On November, 2019, the Internal Revenue Service Advisory Council (IRSAC) published its Public Report. The purpose of IRSAC is to serve as an advisory body to the Commissioner of the IRS and to organize a public forum between...more
En Noviembre del 2019, el IRS y la Oficina de Control de Activos Extranjeros (“OFAC”) firmaron un Memorando de Entendimiento (“MOU”). El MOU describe un entendimiento entre el IRS y la OFAC con respecto a las revisiones...more
FinCEN es una oficina del Departamento del Tesoro de los EE. UU. Su propósito principal es proteger el sistema financiero del uso ilícito, combatir el lavado de dinero y promover la seguridad nacional a través de la...more
9/4/2020
/ Anti-Money Laundering ,
Bank Secrecy Act ,
BSA/AML ,
Data Collection ,
Data Management ,
Financial Crimes ,
FinCEN ,
IRS ,
Memorandum of Understanding ,
Money Laundering ,
Tax Planning
There are other U.S laws that intersect with the FCPA. A violation of the FCPA may also constitute a violation of the characteristics of another U.S. Law – in this case the Travel Act....more
9/4/2020
/ Anti-Bribery ,
Anti-Corruption ,
Bribery ,
BSA/AML ,
Corruption ,
Department of Justice (DOJ) ,
Financial Crimes ,
Foreign Commerce ,
Foreign Corrupt Practices Act (FCPA) ,
Tax Planning ,
Travel Act
Las Instituciones Financieras Extranjeras (FFI) tienen múltiples responsabilidades de cumplimiento de reportaje de FATCA y enfrentan la posibilidad de sanciones por no cumplir....more
The London Interbank Offered Rate (LIBOR) expires at the end of 2021. Used since the early 1980s, LIBOR is the most referenced global short-term interest rate, and a “standard benchmark”....more
8/21/2020
/ Benchmarks ,
Consumer Financial Products ,
Corporate Governance ,
Financial Institutions ,
Interest Rates ,
Libor ,
Loans ,
Mortgages ,
Secured Overnight Funding Rate (SOFR) ,
Student Loans ,
Tax Planning
Government officials are warning the public concerning fraud schemes related to economic impact disaster programs offered by the U.S. Small Business Administration (SBA) during the COVID-19 pandemic. ...more
8/21/2020
/ CARES Act ,
Coronavirus/COVID-19 ,
Disaster Aid ,
Economic Injury Disaster Loans ,
Infectious Diseases ,
Malware ,
Paycheck Protection Program (PPP) ,
Phishing Scams ,
Risk Management ,
SBA ,
Scams ,
Tax Planning
On August 3, 2020, the Federal Financial Institutions Examination Council (FFIEC) issued a Joint Statement on Additional Loan Accommodations Related to COVID-19 regarding loans that are near the end of an initial loan...more
8/20/2020
/ Borrowers ,
Consumer Financial Products ,
Coronavirus/COVID-19 ,
Debt Collection ,
FFIEC ,
Financial Distress ,
Financial Services Industry ,
IRS ,
Loans ,
Regulatory Requirements ,
Relief Measures ,
Reporting Requirements ,
Risk Management ,
Tax Planning
On August 3, 2020, FinCEN issued responses to three frequently asked questions (FAQs) regarding Customer Due Diligence (CDD) requirements for covered financial institutions. FinCEN’s responses were done in consultation with...more
El 3 de agosto del 2020, FinCEN emitió respuestas a tres preguntas frecuentes (“FAQ”) para las Instituciones Financieras cubiertas sobre los requisitos de Diligencia Debida del Cliente (“CDD”). ...more
On July 14, 2020, the US Treasury Department and the IRS released a proposed redesigned partnership form for tax year 2021 (filing season 2022). The two proposed forms SCHEDULE K-2 (Form 1065) and Schedule K-3 (Form 1065) are...more
Little is written regarding FATCA and U.S. Financial Institutions (FI). That said, U.S. FIs have FATCA responsibilities. In the absence of permitted exceptions, FATCA requires U.S. FIs that make payments of most types of...more
Understanding how the IRS identifies cases that have audit potential can be learned from the CONGRESS OF THE UNITED STATES (CONGRESSIONAL BUDGET OFFICE) Report released on July, 2020: Trends in the Internal Revenue Service’s...more
According to the IRS Manual, reasonable cause for abating penalties is based on all the facts and circumstances of a Taxpayer’s situation. IRS will consider reasons which establish that a Taxpayer used all ordinary care and...more
El 3 de Julio del 2020, el Departamento de Justicia de los Estados Unidos (“DOJ”) lanzó “Una guía de Recursos para la Ley de Prácticas Corruptas en el Extranjero de los Estados Unidos, segunda edición“....more
On a webinar hosted by the New York University Tax Controversy Forum on June 18, 2020, Douglas O’Donnell (head of the IRS Large Business and International Division/IRS-LBI) stated that the IRS will begin a new campaign to...more
The IRS Mission Statement states that: “the taxpayer’s role is to understand and meet his or her tax obligations”. Taxpayers fill out their own returns under a “self-assessment voluntary reporting system” because the...more
Managing fraud risk proactively is imperative. It is not only about protecting against financial losses commonly associated with fraud. It is also about surviving reputational risk.
...more
Under Internal Revenue Code, Section 6620, if a Taxpayer does not timely file a U.S. tax return, the IRS is authorized to prepare and file a U.S. tax return for that Taxpayer based on the knowledge that it has on hand. ...more
Foreign Financial Institutions (FFIs) have multiple FATCA reporting compliance responsibilities and face the possibility of penalties for not complying. ...more
In 2018, the Organization for Economic Co-operation and Development (OECD) issued a “call to action” for countries to do more to tackle enablers of tax crimes. ...more
El 1 de junio de 2020, la División Criminal del Departamento de Justicia (“DOJ”) publicó una actualización de la Evaluación de Programas de Cumplimiento Corporativo de la División Criminal del Departamento de Justicia de los...more
There was an IRS termination of the Offshore Voluntary Disclosure Program (OVDP) on September 28, 2018. On November 20, 2018, following the OVDP notice of termination, there was a release of a Memorandum announcing the...more
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