Finance & Banking Privacy Tax

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Of Course You Should Trust the IRS with Your Financial Information

The income tax provides justification for massive government intrusion into the financial privacy of its taxpayers. Its information gathering capacity and demands run wide and deep, and expand with almost every piece of...more

Your Daily Dose of Financial News

Federal regulators unveiled a proposal yesterday that would push the country’s biggest banks and other “critical financial companies” to shore up cybersecurity protocols, to prevent hacks, and to have a recovery plan at the...more

IRS Issues New Requirements for IVES Participants

On June 23rd, the IRS dropped a bombshell on the lending industry. As of Midnight on July 1, 2016, many lenders will no longer be able to verify directly borrower income except through snail mail. If the IRS sticks to its...more

BREXIT: The UK Has Chosen To Leave The EU. What Next?

On 23 June 2016, the UK held a referendum in which the British people voted for the UK to leave the European Union. But what does this mean in practical terms? Who will BREXIT affect? Any business or financial...more

A Guide to Doing Business in Italy

Italy is renowned for its rich art, cuisine, history, fashion, and culture; its beautiful coastline and beaches; its mountains; and priceless ancient monuments. In fact, Italy is a top tourist destination and has more World...more

FDIC reports five “major” data incidents to Congress

The Federal Deposit Insurance Corporation (FDIC) reported on Monday, May 16, 2016, that it had experienced five “major incidents” involving the disclosure of taxpayers’ personal information since the last incident we reported...more

Georgia couple prosecuted for filing fraudulent tax records

The filing of fraudulent tax returns continues to be a serious problem in this country. Last year alone, the IRS has admitted that up to 720,000 taxpayers were victims. Last week, a Georgia couple pled guilty to filing...more

Corporate E-Note - April 2016

In an article published by the Birmingham Business Journal in the April 1 print edition, India Vincent provides insights on a series of questions related to cybersecurity, including some best practices to help monitor for and...more

Panama law firm Mossack Fonseca faces leak of 11 million documents exposing thousands of clients

In late 2014, an anonymous source secretly leaked to a German newspaper reporter nearly four decades of confidential and proprietary data about shell companies registered by the multinational Panamian based law firm Mossack...more

FCC Chairman Previews Proposed Regulations for Implementing New TCPA Exemptions

A recent letter from Federal Communications Commission (FCC) Chairman Tom Wheeler describes the regulations being considered by the FCC for implementing new Telephone Consumer Protection Act (TCPA) exemptions for calls made...more

IRS Releases Guidance on Taxability of Identity Protection Services

As companies and governmental entities increasingly do business and store sensitive information in online or cloud-based environments, the risk of improper disclosure continues to grow. The unprecedented breach of the United...more

FinCEN Announces Another Geographic Targeting Order

South Florida check cashers will soon be required to obtain additional identifying information about customers cashing federal tax refund checks over $1,000. The Financial Crimes Enforcement Network issued another Geographic...more

Insurance Topics We Will Be Watching in 2015

With the first month of the year behind us, this report outlines major insurance topics that we will be watching throughout 2015. Forces, trends and events that we believe will affect regulation, transactions and...more

As Swiss Banking Becomes More Transparent, Americans with Undeclared Swiss Accounts Are Warned

In a move that was likely celebrated by United States governmental officials, Swiss banking secrecy eroded even further on Thursday, March 6, 2014. This is the day that parliament voted to provide foreign tax authorities with...more

Fourth Circuit Court of Appeals Holds that Required Records Exception Trumps Fifth Amendment

On December 13, 2013, the Fourth Circuit Court of Appeals in United States v. Under Seal, 2013 U.S. App. LEXIS 24785 (4th Cir. Va. Dec. 13, 2013), held that the required records doctrine applies when the government subpoenas...more

Employment Law Commentary -- Volume 25, Issue 10 -- October 2013: California Legislative Update – It’s That Time of Year Again

While the federal government ground to a halt, the California Governor and Legislature have been busy voting on and signing a flurry of new legislation at the end of this year’s legislative session. The following is a survey...more

How Is The Canadian Government Doing On Protecting Personal Information In Its Operations?

In the last two weeks, the out-going Privacy Commissioner of Canada, Jennifer Stoddart, has released three reports that provide insight on the current state of Canada’s federal government’s protection of personal information...more

Washington Insight - August 2013

In This Issue: - Tax Reform: An Insider's View - A Deep Divide Over Corporate Tax Reform - The Current Economic State: An Insider's View - K&S Thought Leadership Event on the 3rd Anniverary of Dodd-Frank -...more

New IRS reporting rules raise privacy concerns

Originally published in the Daily Business Review on October 16, 2012. New IRS regulations that require banks to report non-U.S. taxpayers' bank deposit interest, which could then be shared with their home countries,...more

Will The IRS Report Non-U.S. Taxpayers’ Bank Deposit Interest To Foreign Governments?

Banks’ Reporting Requirements Raise Privacy Concerns - Effective January 1, 2013, U.S. financial institutions will be required to annually report bank deposit interest earned by non-U.S. residents to the IRS. Currently,...more

FBAR Scam

A recent article warns of a current email scam that attempts to trick recipients into sending bank account to the scammers. The email comes with “Report of Foreign Bank and Financial Accounts (FBAR)” in the heading, and...more

An Intergovernmental Approach to FATCA: US Treasury Issues Joint Statement From the United States, France, Germany, Italy, Spain...

On February 8, 2012, the Department of Treasury (the “Treasury”) and the Internal Revenue Service (the “Service”) issued proposed regulations under the Foreign Account Tax Compliance Act (“FATCA”). FATCA establishes a new US...more

Access Request for Advice to Minister Regarding Tax Amendments is Denied

In a recent decision, the Ontario Court of Appeal has permitted Ontario’s Minister of Finance to withhold draft policy option memos from disclosure in response to an access to information request. The requester sought records...more

Insight on Estate Planning - February/March 2012

In This Issue: - Does your trust need a protector? - Privacy, please! Keep family matters out of the public eye by avoiding probate - Consider a “stretch” to maximize and preserve IRA benefits - Estate Planning...more

Bank Secrecy May Be Dead In California!

Senate Bill 86 is on its way to the governor’s desk and he is likely to sign it in days. Why is this a big deal and how does SB 86 kill bank secrecy, well contained in the bill is new Revenue & Taxation code section 19266....more

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