with securities fraud conspiracy for their involvement in fraudulently manipulating the stock of a U.S. company using a traditional...more

Federal Crackdown On EB-5 Visa Fraud Continues With Filing Of Multiple Asset Forfeiture Lawsuits In California

In its continuing effort to fight fraud in the controversial EB-5 immigrant visa program, the Justice Department announced last week that it had filed federal lawsuits seeking the forfeiture of nine real properties across...more

5/31/2017  /  EB-5 , Fraud , Green Cards , Investors , Visas

Members Of Congress Question IRS’s Digital Currency Strategy Including “John Doe” Summons To Coinbase

Three influential members of Congress have questioned the Internal Revenue Service’s strategy for addressing the tax treatment of digital or virtual currencies, such as Bitcoin, and its efforts to uncover the identities of...more

FinCEN Reveals That Geographic Targeting Orders Are Generating Meaningful Intelligence Leading To Money Laundering Prosecutions

In a press release touting recent law enforcement success stories based upon Bank Secrecy Act reporting by financial institutions, the Treasury Department’s Financial Crimes Enforcement Network revealed publicly for the first...more

FATCA Update: IRS Reminds FFIs To Renew Their FFI Agreements By July 31, 2017

Following its publication on December 30, 2016, of an updated FFI agreement, the Internal Revenue Service has published a reminder to financial institutions about renewing their FFI agreement. All financial institutions that...more

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